本文選題：內(nèi)部財務(wù)控制 + 非效率投資��； 參考：《浙江工商大學(xué)》2017年碩士論文

【摘要】：我國A股上市公司日益呈現(xiàn)出的非效率投資問題,影響了公司的經(jīng)營活動以及資本市場的健康發(fā)展。制定科學(xué)合理的投資決策,抑制非效率投資已經(jīng)成為上市公司迫切需要解決的難題。已有很多學(xué)者從外部治理視角進(jìn)行研究,但很少有學(xué)者關(guān)注內(nèi)部控制對企業(yè)非效率投資的影響。同時,內(nèi)部財務(wù)控制作為內(nèi)部控制的一個重要方面對企業(yè)投資行為是否產(chǎn)生影響以及產(chǎn)生怎樣的影響,目前為止鮮有文獻(xiàn)探討這一方向,文章擬通過理論與實(shí)踐相結(jié)合從更深層次的內(nèi)部財務(wù)控制這一視角研究抑制非效率投資的具體路徑。文章借鑒建立的內(nèi)部財務(wù)資源集中水平模型來衡量財務(wù)控制集中程度,通過手工搜集財務(wù)公司以及ERP的使用數(shù)量,借鑒Richardson預(yù)期投資模型具體量化企業(yè)的非效率投資水平,分別構(gòu)建以內(nèi)部財務(wù)資源集中指數(shù)、財務(wù)公司的建立以及ERP等信息系統(tǒng)的使用為解釋變量、以投資過度和投資不足為被解釋變量的多元回歸模型,選取我國A股上市公司為樣本進(jìn)行實(shí)證檢驗(yàn)。結(jié)果表明,內(nèi)部財務(wù)控制與非效率投資負(fù)相關(guān),即加強(qiáng)企業(yè)內(nèi)部財務(wù)控制建設(shè)可以抑制公司的非效率投資行為。財務(wù)公司利用資金集中的優(yōu)勢降低成本,通過其監(jiān)督功能和激勵機(jī)制,可以有效緩解股東與高管之間,董事長與總經(jīng)理之間的代理沖突,優(yōu)化企業(yè)結(jié)構(gòu),幫助企業(yè)制定科學(xué)合理的決策,提高公司投資效率。另外,ERP等財務(wù)信息系統(tǒng)的使用通過信息系統(tǒng)平臺的建立可以加快信息的傳遞速度和傳遞成本,使財務(wù)信息更加透明化專業(yè)化,決策得到貫徹執(zhí)行,提高了企業(yè)財務(wù)報表的質(zhì)量,降低管理成本,緩解內(nèi)外信息不對稱的情況,從而提高公司的投資效率�；谇笆鲅芯�,論文提出了以下建議或?qū)Σ?從完善財務(wù)管理體制、建立健全內(nèi)控制度、推行預(yù)算制度、加強(qiáng)監(jiān)控、建立結(jié)算中心、引進(jìn)財務(wù)人才等六個方面以期提高內(nèi)部財務(wù)控制,抑制非效率投資。
[Abstract]:The problem of inefficient investment of A-share listed companies in China has affected the management activities of the companies and the healthy development of the capital market. It is an urgent problem for listed companies to make scientific and reasonable investment decisions and restrain inefficient investment. Many scholars have studied from the perspective of external governance, but few scholars have paid attention to the impact of internal control on inefficient investment. At the same time, as an important aspect of internal control, whether or not the internal financial control has an impact on the investment behavior of enterprises and what kind of impact, so far, there is little literature to discuss this direction. Through the combination of theory and practice, this paper intends to study the specific ways to restrain inefficient investment from the perspective of deeper internal financial control. This paper uses the internal financial resources concentration level model to measure the degree of financial control centralization, by manually collecting the amount of financial companies and ERP, and using Richardson's expected investment model to quantify the inefficiency investment level of enterprises. A multivariate regression model with the index of concentration of internal financial resources, the establishment of financial companies and the use of information systems such as ERP as explanatory variables, and overinvestment and underinvestment as explanatory variables are constructed respectively. Select A-share listed companies as samples for empirical test. The results show that the internal financial control has negative correlation with the inefficient investment, that is, strengthening the construction of the internal financial control of the enterprise can restrain the inefficient investment behavior of the company. Financial companies make use of the advantages of capital concentration to reduce costs and, through their supervisory functions and incentive mechanisms, can effectively alleviate the agency conflicts between shareholders and executives, between the chairman and the general manager, and optimize the enterprise structure. Help enterprises to make scientific and reasonable decisions to improve the efficiency of the company's investment. In addition, the use of financial information systems such as ERP can speed up the transmission of information and transfer costs through the establishment of information system platforms, make financial information more transparent and professional, implement decisions, and improve the quality of enterprise financial statements. Reduce the cost of management, ease the information asymmetry inside and outside, and improve the investment efficiency of the company. Based on the above research, the paper puts forward the following suggestions or countermeasures: to perfect the financial management system, to establish and perfect the internal control system, to implement the budget system, to strengthen the monitoring and control, and to establish the settlement center. Introduction of financial personnel and other six aspects to improve internal financial control, to curb inefficient investment.
【學(xué)位授予單位】：浙江工商大學(xué)
【學(xué)位級別】：碩士
【學(xué)位授予年份】：2017
【分類號】：F275;F832.51

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