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有效的投资效率是上市公司成长与现金流增加的动力源泉与重要基础,同时也是提升公司价值的根本所在。上市公司投资效率的提升可以帮助其很好地把握市场发展契机、合理配置企业现金流,提高资金的利用效率,实现最大限度投资的回报。针对现阶段上市公司投资效率的现状,本文探讨内部控制对上市公司投资效率的影响效用,提出理论假设,并构建内部控制与上市公司投资效率结构方程模型。通过对2011-2012年我国沪深A股上市公司的实证分析发现:有效的内部控制可以帮助上市公司提升投资效率,为上市公司投资效率的提升提供了理论依据与实践指导,并从内部控制的角度提升投资效率提出了相应的建议。
Effective investment efficiency is the source of motivation and important foundation for the growth of listed companies and the increase of cash flow. At the same time, it is also the fundamental reason for enhancing the company’s value. The improvement of investment efficiency of listed companies can help them grasp the opportunity of market development, allocate cash flow rationally, improve the efficiency of capital utilization, and maximize the return on investment. In view of the current situation of investment efficiency of listed companies, this paper discusses the impact of internal control on the efficiency of listed companies, puts forward theoretical hypotheses and constructs the structural equation model of internal control and investment efficiency of listed companies. Through the empirical analysis of China’s listed companies in Shanghai and Shenzhen Stock Exchanges from 2011 to 2012, it is found that effective internal control can help listed companies improve the investment efficiency, provide theoretical basis and practical guidance for the listed companies to enhance investment efficiency, and from the internal control Point out the investment efficiency put forward the corresponding suggestion.