| Along with the advanced technology comes the uncertainty of the environment and the instability of the market.Especially in the era of big data,the internal and external environment of the enterprise becomes particularly complex.Moreover,the internal contradictions caused by the market environment with asymmetric information and the principal-agent aggravate the dilemma of the enterprise.Therefore,in order to alleviate the internal contradictions caused by the principal-agent,a new executive part-time system(vertical executive part-time)was born overseas,which alleviated the internal agency contradictions of enterprises to a certain extent.However,new things have advantages and disadvantages.Vertical executives may also hollow-out the enterprise while supervising the operation of the enterprise.Therefore,how to give full play to the positive role of vertical part-time executives still needs to be studied and practiced continuously.On the contrary,according to public data,the life span of Chinese group enterprises is only 7-8 years.The average life span of small and medium-sized enterprises is only 2.5 years,compared with the average life span of 40 to 50 years in Europe and America.[Price Waterhouse Coopers,2011 Chinese Enterprise Long-term Incentive Research Report,early 2012] The reason may be that China’s capital market is lack of systematic practice norms,development is not mature,in the late start and lack of momentum in the soil of growth of enterprises will be difficult.From the main body of capital,investment is an essential link in the capital market,and the key to determine the survival of enterprises often lies in the success or failure of major investment projects.Therefore,the investment efficiency of enterprises has a crucial impact on the development and fate of enterprises.In addition,the existing but easily ignored internal control governance mode can improve the internal governance of enterprises to a certain extent,and help enterprises make efficient investment decisions.On the basis of relevant literature,and with information asymmetry theory,principal-agent theory,signaling theory and incentive theory as the theoretical basis of the thesis,this thesis selected A total of 9414 panel data of 1569 A-share listed enterprises from2016 to 2021 as the empirical sample,and constructed a multiple regression model for empirical research.The longitudinal concurrent executives,internal control and enterprise investment efficiency were included in the same research system to explore the influence of vertical concurrent executives and internal control on enterprise investment efficiency,as well as the mediating effect of internal control and the moderating effect of environmental uncertainty.The empirical results show that the vertical concurrent executive can improve the inefficiency investment of enterprises,and its significant inhibiting effect on the inefficiency investment of enterprises is greater than that of excessive investment.In detail,the supervisory effect of the chairman’s concurrent position is greater than that of the general manager’s concurrent position,and the effect of the shareholding ratio of the vertically concurrent executive on the investment efficiency of the enterprise is shown as the threshold effect,but the vertically concurrent executive who is paid in the listed enterprise has a negative effect on the investment efficiency of the enterprise.In addition,internal control plays a mediating role in the relationship between vertical part-time executives and investment efficiency,while environmental uncertainty plays a moderating role in the relationship between vertical part-time executives and investment efficiency.From the perspective of innovation,the research conclusions of this thesis enrich the existing conclusions on the detailed study of vertical concurrent executives,and provide new ideas for the improvement of internal control system and enterprise investment efficiency from a new way,and improve the internal governance mechanism of enterprises.In addition,this thesis also puts forward corresponding suggestions for the practical problems and the conclusions obtained,in order to have important theoretical and practical significance for the future development of enterprises,it will not only build a century-old Chinese enterprise,but also contribute to the sustainable development of China’s economy. |
