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论文编号：	8487
作者编号：	2120142423
上传时间：	2016/6/13 18:23:06
中文题目：	内部控制、投资效率与企业风险承担
英文题目：	Internal Control, Investment Efficiency
指导老师：	程新生 教授
中文关键字：	内部控制；投资效率；风险承担
英文关键字：	Internal Control; Investment Efficiency; Risk-taking
中文摘要：	企业风险承担反映了企业一定时期的经营结果，风险承担水平的选择对企业的生存与发展至关重要。对内部控制、投资效率与企业风险承担相互间的关系及作用机制的研究，可为完善企业的内部控制体系、制定合理的投资政策以及选择恰当的风险承担水平提供理论支持与实践指导。现有研究较少涉及内部控制与企业风险承担关系领域，更未有学者研究投资效率在其中扮演的角色。本文拟通过理论分析与实证检验相结合的办法弥补现有研究的不足，为企业风险承担水平的选择提供切合实际的政策建议。本文选取2012-2014年沪深两市A股非金融上市公司为研究样本，筛选出6849个样本观测数据，其中过度投资3293个，投资不足3556个。本文对总样本、过度投资以及投资不足样本分别进行了数据的描述性统计分析以及回归分析，以全面、系统研究内部控制、投资效率与企业风险承担相互间的关系及作用机制。研究发现，企业的非效率投资（过度投资及投资不足）会加剧企业的风险承担水平；内部控制质量的提升能显著降低企业的风险承担水平；内部控制质量的提升能够有效减少企业的非效率投资（过度投资及投资不足）；投资效率在内部控制与企业风险承担之中起到中介作用，即内部控制通过抑制企业的非效率投资，发挥了对企业风险承担的降低作用。根据实证结果，本文提出以下四点政策建议：一是考虑企业发展的不同阶段以及“成本效益原则”，制定合适的内部控制体系；二是重视投资政策对企业风险承担发挥的作用，将投资政策作为内部控制体系的重要组成部分；三是选择适合自身发展的风险承担水平，避免风险过低导致的运营效率低下以及风险过高引发的破产风险；四是监管部门更主动的参与到企业内部控制体系的构建之中，为不同行业、不同发展阶段的公司提供差异化的政策指引及评价体系。
英文摘要：	Corporate risk-taking reflects the operating results during a period of time, and the selection of risk-taking is crucial to the survivals and developments of the company. Research of the relationship and mode of action among internal control, efficiency of investment, and corporate risk-taking provides theory support and practical guidance to improve the corporates' internal control system, make reasonable investment decisions, and decide appropriate risk-taking level. There are few researches focusing on the relationship between internal control and corporate risk-taking area, nor enough researchers have explored into investment efficiency area deeply. This paper endeavors to remedy the deficiencies of current researches through the combination of theoretical analysis and empirical test, and to provide policy advice for the selection of corporate risk-taking level. This paper selected the non-financial public companies in Shanghai and Shenzhen Stock Market during 2012 to 2014 as research samples, screened and filtrated 6849 sample observation data, in which there are 3293 over-investment cases, and 3556 under-investment cases in total. This paper conducted descriptive statistics as well as regression analysis on the total samples, over-investment samples and under-investment samples. In addition, this paper further developed the relationships among internal control, investment efficiency and corporate risk-taking comprehensively and systematically. The result of this research is that companies' inefficient investments(both over-investment and under-investment) will increase corporate risk-taking; The increase of the quality of internal control can dramatically decrease corporate risk-taking; Also, the increase of the quality of internal control can effectively decrease corporates' inefficient investments(both over-investment and under-investment); Corporates' inefficient investment acts as an intermediate between internal control and corporate risk-taking, that’s to say, internal control can decrease corporates' inefficient investment, and therefore, decrease corporate risk-taking. According to the empirical evidence, this paper suggests four policy proposals. First is to establish an appropriate internal control system considering the different stages of corporate's developing cycle and "cost- benefit rule". Second is to pay special attention to the impact of investment policy on corporate risk-taking, and regard investment policies as an important part of internal control system. Third is to select the corporate risk-taking suitable for corporates’ future development, as well as to avoid low operating efficiency resulting from over low risk and bankruptcy risk resulting from over high risk. Forth is to evolve supervision department to take an active part in the construction of corporate internal control system, who provides diversified policy guidance and evaluation system for corporations in different industries and different developing stages.
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