李万福;林斌;宋璐;

• 1:中山大学管理学院
• 2:上海财经大学会计学院

摘要(Abstract)：

本文以投资效率为核心,通过基于流动性特性的条件关系检验和基于预期投资偏离的无条件关系检验,探讨了内部控制在公司投资中的角色。研究发现,当公司很可能面临投资过度境况时,更低的内部控制质量加剧了该现象的发生;当公司很可能面临投资不足境况时,更低的内部控制质量同样加剧了投资不足现象的发生;相对于内控较好的公司而言,内控较差的公司更可能出现在偏离正常投资水平的无法解释的极端投资组;公司层面和会计层面重大内控缺陷对投资的影响并无显著差异;整体而言,内控缺陷更多的公司,其之于非效率投资的影响更加严重。本研究表明,加强企业内部控制建设是提高公司投资效率的重要途径,亦是从微观层面防止中国经济投资过热或过冷,促进中国经济平稳、协调发展的重要途径,意味着当前监管机构加强企业内部控制建设的决策是有助于保护投资者利益的。

关键词(KeyWords)： 内部控制;投资不足;投资过度;投资效率

Abstract:

Keywords:

基金项目(Foundation): 国家自然科学基金重点项目“中国企业管理会计理论与方法研究”(批准号71032006),国家自然科学基金项目“上市公司内部控制与投资者保护”(批准号70972076);; 教育部人文社会科学基金项目“内部控制、过度投资与财务危机”(批准号09YJA790199)研究成果,教育部博士研究生学术新人奖和川优秀青年奖学基金资助

作者(Author): 李万福;林斌;宋璐;

Email:

DOI:

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• ④《企业内部控制审计指引》指出,下列迹象可能表明企业内部控制存在重大缺陷:(1)发现董事、监事和高级管理人员舞弊;(2)企业更正已公布的财务报表;(3)注册会计师发现当期财务报表存在重大错报,而内部控制在运行过程中未能发现该错报;(4)企业审计委员会和内部审计机构对内部控制的监督无效。