本文選題：內(nèi)部財(cái)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(guó)A股上市公司日益呈現(xiàn)出的非效率投資問(wèn)題,影響了公司的經(jīng)營(yíng)活動(dòng)以及資本市場(chǎng)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(duì)企業(yè)非效率投資的影響。同時(shí),內(nèi)部財(cái)務(wù)控制作為內(nèi)部控制的一個(gè)重要方面對(duì)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(guò)理論與實(shí)踐相結(jié)合從更深層次的內(nèi)部財(cái)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(cái)務(wù)資源集中水平模型來(lái)衡量財(cái)務(wù)控制集中程度,通過(guò)手工搜集財(cái)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(cái)務(wù)資源集中指數(shù)、財(cái)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(guò)度和投資不足為被解釋變量的多元回歸模型,選取我國(guó)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(cái)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(cái)務(wù)控制建設(shè)可以抑制公司的非效率投資行為。財(cái)務(wù)公司利用資金集中的優(yōu)勢(shì)降低成本,通過(guò)其監(jiān)督功能和激勵(lì)機(jī)制,可以有效緩解股東與高管之間,董事長(zhǎng)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(cái)務(wù)信息系統(tǒng)的使用通過(guò)信息系統(tǒng)平臺(tái)的建立可以加快信息的傳遞速度和傳遞成本,使財(cái)務(wù)信息更加透明化專(zhuān)業(yè)化,決策得到貫徹執(zhí)行,提高了企業(yè)財(cái)務(wù)報(bào)表的質(zhì)量,降低管理成本,緩解內(nèi)外信息不對(duì)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(cái)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(cái)務(wù)人才等六個(gè)方面以期提高內(nèi)部財(cái)務(wù)控制,抑制非效率投資。
[Abstract]:The problem of inefficiency investment in the listed companies of A shares in our country has affected the business activities of the company and the healthy development of the capital market. It has become an urgent problem for the listed companies to formulate scientific and reasonable investment decisions and restrain inefficiency investment. Many scholars have studied from the perspective of external governance, but few of them have done. Scholars pay attention to the effect of internal control on the inefficiency of enterprise investment. At the same time, as an important aspect of internal control, internal financial control has an impact on enterprise investment behavior and how to produce it. So far, there are few literature discussions on this direction. This paper studies the specific path to restrain inefficiency investment. This paper uses the established level model of internal financial resources to measure the degree of financial control concentration, collects the amount of the use of financial companies and ERP by hand, and uses the Richardson expected investment model to quantify the inefficiency investment level of the enterprise. Based on the index of internal financial resources concentration, the establishment of financial companies and the use of information systems such as ERP as explanatory variables, the multiple regression models of overinvestment and insufficient investment are used as the variables to be explained, and the empirical test is made for the sample of China's A share listed companies. The results show that the internal financial control is negatively related to the inefficiency investment, that is to say, strengthening the internal financial control and the inefficiency investment The internal financial control construction of the enterprise can restrain the inefficiency investment behavior of the company. The financial company can reduce the cost by using the advantage of capital concentration, through its supervision function and incentive mechanism, it can effectively alleviate the agency conflict between the shareholders and the executive, the chairman and the general manager, optimize the enterprise structure, and help the enterprise to make scientific and reasonable. In addition, the use of ERP and other financial information systems can accelerate the transmission speed and transfer cost of information through the establishment of the information system platform, make the financial information more transparent and specialized, the decision is implemented, the quality of the enterprise financial statements, the cost of management, and the information of the internal and external information are reduced. Based on the previous research, the following suggestions or countermeasures are put forward: from the improvement of the financial management system, the establishment of a sound internal control system, the implementation of the budget system, the strengthening of monitoring, the establishment of a settlement center, and the introduction of six financial personnel to improve the internal financial control and suppress the inefficiency investment.
【學(xué)位授予單位】：浙江工商大學(xué)
【學(xué)位級(jí)別】：碩士
【學(xué)位授予年份】：2017
【分類(lèi)號(hào)】：F275;F832.51

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