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论文编号：	7617
作者编号：	1120090684
上传时间：	2015/6/18 8:28:09
中文题目：	内部控制、融资约束与再投资续扩行为研究
英文题目：	Study on Internal Control,Financing Constraint and Escalation of Commitment
指导老师：	刘志远
中文关键字：	融资约束；内部控制；再投资续扩
英文关键字：	financing constraint; internal control; escalation of commitment
中文摘要：	企业资本投资领域的再投资续扩是指当公司向一个项目投入了大量的财力、时间或精力后，投资结果却显示该投资获得收益的概率却很小，此时管理者没有采取放弃该投资的行动却反而继续投入额外的资源（Staw,1976），属于非效率投资行为。那么，如何控制再投资续扩行为的发生和发展？本文将内部控制、融资约束和再投资续扩纳入一个研究框架，研究并回答了三个具有递进逻辑关系的问题：（1）高质量的内部控制与融资约束，谁抑制了企业的再投资续扩行为？（2）如果二者均抑制了再投资续扩行为，那么它们在控制再投资续扩时的关系是怎样的？谁对再投资续扩行为的控制作用更易于企业操控？（3）内部控制与融资约束之间又有怎样的关系？论文深入分析了我国内部控制和投融资制度变迁的历程，基于代理理论和公司治理等理论，对上述三个问题进行了理论研究，并以2007-2011年沪深两市上市公司为样本，实证检验了理论研究结论:（1）内部控制与融资约束均能显著抑制再投资续扩行为。高质量的内部控制既能抑制再投资续扩的发生概率也能抑制再投资续扩的发生金额，是抑制企业再投资续扩的主要因素。定向增发也有利于抑制再投资续扩行为；债权融资约束不能降低再投资续扩的发生概率，但是能显著降低其发生的金额，缓解再投资续扩程度。（2）对于再投资续扩的控制而言，内部控制与融资约束具有替代效应，而内部控制更易于企业操控。（3）内部控制有助于改善企业的融资约束，即使企业融资约束得以放松，续扩所需资金充足，但是如果企业有良好的内部控制作保障，再投资续扩行为不会发生或恶化。可见，高质量的内部控制是抑制企业再投资续扩行为的根本保障。论文的创新点主要体现在三个方面：（1）从再投资续扩这一全新视角研究内部控制的经济后果问题，是对已有研究的有益补充。（2）推进了再投资续扩的研究。论文选择我国内部控制体系初步建成，大样本数据刚好可以支撑实证研究这一契机，研究了我国企业内部控制对抑制再投资续扩的成效。文中引进并考虑了融资约束问题，这是以往研究没有触及的。（3）尝试新的研究方法。在研究内部控制与融资约束对再投资续扩的影响具有替代效应时，首次运用了分组法；根据研究内容属于“事后”研究的特点，论文选取了更为直接的融资约束度量指标，稳健性检验证实，这一新尝试是可行而有效的。
英文摘要：	Escalation of commitment in investment decision is when vast resources have been invested in a project, even though the project was found to have little possibility to profit and concrete evidence indicates that it should be abandoned, the investors continue to invest in the project (Staw,1976).This behavior of escalation of commitment is an example of firm’s inefficient investment. To study how to control escalation of commitment, this paper integrated internal control, financing constraint and escalation of commitment in one framework to study and answer these three logically progressive questions: (1) which one could inhibit escalation of commitment, high quality of internal control or financing constraint? (2) If both have inhibition effect on escalation of commitment, then what is their relationship in the control? Which is more tractable for enterprises to implement? (3) What is the relationship between internal control and financing constraint? Based on the in depth study of the system of internal control and financing, the paper first did a theoretical study of the above three questions based on agency theory and corporate governance, and drew a series of conclusions. Then, taking the listed companies in Shanghai and Shenzhen stock markets of 2007 to 2011 as sample, the paper did empirical study on the theoretical conclusions. The results show that: (1) both internal control and financing constraint have significant effect on inhibiting escalation of commitment. High quality of internal control is the main factor for the inhibition; it can reduce both the probability of escalation of commitment and its amount. Private placement can also inhibit escalation of commitment; while debt financing constraint cannot lower the probability of escalation of commitment, however, for the escalation of commitment that has already taken place, it has a significant effect on reducing the amount of inefficient investment, and thus relieves escalation of commitment behaviors. (2) For the control of escalation of commitment, internal control and financing constraint are substitutable. However, compared with financing constraint, internal control is more tractable for firms. (3) Improving the quality of internal control could help improving the firm’s financing constraint, but even though it brings abundant capital, with high quality internal control, escalation of commitment would not worsen. Therefore, high quality of internal control is the essential guarantee for firms to inhibit escalation of commitment. The innovation of this paper mainly lies in: (1) it studied the economic implication of internal control from a new perspective, escalation of commitment. The findings expand the scope of the research in internal control and offer valuable evidence and enlightenments for both the academic world and enterprises. (2) It enhanced the study of escalation of commitment. This paper seized the opportunity when the system of internal control in China is newly established and the data is just enough to support the empirical research, and studied the effect of internal control on escalation of commitment. Moreover, the paper also took financing constraint into consideration, which is never thought of in previous papers. (3) New approaches in research methods and variable choices. First, when studying whether internal control and financing constraint are substitutable, to assure the credibility of the research, besides the widely used interaction study method, grouping method is also used in this paper. Second, based on the distinct trait of the study, in other words, studying the phenomenon “after the event”, unlike previous studies, this paper select the more direct financing constraint for measure, which is a new attempt. The robustness test indicates that this attempt is feasible and effective.
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