Research On The Influence Of Internal Control On The Technological Innovation Efficiency Of Listed Companies On The Growth Enterprise Market

To cope with the increasingly fierce market competition,the company needs to continuously improve its technological innovation level.Through innovation can help the company gain a competitive advantage and seize market share.Faced with a similar external economic and political environment,how to find ways to improve innovation efficiency from within the company has become a common concern of academics and practitioners.Internal control,as an important institutional arrangement throughout the entire operation of the company,plays an important role in reducing the degree of information asymmetry,reducing agency costs,and alleviating financing constraints,and may have an impact on the company's technological innovation efficiency.Especially for the Growth Enterprise Market(GEM)listed companies,their internal control levels are significantly lower than those listed on the Main Board listed companies that are included in the mandatory implementation of internal control.Therefore,the empirical results of GEM listed companies as a sample of research are used to improve their internal control and improve their efficiency of technological innovation is more instructive.This article takes China's GEM listed companies as the research object from2015 to 2018.First,it uses the "DIB Internal Control Index" to test the impact of internal control quality on the company's technological innovation efficiency.Second,in order to explore the mechanism of internal control on innovation efficiency,we examine the impact of internal control,risk assessment,control activities,information and communication,internal supervision and other five internal controls on innovation efficiency.Finally,add financing constraint variables to test the mediating effect of financing constraints between internal control and innovation efficiency,and seek the influence mechanism of internal control on the efficiency of technological innovation.Among them,the evaluation indicators of the five elements of internal control are collected manually and calculated using the coefficient of variation method;the financing constraint index is constructed by constructing a logisticregression model and constructed according to the estimated coefficients of the model;technological innovation efficiency is the " innovation input-innovation output" innovation efficiency evaluation index system is calculated using data envelopment analysis(DEA).The empirical results support the view of "internal control promotion theory" that the quality of internal control is significantly positively related to the efficiency of technological innovation.Among them,the internal environment,risk assessment,information communication,internal supervision and the company's innovation efficiency are significantly positively correlated,while the impact of control activities and the company's technology innovation efficiency is not significant.At the same time,the study found that financing constraints have between internal control and the company's technology innovation efficiency mediating role.In addition,a further sub-sample test found that the effect of internal control on improving the efficiency of technological innovation is more significant in non-state-owned GEM listed companies.Based on the above conclusions,this article believes that GEM listed companies should establish and improve internal control systems,optimize financing structure,and improve the company's R&D resource utilization efficiency,so as to enhance the company's internal control level,improve technological innovation efficiency,and promote the stable operation and long-term operation of GEM listed companies...