Corporate Governance Level,Internal Control Quality And Enterprise Investment Efficiency

Investment efficiency is an extremely important factor for the development and survival of an enterprise.As one of the daily activities of an enterprise,the income from investment activities has a reversing function for the enterprise.The management should be cautious and should not use it to obtain Self-satisfaction and benefit needs.However,in recent years,the phenomenon of low investment efficiency has frequently occurred in Chinese enterprises,which has led to the serious waste of economic resources.As a micro-component of China's economic society,this has inhibited the development of China's economy to a certain extent.In response to the requirements of the development trend of the times,the two rights,namely ownership and management rights,were eventually separated,and various governance issues within the company appeared,and various interactions were complicated,affecting the effectiveness of the internal control of the enterprise and reducing the investment efficiency of the enterprise.Therefore,how to improve the level of corporate governance,how corporate governance affects corporate investment efficiency,and the role of internal control in it are worthy of our in-depth exploration.This article selects the A-share listed companies of China's Shanghai Stock Exchange from 2016 to 2018 as the research object from the Guotai'an database and the Ruisi database according to the necessity of the research.Conduct empirical research on companies with poor operating conditions and the financial industry to analyze the relationship between corporate governance and investment efficiency,corporate governance and internal control quality,internal control quality and investment efficiency The intermediary effect between governance and investment efficiency.First,this paper firstly establishes a regression model of the enterprise's capital expenditure level to find the residual value,and takes the absolute value of it,and takes the investment efficiency of the enterprise as the variable to be explained;Separation of duties and equity checks and balances to represent corporate governance as explanatory variables,the natural logarithm of the Dibo internal control index represents internal control quality as an intermediary variable,and selects several commonly used factors such as company size and asset-liability ratio as control variables Corresponding control;Finally,this paper builds corresponding models for each variable according to each hypothesis and successively carries out descriptive statistics,correlation analysis,regression analysis and robustness test of related variables to obtain empirical results.According to the analysis of the theoretical part and the research results of the empirical part,this paper draws the following research conclusions:(1)There is a significant positive correlation between corporate governance and investment efficiency;(2)The relationship between corporate governance and internal control quality is positive Correlation;(3)Empirical results of internal control quality and investment efficiency show a positive correlation between the two;(4)Corporate governance affects investment efficiency by affecting internal control quality,and the hypothesis of intermediary variables is successfully verified.