本文關(guān)鍵詞：內(nèi)部控制質(zhì)量對(duì)上市公司非效率投資影響的實(shí)證研究　出處：《重慶理工大學(xué)》2014年碩士論文　論文類型：學(xué)位論文

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【摘要】：眾所周知，融資決策、投資決策和股利分配政策是財(cái)務(wù)決策的三大組成部分，公司籌資、投資和股利分配是三大金融理論的核心問題，而投資決策是聯(lián)系融資和股利分配的中介和橋梁。從宏觀意義上講，作為拉動(dòng)經(jīng)濟(jì)發(fā)展“三駕馬車”之一的投資，是國家經(jīng)濟(jì)發(fā)展的引擎，是社會(huì)發(fā)展的動(dòng)力。從微觀意義上講，投資決定了企業(yè)價(jià)值的增值，因?yàn)橹挥锌茖W(xué)的、高效的投資決策才會(huì)給企業(yè)帶來更多的現(xiàn)金流量，增加企業(yè)價(jià)值。投資是企業(yè)未來現(xiàn)金流入的重要來源、是公司發(fā)展的內(nèi)在動(dòng)力，投資效率的高低直接關(guān)系到企業(yè)融資和股利政策，也決定著企業(yè)經(jīng)營風(fēng)險(xiǎn)的大小和未來盈利能力，甚至影響資本市場(chǎng)對(duì)企業(yè)的整體評(píng)價(jià)。而目前我國上市公司高度關(guān)注上市公司融資問題，忽視了投資效率問題。隨著經(jīng)濟(jì)的不斷發(fā)展，社會(huì)的不斷進(jìn)步，對(duì)上市公司非效率投資行為的治理刻不容緩。內(nèi)部控制作為新興的、符合時(shí)代要求的公司規(guī)范體系，將其與企業(yè)非效率投資相結(jié)合，試圖從一個(gè)全新的角度探索企業(yè)非效率投資行為的影響因素，既拓寬了企業(yè)非效率投資的研究范圍，也促進(jìn)了內(nèi)部控制體系的向前發(fā)展。 本文采用規(guī)范研究與實(shí)證研究相結(jié)合的方法，立足于企業(yè)非效率投資行為這一急需解決的問題，從內(nèi)部控制角度進(jìn)行探討。首先，對(duì)本文的研究背景、研究意義和論文創(chuàng)新進(jìn)行闡述。其次，分別從對(duì)內(nèi)部控制和企業(yè)非效率投資的研究文獻(xiàn)進(jìn)行回顧，進(jìn)而結(jié)合信息不對(duì)稱理論、委托代理理論和自由現(xiàn)金流理論對(duì)內(nèi)部控制質(zhì)量與企業(yè)非效率投資行為的相關(guān)關(guān)系進(jìn)行理論梳理，并對(duì)我國上市公司企業(yè)非效率現(xiàn)狀進(jìn)行分析，進(jìn)而提出論文假設(shè)。最后，設(shè)計(jì)衡量內(nèi)部控制質(zhì)量的指標(biāo)，并通過國泰安數(shù)據(jù)庫下載和手工收集實(shí)證研究數(shù)據(jù)，進(jìn)行實(shí)證分析。實(shí)證結(jié)果表明，企業(yè)內(nèi)部控制質(zhì)量越高，企業(yè)過度投資和投資不足等非效率投資行為越不容易發(fā)生，且企業(yè)自由現(xiàn)金流充裕時(shí)，隨著自由現(xiàn)金流的增多，企業(yè)內(nèi)部控制質(zhì)量越高，越能抑制企業(yè)過度投資行為支持了本文假設(shè)，反之，企業(yè)自由現(xiàn)金流短缺時(shí)，隨著自由現(xiàn)金流的減少，，企業(yè)內(nèi)部控制質(zhì)量越低，企業(yè)越容易導(dǎo)致投資不足，研究結(jié)果部分支持了這一假設(shè)。本文研究結(jié)果為以后企業(yè)非效率投資的研究提供了新的方向，拓寬了內(nèi)部控制經(jīng)濟(jì)后果的研究，具有理論意義和現(xiàn)實(shí)意義。
[Abstract]:As everyone knows, financing decision, investment decision and dividend policy is a financial decision of three parts, the company's financing, investment and dividend distribution is the core problem of the three big financial theory, and investment decisions and the bridge financing and dividend distribution. From a macro sense, as economic development investment three one of the carriages, is the engine of economic development, is the driving force of social development. From the micro perspective, the investment decision of the enterprise value, because only the scientific, efficient investment decision will bring more cash flow to the enterprise and increase the enterprise value. Investment is the important source of future cash flows that is the inner force of the development of the company, the investment efficiency is directly related to the level of corporate financing and dividend policy, but also determines the business risks and future profitability, and even affect the The overall evaluation of the capital market. At present, Chinese listed companies pay close attention to the financing of listed companies, ignoring the problem of investment efficiency. With the continuous development of economy, social progress, governance is inefficient investment behavior of listed companies. As a new internal control standard system, meet the requirements of the times, will the combination and inefficient investment, trying to explore the influencing factors of inefficient investment behavior from a new perspective, which broadens the scope of the study of enterprise efficiency of investment, but also promote the development of internal control system.
This paper adopts the method of combining normative research and empirical research, based on the non efficiency investment behavior of enterprises that need to solve the problem, carries on the discussion from the perspective of internal control. Firstly, the background of this study, research significance and innovation of this paper. Secondly, separately from the research literature review of internal control and enterprise efficiency the investment, and then combined with the theory of asymmetric information theory, principal-agent theory and the relationship between free cash and non efficiency of investment behavior on the quality of internal control and business flow theory, and on China's listed companies non efficiency analysis of the status quo, and puts forward the hypothesis. Finally, the design of the index to measure the quality of internal control, and the Tai'an database download and manual collection of empirical research data, empirical analysis. The empirical results show that the higher the quality of internal control of enterprises, enterprises The inefficient investment behavior of investment and insufficient investment is not easy to occur, and the free cash flow is abundant, with the increase of free cash flow, the enterprise internal control of higher quality, more can inhibit the excessive investment behavior to support this hypothesis, on the other hand, the enterprise free cash flow shortage, with the decrease of free cash flow the enterprise internal control quality is low, enterprise more easily lead to insufficient investment, the results support this hypothesis. The results of this study for the future research of the non efficiency investment provides a new direction, broaden the research on the economic consequences of internal control, has theoretical significance and practical significance.

【學(xué)位授予單位】：重慶理工大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2014
【分類號(hào)】：F832.51;F275

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