The Impact Of Internal Control On The Investment Efficiency Of High-tech Listed Companies In China

When there are no defects in the capital market and the company's internal agency costs are zero,the company may achieve the level of investment that maximizes the value of the company.However,in the presence of information asymmetry and corporate agency conflicts,companies often have problems such as low investment efficiency.Therefore,how to improve the efficiency of corporate investment from the perspective of information asymmetry and agency problems is a real problem that China urgently needs to solve.At the same time,China's relevant regulatory authorities have issued relevant documents on internal control regulations and guidance,aiming to improve the company's governance.So can the improvement of the quality of internal control of listed companies in China promote the efficiency of the company's investment and curb inefficient investment? This is the research center of this article.This article takes high-tech listed companies as research samples based on the country's high-quality development.The development status of high-tech enterprises represents the state of science and technology in the actual economic development of China.Only when science and technology is transformed into productive forces can we reflect its value.The development advantages of enterprises in the new era are not only reflected in the advantages of resources and talents.Enterprises must rely on high technology if they want to seize new growth points.Therefore,it is absolutely necessary for this article to study high-tech listed companies.This article first reviews the previous research on the internal control and investment efficiency through consulting literature,and combs the concepts and theoretical basis related to this article.On the basis of relevant theories,the hypotheses of the research contents of this paper are put forward: Internal control and investment efficiency are positively correlated,that is,high-quality internal control can improve the investment efficiency of high-tech listed companies,and enable the company to obtain greater benefits.This article will divide the non-efficiency investment of the company into two kinds: investment shortage and over-investment,and further examine the relationship between internal control and investment shortage and over-investment.This paper selects high-tech listed companies in Shanghai and Shenzhen from 2014 to 2016 as research samples,uses SPSS,Eviews7.0 and other data analysis software,and uses regression analysis to empirically verify the impact of internal control quality on investment efficiency,and then proceeds Different in nature,the research sample is divided into state-owned and private listed companies,and there are some differences in the degree of influence of internal control on investment efficiency in companies with high-tech listed companies under these two different ownership structures.Conclusion: First,there is a significant positive correlation between internal control and investment efficiency.High-quality internal control can improve investment efficiency and inhibit the company's non-efficiency investment behavior.Compared with under investment,the improvement of internal control quality can be more effectively suppressed.Second,under the condition of different property rights,the quality of internal control of state-owned and private high-tech listed companies can effectively improve their investment efficiency,but high-quality internal control can more effectively inhibit the inefficiency of private high-tech listed companies,to promote its investment efficiency.