發(fā)布時間：2018-01-03 07:18

  本文關鍵詞：生命周期視角下企業(yè)內部控制質量對投資效率的影響研究　出處：《遼寧大學》2014年博士論文　論文類型：學位論文

  更多相關文章： 生命周期 內部控制質量 非效率投資 代理沖突 融資約束

【摘要】：投資決策是公司財務決策中最重要的決策之一。從微觀來看，有效的投資是公司成長的主要動因和未來現(xiàn)金流增長的基礎，也是企業(yè)價值增加的重要保障。從宏觀來看，投資是我國經(jīng)濟增長的主要推動力量，較高的投資效率是促進經(jīng)濟增長的有效途徑。因此，研究上市公司的投資行為與公司自身的發(fā)展休戚相關。 自從美國2002年7月頒布《薩班斯——奧克斯利》法案以來，世界各國對企業(yè)內部控制的監(jiān)管逐漸升溫，我國財政部會同五部委分別于2008年5月和2010年4月頒布了《企業(yè)內部控制基本規(guī)范》和《企業(yè)內部控制配套指引》，從其對內部控制的定義來看，企業(yè)應當通過一系列的制度安排提高企業(yè)的經(jīng)營效率和效果。 此外，企業(yè)生命周期理論認為企業(yè)不同發(fā)展階段的生產(chǎn)經(jīng)營、組織形態(tài)等具有不同特征，面臨的代理問題和信息不對稱程度也隨之變化，而這勢必會影響企業(yè)的投資效率。那么在企業(yè)生命周期的不同階段，非效率投資的影響動因都有哪些？不同發(fā)展階段的影響動因是否存在差異？內部控制質量對這些影響動因是否能夠起到治理作用？在內部控制的五個要素中，哪些要素對于投資效率的作用最為明顯？ 鑒于此，本文以2009—2012年滬深A股上市公司數(shù)據(jù)為基礎，采用理論分析與實證研究相結合的方法，以企業(yè)發(fā)展的動態(tài)角度檢驗內部控制質量對投資效率的影響。本文沿著“提出問題——理論分析——實證分析——結論及政策建議”的基本思路展開，在理論方面運用資本投資理論、產(chǎn)權理論、委托代理理論和信息不對稱理論解釋了非效率投資的影響動因，以及內部控制質量對非效率投資的治理作用；運用企業(yè)生命周期理論解釋了生命周期視角下非效率投資影響動因的差異，以及內部控制質量對非效率投資作用的異同，從而豐富和發(fā)展了內部控制的經(jīng)濟后果以及投資效率的影響因素研究。在實證分析中，采用相關性分析、均值差異性分析等方法對數(shù)據(jù)進行初步檢驗，采用混合截面回歸模型對研究假設進行實證檢驗。同時本文還通過分組回歸、變換樣本、變換替代變量等方法對實證分析結論進行了穩(wěn)健性檢驗。最后為公司平衡成本與收益、合理進行資源配置提供政策建議，也為監(jiān)管部門推動上市公司建設內部控制制度提供了合理性建議。 全文共分7章，具體內容如下： 第1章，緒論。本章主要介紹論文的選題背景、研究意義、研究思路與方法、研究內容、全文的技術路線以及本文擬創(chuàng)新之處。 第2章，文獻綜述。本章從內部控制的經(jīng)濟后果研究、非效率投資的影響因素研究以及生命周期相關理論研究這三個主要方面系統(tǒng)地梳理國內外的重要文獻，對已有研究文獻進行評述，，歸納和總結現(xiàn)有文獻的主要貢獻，并針對文獻中的不足確定本文的研究方向。 第3章，相關理論分析。本章主要以資本投資理論、產(chǎn)權理論、委托代理理論、信息不對稱理論和企業(yè)生命周期理論作為理論依據(jù)，闡述在企業(yè)不同的發(fā)展階段內部控制質量對非效率投資的作用機理，這也為后面的實證分析奠定理論基礎。 第4章，實證研究設計。本章就內部控制質量對非效率投資的影響及不同生命周期內部控制質量對非效率投資的作用提出了研究假設，以2009—2012年滬深A股上市公司數(shù)據(jù)為基礎進行樣本選擇與篩選，針對不同的研究問題，選取了企業(yè)生命周期、內部控制質量、非效率投資和其他研究變量，并構建混合截面回歸模型，為后面的實證分析奠定基礎。 第5章，實證分析過程與結果。本章采用相關性分析、均值差異性分析、混合截面回歸模型從實證角度分析了生命周期視角下內部控制質量對非效率投資的影響，得出以下結論：（1）樣本公司在企業(yè)發(fā)展的不同階段均存在非效率投資行為；（2）對于過度投資樣本，成長期的公司中僅國有企業(yè)內部控制質量對過度投資有顯著抑制作用，成長期的非國有企業(yè)內部控制質量對過度投資的抑制作用并不顯著，成熟期和衰退期的上市公司內部控制質量對過度投資抑制作用顯著；對于投資不足樣本，成長期和衰退期的上市公司內部控制質量對投資不足作用并不顯著，成熟期的上市公司內部控制質量提高能顯著緩解投資不足；（3）本章對內部控制質量對非效率投資影響顯著的樣本進一步展開分析，檢驗非效率投資的影響動因和內部控制的治理作用，結果顯示成長期國有企業(yè)過度投資主要由管理者代理行為所致，成熟期兩類企業(yè)過度投資均也由管理者代理行為所致，衰退期國有企業(yè)過度投資由大股東的利益侵占所致，衰退期非國有企業(yè)過度投資是由管理者代理行為和大股東對中小股東利益侵占共同所致，內部控制質量能夠對兩類代理成本引致的過度投資能起到治理作用；成熟期國有企業(yè)的投資不足是由管理者代理成本和融資約束共同所致，成熟期非國有企業(yè)的投資不足是由大股東的代理成本和融資約束共同所致，內部控制質量能夠對兩類代理成本引致的投資不足能起到治理作用，內部控制質量的提高能夠緩解融資約束。 第6章，穩(wěn)健性檢驗。本章對第5章的結論進行穩(wěn)健性檢驗，在變換樣本和變換變量的計量方式后重新估計，得出的結論仍然成立。此外，本章還進行了拓展分析，選取內部控制質量對非效率投資有顯著影響的樣本，分析要素質量對非效率投資的作用，得出以下結論：（1）成長期國有企業(yè)控制環(huán)境、控制活動、信息與溝通對非效率投資作用顯著；（2）成熟期國有企業(yè)風險評估、控制活動、內部監(jiān)督對非效率投資作用顯著；成熟期非國有企業(yè)控制活動、信息與溝通、內部監(jiān)督對非效率投資作用顯著；（3）衰退期國有企業(yè)信息與溝通、內部監(jiān)督對非效率投資作用顯著，衰退期非國有企業(yè)風險評估、控制活動對非效率投資作用顯著。 第7章，研究結論與政策建議。本章首先對前面的理論研究以及實證研究得出的結論進行歸納總結；其次為公司平衡成本與收益、合理進行資源配置提供政策建議，也為監(jiān)管部門推動上市公司建設內部控制制度提供了合理性建議；最后，總結出本研究的貢獻與不足，展望后續(xù)研究方向。 本文的創(chuàng)新之處體現(xiàn)在：（1）理論上引入企業(yè)生命周期理論解釋了非效率投資影響動因，以及內部控制質量對非效率投資作用在不同發(fā)展階段的異同，豐富和發(fā)展了關于內部控制的經(jīng)濟后果以及投資效率的影響因素研究；（2）在研究視角上，從動態(tài)的角度探討內部控制質量對投資效率的影響。以往的研究多數(shù)停留在靜態(tài)層面，而在企業(yè)發(fā)展的不同階段其面對的信息不對稱程度和代理成本存在顯著差異，從企業(yè)發(fā)展的動態(tài)角度驗證內部控制質量對投資效率的影響更具有現(xiàn)實意義；（3）研究思路上，本文在討論非效率投資影響內因和影響外因的基礎上，分析內部控制質量對非效率投資行為的影響路徑，檢驗內部控制質量對內外因的治理作用，從而區(qū)別于以往研究繞過本質直接討論內部控制的經(jīng)濟后果；此外本文考察內部控制要素質量在企業(yè)發(fā)展不同階段對投資效率的影響，能夠幫助公司有針對性地提高內部控制質量和投資效率，這也是本文的重要應用價值。 本文仍有一些不足有待完善：（1）本文在討論生命周期視角下內部控制質量對投資效率的影響時沒有區(qū)分行業(yè)、產(chǎn)業(yè)分別進行討論，這對研究問題的深度有一定影響；（2）拓展性分析中對內部控制要素的度量尚不夠精準。本文的進一步研究方向為：（1）從行為財務學的角度如管理者情緒、性質等角度展開討論非效率投資的影響動因，檢驗內部控制質量對影響動因的治理作用；（2）將經(jīng)濟學“投入與產(chǎn)出”的概念引入到微觀企業(yè)的投資效率度量上，會更進一步深入本文的后續(xù)研究。
[Abstract]:The investment decision is one of the most important corporate financial decision making. From the micro perspective, effective investment is the basis of the main motivation of the company growth and future cash flow growth, it is also an important guarantee for increasing enterprise value. From the macro perspective, the investment is the main driving force of China's economic growth, investment efficiency is an effective way to to promote economic growth. Therefore, the development of the investment behavior of listed companies bound together in a common cause with the company itself.
Since the United States in July 2002 issued Sarbanes - Oxley Act > >, the world of enterprise internal control supervision is gradually warming up, China's Ministry of Finance in conjunction with the five ministries in May 2008 and April 2010 promulgated the "basic norms of internal control and internal control of enterprises < > > from the supporting guidelines, the definition of internal control of enterprises it should be through a series of institutional arrangements to improve business efficiency and effectiveness.
In addition, the enterprise life cycle theory that the different development stages of enterprise production and management, organizational forms have different characteristics, facing the agency problem and information asymmetry also changes, which will affect the efficiency of investment. Then at different stages of enterprise life cycle, what are the influencing factors of inefficient investment is? Different influencing factors in different stages of development? The quality of internal control on whether these influencing factors can play a role in corporate governance? In the five elements of internal control, which factors for investment efficiency is the most obvious?
In view of this, this article from 2009 to 2012 in Shanghai and Shenzhen A shares of listed companies based on the data, using the method of combination of theoretical analysis and empirical research, the dynamic perspective of enterprise development to test the quality of internal control effect on investment efficiency. This paper along the "problem - theoretical analysis - Empirical Analysis - the basic ideas of the conclusions and policy recommendations. Start using the capital investment theory in the theory of property rights theory, principal-agent theory and asymmetric information theory to explain the influence factors of the efficiency of investment, and the governance function of internal control quality on non efficiency investment; using the enterprise life cycle theory to explain the life cycle from the perspective of non efficiency investment motivation of the differences and similarities and differences of internal control the quality of non efficiency investment, so as to enrich and develop the economic consequences of internal control and influence the efficiency of investment due to In the research. In the empirical analysis, using correlation analysis, the mean difference analysis method for a preliminary inspection of the data, using mixed section to empirically test the hypotheses by regression model. This paper also grouped regression, transform samples to test the stability of the results of empirical analysis and other methods to transform alternative variables. Finally, for the company the balance of costs and benefits, the reasonable allocation of resources to provide policy recommendations, provide reasonable suggestions to promote the construction of the internal control system of listed companies for the regulatory authorities.
The full text is divided into 7 chapters, and the specific contents are as follows:
The first chapter is the introduction. This chapter mainly introduces the background, significance, ideas and methods, contents, the technical route and innovation of this paper.
The second chapter is literature review. This chapter from the internal control of the economic consequences of non efficiency of investment and the influencing factors of the theory of the life cycle of the three main aspects systematically at home and abroad, important documents, review the existing research literature, the main contributions and summarized the existing literature, and determine the direction of this study in view of the deficiencies in the literature.
The third chapter, the relevant theoretical analysis. This chapter mainly capital investment theory, property rights theory, principal-agent theory, information asymmetry theory and enterprise life cycle theory as the theoretical basis, elaborated in the role of internal quality control of enterprise is in different stages of development of the non efficiency investment mechanism, it is also for the subsequent empirical analysis lay the theoretical foundation.
The fourth chapter, the empirical research design. This chapter will influence the quality of internal control and the non efficiency investment and life cycle of different quality of internal control and the non efficiency investment puts forward the research hypotheses, from 2009 to 2012 in Shanghai and Shenzhen A shares of listed companies based on the data of the sample selection and screening, according to the different problems, the selection of enterprises the life cycle, the quality of internal control, inefficient investment and other research variables, and construct a hybrid cross section regression model, laying the foundation for the following empirical analysis.
The fifth chapter, the analysis process and results. This chapter uses the empirical correlation analysis, analysis of mean difference, from the perspective of empirical analysis of the impact of internal control quality of life cycle from the perspective of non efficiency investment mix cross-section regression model, draw the following conclusions: (1) the different stages of the Sample Firms in the development of enterprises are inefficient investment behavior; (2) for over investment sample, the growth stage of the company in the internal quality control of state-owned enterprises only have significant inhibitory effect on the inhibition of excessive investment, the quality of the internal control of non state owned enterprises during the growing period of excessive investment is not significant, the quality of internal control maturity and decline stage of over investment of listed companies significantly inhibited; for the lack of investment in internal quality control samples, growth period and decline period of the listed companies is not significant on the lack of investment in the mature period, the listed company internal control quality The amount of improvement can significantly relieve the shortage of investment; (3) this chapter on the impact of internal control quality on non efficiency investment significantly further to analyze the test sample, the non efficiency investment influencing factors of internal control and governance function, results show that the growth period of over investment in state-owned enterprises is mainly composed of a management agent behavior caused by two kinds of mature period the over investment of enterprises were also by management agency behavior caused by the recession over investment in state-owned enterprises caused by Large Shareholder Expropriation, recession of non-state-owned enterprises over investment by the agent behavior of major shareholders and managers of the common interests of small shareholders due to the quality of internal control to the two types of agency costs caused by excessive investment play a role in governance; maturity of state-owned enterprises is the lack of investment by managerial agency costs and financing constraints caused by the non state-owned enterprises, mature investment Foot is caused by the agency cost and financing constraints of large shareholders. The quality of internal control can play a governance role on the investment shortage caused by the two kinds of agency costs, and the improvement of internal control quality can alleviate the financing constraints.
The sixth chapter, this chapter on the robustness test. The conclusion of the fifth chapter of the robustness test in the measurement mode transform samples and transformed variables after re estimation, the conclusion is still valid. In addition, this chapter also expand the analysis and selection of the quality of internal control has a significant influence on the non efficiency investment sample, analysis of factors of quality on non efficiency investment, draw the following conclusions: (1) the growth of state-owned enterprises control environment, control activities, information and communication has significant impact on non efficiency investment; (2) to assess the risks of state-owned enterprises, the mature period of control activities, internal supervision has significant impact on the efficiency of investment in non state owned enterprises; mature non control activities, information the internal supervision and communication, has significant impact on non efficiency investment; (3) the recession of state-owned enterprise information and communication, internal oversight has significant impact on the efficiency of investment in non recession period, non state-owned enterprises risk assessment and control Activity has a significant effect on inefficiency investment.
The seventh chapter, conclusions and policy recommendations. The first chapter of the previous theoretical research and empirical research conclusions are summarized; secondly, the balance of costs and benefits, the reasonable allocation of resources to provide policy recommendations, provide reasonable suggestions to promote the construction of the internal control system of listed companies for the supervision department; finally, summed up the study on the contributions and limitations of the outlook of the future research direction.
The innovation of this paper lies in: (1) the introduction of the theory of enterprise life cycle theory explains the influence factors of non efficiency of investment, and the quality of internal control and the non efficiency investment role in the similarities and differences between the different stages of development, the influence factors on the enrichment and development of the efficiency of internal control and the economic consequences of investment; (2) in the research perspective, to explore the influence of internal control quality on investment efficiency from the dynamic point of view. Most of the previous studies remain in the static level, and in the different stages of development of enterprises in the face of the degree of information asymmetry and agency costs are significantly different, from the dynamic point of enterprise development to verify the effect of internal control quality on the efficiency of investment is more practical significance; (3) the study, based on the discussion of non efficiency investment effect of internal and external effects on the basis of the analysis of internal control quality on non efficiency investment. Effect of path behavior, test the quality of internal control and governance role of internal and external causes, which is different from the previous research around the nature of direct discussion of economic consequences of internal control; in addition, this paper examines the key elements of internal control quality in different stages of enterprise development affect the investment efficiency, and can help the company to improve the quality of internal control and the efficiency of investment. This is also the important application value.
In this paper, there are still some shortages: (1) this paper does not distinguish between the industry in the influence of internal control quality of life cycle from the perspective of the efficiency of investment, industry are discussed respectively, which have some influence on the depth of the problem; (2) expand the analysis to measure the elements of internal control is not accurate enough to further. The research direction of this paper is: (1) if the managers sentiment from the behavioral finance perspective, discusses the influence factors of expansion properties of non efficiency of investment, to test the quality of internal control and governance role of motivation; (2) the economic concept of "input and output" into the micro enterprise investment efficiency measurement a follow-up study, further in this paper.

【學位授予單位】：遼寧大學
【學位級別】：博士
【學位授予年份】：2014
【分類號】：F275;F832.51

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