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论文编号：	8544
作者编号：	2120142436
上传时间：	2016/6/17 16:07:42
中文题目：	内部控制、企业生命周期与非效率投资
英文题目：	Internal Control, Enterprise Lifecycle and Inefficient Investment
指导老师：	程新生
中文关键字：	内部控制；企业生命周期；过度投资；投资不足
英文关键字：	internal control; enterprise lifecycle; over-investment; under-investment
中文摘要：	我国上市公司在不同程度上存在过度投资和投资不足的情况，如何对非效率投资行为进行有效治理是一个重要的研究课题。从内部控制的目标来看，内部控制的有效设计和维护应该能够对非效率投资产生治理作用。在内部控制与非效率投资关系的研究中引入企业生命周期理论，有助于帮助我们从一个动态、细分的视角下分析内部控制在企业生命周期中不同阶段对非效率投资的影响，从而更有目的性地设计和完善内部控制制度，提高公司的投资效率和企业价值。本文在梳理了前人关于内部控制以及非效率投资的度量、内部控制的经济后果、非效率投资的影响因素、企业生命周期的阶段划分等内容的研究成果基础上，提出从企业生命周期的视角入手探讨内部控制对非效率投资的影响。结合引起非效率投资的两大经典理论——委托代理理论和信息不对称理论，本文提出了内部控制抑制非效率投资的两种途径：减轻代理冲突和缓解信息不对称。进而引入企业生命周期理论详细分析不同阶段的代理问题和信息不对称问题的具体表现，分析内部控制对非效率投资的不同影响。在理论分析的基础上本文选取2012-2014年中国沪深两市A股上市公司作为样本，区分过度投资组和投资不足组，检验全样本条件下内部控制对非效率投资的影响。在此基础上分别检验在企业生命周期的不同阶段，成长期、成熟期和衰退期三组样本下内部控制对过度投资和投资不足的影响。实证分析结果表明我国的上市公司中过度投资和投资不足现象是同时存在的，而且数量上投资不足居多，但是程度上过度投资更重。全样本条件下，内部控制与两种形式的非效率投资均显著负相关。划分企业生命周期之后，发现对于成长期的企业，良好的内部控制能够抑制投资不足，但不能抑制过度投资；对于成熟期的企业，内部控制能够有效抑制过度投资和投资不足；对于衰退期的企业，内部控制仅对过度投资有抑制作用，而对投资不足影响不显著。结合对回归系数的进一步检验，可以证明在内部控制与非效率投资的关系中，企业生命周期起到了调节作用。
英文摘要：	Over-investment and under-investment are very common in China’s listed companies. How to improve investment efficiency is always an important topic. Considering the target of internal control, effective design and maintenance of internal control should have a governance effect on inefficient investment. Bringing in the theory of enterprise lifecycle will provide a dynamic and subdivided view of the effect of internal control on inefficient investment in different lifecycle. We first combed the literature about internal control, inefficient investment and enterprise lifecycle. Based on these research, we proposed to investigate the effect of internal control on inefficient investment in the view of enterprise lifecycle. Using the theory of principal agent and information asymmetry, we explained the mechanism of mitigating agency conflicts and information asymmetry and the difference in different lifecycle. We selected listed companies from 2012 to 2014 as our sample. We tested the effect of internal control on over-investment and under-investment using full sample. Then we classified all sample into three subsamples – growing period, mature period and decline period, investigating the effect in different subsamples. Empirical results showed that over-investment and under-investment both exist in China’s listed companies. Under-investment is more common than over-investment, while the former degree is more serious than the latter. Under full sample, internal control has a significant negative correlation with over-investment and a non-significant negative correlation with under-investment. Under subsamples, internal control can mitigate over-investment in mature and decline period, but not in growing period. And internal control can mitigate under-investment only in mature period. Combining extra test on regression coefficients, we proved that enterprise lifecycle has a moderate effect in the relationship.
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