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:

参考文献(References)：

• (1)程仲鸣、夏新平、余明桂:《政府干预、金字塔结构与地方国有上市公司投资》,《管理世界》,2008年第9期。
• (2)姜付秀、伊志宏、苏飞、黄磊:《管理者背景特征与企业过度投资行为》,《管理世界》,2009年a第1期。
• (3)姜付秀、张敏、陆正飞、陆才东:《管理者过度自信、企业扩张与财务困境》,《经济研究》,2009年b第1期。
• (4)姜国华、岳衡:《大股东占用上市公司资金与上市公司股票回报率关系的研究》,《管理世界》,2005年第5期。
• (5)李万福、林斌、杨德明、孙烨:《内控信息披露、企业过度投资与财务危机》,《中国会计与财务研究》,2010年第4期。
• (6)李鑫、徐向艺:《中国上市公司过度投资行为研究》,山东大学博士学位论文,2008年。
• (7)李增泉、孙铮、王志伟:《“掏空”与所有权安排——来自我国上市公司大股东资金占用的经验证据》,《会计研究》,2004年第12期。
• (8)宋剑峰:《净资产倍率、市盈率与公司的成长性》,《经济研究》,2000年第8期。
• (9)唐雪松、周晓苏、马如静:《上市公司过度投资及其制约机制的实证研究》,《会计研究》,2007年第7期。
• (10)童盼、陆正飞:《负债融资、负债来源与企业投资行为》,《经济研究》,2005年第5期。
• (11)王彦超:《融资约束、现金持有与过度投资》,《金融研究》,2010第7期。
• (12)魏明海、柳建华:《国企分红、治理因素与过度投资》,《管理世界》,2007年第4期。
• (13)吴世农、卢贤义:《我国上市公司财务困境的预测模型研究》,《经济研究》,2001年第6期。
• (14)辛清泉、林斌、王彦超:《政府控制、经理薪酬与资本投资》,《经济研究》,2007年第8期。
• (15)杨华军、胡奕明:《制度环境与自由现金流的过度投资》,《管理世界》,2007年第9期。
• (16)张纯、吕伟:《信息披露、信息中介与企业过度投资》,《会计研究》,2009年第1期。
• (17)Abel,A.B.,1983,“Optimal Investment under uncer-tainty”,American Economic Review,73,pp.228~233.
• (18)Aggarwal,R.and A.Samwick,2006,“Empire-Buildersand Shirkers:Investment,Firm Performance,and Managerial In-centives”,Journal of Corporate Finance,12,pp.489~515.
• (19)Almeida,H.and M.Campello,2007,“Financial Con-straints,Asset Tangibility and Corporate Investment”,Review ofFinancial Studies,20,pp.1429~1460.
• (20)Altamuro,J.and A.Beatty,2010,“How does InternalControl Regulation Affect Financial Reporting?”,Journal of Ac-counting and Economics,49,pp.58~74.
• (21)Altman,E.I.,1968,“Financial Ratios,DiscriminantAnalysis and the Prediction of Corporate Bankruptcy”,Journal ofFinance,23,pp.589~609.
• (22)Ashbaugh-Skaife,H.,D.W.Collins and W.Kinney,2007,“The Discovery and Reporting of Internal Control Defi-ciencies Prior to SOX-mandated Audits”,Journal of Accountingand Economics,44,pp.166~192.
• (23)Ashbaugh-Skaife,H.,D.W.Collins,W.Kinney and R.LaFond,2008,“The Effect of SOX Internal Control Deficienciesand Their Remediation on Accrual Quality”,The Accounting Re-view,83,pp.217~250.
• (24)Ball,R.and L.Shivakumar,2006,“The Role of Accru-als in Asymmetrically Timely Gain and Loss Recognition”,Jour-nal of Accounting Research,44,pp.207~242.
• (25)Bargeron,L.L.,K.M.Lehn and C.J.Zutter,2010,“Sarbanes-Oxley and Corporate Risk-taking”,Journal of Ac-counting and Economics,49,pp.34~52.
• (26)Beneish,M.D.,M.B.Billings and L.D.Hodder,2008,“Internal Control Weaknesses and Information Uncertainty”,TheAccounting Review,83,pp.665~704.
• (27)Berle,A.and G.Means,1932,The Modern Corporationand Private Property,New York:Macmillan.
• (28)Bertrand,M.and S.Mullainathan,2003,“Enjoying theQuiet Life?Corporate Governance and Managerial Preferences”,Journal of Political Economy,111,pp.1043~1075.
• (29)Biddle,G.and G.Hilary,2006,“Accounting Qualityand Firm-Level Capital Investment”,The Accounting Review,81,pp.963~982.
• (30)Biddle,G.,G.Hilary and R.S.Verdi,2009,“How doesFinancial Reporting Quality Relate to Investment Efficiency?”,Journal of Accounting and Economics,81,pp.112~131.
• (31)Blanchard,O.,F.Lopez-de-Silanez and A.Shleifer,1994,“What do Firms Do with Cash Windfalls?”,Journal of Fi-nancial Economics,36,pp.337~360.
• (32)Brochet,F.,2010,“Information Content of Insider Tradesbefore and after the Sarbanes-Oxley Act”,The Accounting Re-view,85,pp.419~447.
• (33)Bushman,R.and A.Smith,2001,“Financial Account-ing Information and Corporate Governance”,Journal of Account-ing and Economics,31,pp.237~333.
• (34)Committee of Sponsoring Organizations of the TreadwayCommisssion(COSO),1992,“Internal Control-Integrated Frame-work”,The Framework,New York,NY:COSO.
• (35)Dahiya,S.,A.Saunders and A.Srinivasan,2003,“Fi-nancial Distress and Bank Lending Relationships”,Journal of Fi-nance,1,pp.375~399.
• (36)Dechow P.,and I.Dichev,2002,“The Quality of Ac-cruals and Earnings”,The Accounting Review,77,pp.35~59.
• (37)Dechow P.,R.Sloan and A.Sweeney,1995,“DetectingEarnings Management”,The Accounting Review,70,pp.193~225.
• (38)Deumes R.,and W.R.Knechel,2008,“Economic In-centives for Voluntary Reporting on Internal Risk Managementand Control Systems”,Auditing:A Journal of Practice&Theory,27,pp.35~67.
• (39)Dow J.,G.Gorton and A.Krishnamurthy,2005,“Equi-librium Investment and Asset Prices under Imperfect CorporateControl”,American Economic Review,95,pp.659~681.
• (40)Doyle,J.,W.Ge and S.McVay,2007a,“Accruals Qualityand Internal Control over Financial Reporting”,The AccountingReview,5,pp.1141~1170.
• (41)Doyle,J.,W.Ge and S.McVay,2007b,“Determinantsof Weaknesses in Internal Control over Financial Reporting”,Journal of Accounting and Economics,44,pp.193~223.
• (42)Engel,E.,R.M.Hayes and X.Wang,2007,“The Sar-banes-Oxley Act and Firms’Going-private Decisions”,Journal ofAccounting and Economics,44,pp.116~145.
• (43)Gao,F.,J.S.Wu and J.Zimmerman,2009,“Unintend-ed Consequences of Granting Small Firms Exemptions from Se-curities Regulation:Evidence from the Sarbanes-Oxley Act”,Journal of Accounting Research,47,pp.459~506.
• (44)Hart,O.and J.Moore,1995,“Debt and Seniority:anAnalysis of the Role of Hard Claims in Constraining Manage-ment”,American Economic Review,85,pp.567~585.
• (45)Hayashi,F.,1982,“Tobin’s Marginal q and Averageq:A Neoclassical Interpretation”,Econometrica,50,pp.213~224.
• (46)Heckman,J.,1979,“Sample Selection Bias as a Speci-fication Error”,Econometrica,47,pp.153~161.
• (47)Inderst,R.and M.Klein,2007,“Overinvestment,Col-lateral Lending,and Economic Crisis”,Rand Journal of Eco-nomics,38,pp.881~904.
• (48)Jensen,M.C.,1986,“Agency Costs of Free Cash Flow,Corporate Finance and Takeovers”,American Economic Review,76,pp.323~329.
• (49)Jensen,M.C.,1993,“The Modern Industrial Revolu-tion,Exit and the Failure of Internal Control Systems”,Journal ofFinance,48,pp.831~880.
• (50)Jensen,M.C.and W.H.Meckling,1976,“Theory ofthe Firm:Managerial Behavior,Agency Costs,and OwnershipStructure”,Journal of Financial Economics,3,pp.305~360.
• (51)Johnson,S.,R.La Porta,F.Lopez-de-Silanes,and A.Shleifer,2000,“Tunneling”,American Economic Review,90,pp.22~27.
• (52)Jones,J.,1991,“Earnings Management During ImportRelief Investigations”,Journal of Accounting Research,29,pp.193~228.
• (53)Lambert,R.,C.Leuz and R.Verrecchia,2007,“Account-ing Information,Disclosure and the Cost of Capital”,Journal ofAccounting Research,45,pp.385~420.
• (54)Leuz,C.and R.Verrecchia,2000,“The Economic Con-sequences of Increased Disclosure”,Journal of Accounting Re-search,38,pp.91~124.
• (55)Little,R.J.A.,1985,“A Note about Models for Selec-tivity Bias”,Econometrica,53,pp.1469~1474.
• (56)Malmendier U.and G.Tate,2005,“CEO Overconfi-dence and Corporate Investment”,Journal of Finance,60,pp.2661~2699.
• (57)McNichols,M.,2002,“Discussion of the Quality of Ac-cruals and Earnings:the Role of Accrual Estimation Errors”,TheAccounting Review,77,pp.61~69.
• (58)Milgrom,P.and J.Roberts,1992,Economics,Orga-nization and Management,Prentice Hall.
• (59)Myers,S.,1977,“Determinants of Corporate Borrow-ing”,Journal of Financial Economics,5,pp.147~175.
• (60)Myers,S.and N.Majluf,1984,“Corporate Financingand Investment Decisions When Firms Have Information that In-vestors do not Have”,Journal of Financial Economics,13,pp.187~221.
• (61)Ogneva,M.,K.Raghunandan and K.R.Subramanyam,2007,“Internal Control Weakness and Cost of Equity:Evidencefrom SOX Section 404 Disclosures”,The Accounting Review,82,pp.1255~1297.
• (62)Opler,T.,L.Pinkowitz,R.Stulz and R.Williamson,1999,“The Determinants and Implications of Corporate CashHoldings”,Journal of Financial Economics,52,pp.3~46.
• (63)Patterson,E.R.and J.R.Smith,2007,“The Effects ofSarbanes-Oxley on Auditing and Internal Control Strength”,TheAccounting Review,82,pp.427~455.
• (64)Petersen,M.A.,2009,“Estimating Standard Errors inFinancing Panel Data Sets:Comparing Approaches”,Review ofFinancial Studies,22,pp.435~480.
• (65)Richardson,S.,2006,“Over-investment of Free CashFlow”,Review of Accounting Studies,11,pp.159~189.
• (66)Rogers,W.H.,1993,“Regression Standard Errors inClustered Samples”,Stata Technical Bulletin,3,pp.88~94.
• (67)Ross,S.,1973,“The Economic Theory of Agency:ThePrincipal’s Problem”,American Economic Review,Vol.63,pp.134~139.
• (68)Securities and Exchange Commission(SEC),2003,“Fi-nal Rule:Management’s Reports on Internal Control Over Finan-cial Reporting and Certification of Disclosure in Exchange ActPeriodic Reports”,SEC,Washington,DC,June 11.
• (69)Stein,J.,2003,“Agency,Information and CorporateInvestment”,Handbook of the Economics of Finance,Constan-tinides,G.,M.Harris and R.Stulz(Eds.),Amsterdam,NorthHolland.
• (70)Stiglitz,J.,Weiss,A.,1981,“Credit Rationing in Mar-kets with Imperfect Information”,American Economic Review,71,pp.393~410.
• (71)Verrecchia,R.,2001,“Essays on Disclosure”,Journalof Accounting and Economics,32,pp.91~180.
• (72)Vogt,S.C.,1994,“The Cash Flow/Investment Rela-tionship:Evidence from U.S.Manufacturing Firms”,FinancialManagement,23,pp.3~20.
• (73)Wang,D.C.,2006,“Founding Family Ownership andEarnings Quality”,Journal of Accounting Research,44,pp.619~656.
• (74)Yoshikawa,H.,1980.“On the‘q’Theory of Invest-ment”,American Economic Review,70,pp.739~743.
• (75)Zhang,I.X.,2007,“Economic Consequences of theSarbanes-Oxley Act of 2002”,Journal of Accounting and Eco-nomics,44,pp.74~115.
• 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。