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本文选取2006年至2014年沪深A股9140个上市公司年度数据作为研究样本,检验了内部控制、财务困境与企业投资效率三者之间的关系,结果表明:(1)财务困境与企业投资效率负相关;(2)内部控制调节了财务困境与企业投资效率的关系,即陷入财务困境中的企业在加强内部控制后其投资效率会有所提高。本文的贡献在于:(1)从财务困境的视角验证了企业内部控制的治理效应,拓宽了现有文献关于企业投资效率研究的广度;(2)引导财务困境企业强化内部控制,缓解其非效率投资行为,更好地实现资本保值增值的目标。
This paper chooses the annual data of 9140 listed companies in Shanghai and Shenzhen A-shares from 2006 to 2014 as the research sample and examines the relationship between internal control, financial distress and the efficiency of investment. The results show that: (1) financial distress and corporate investment (2) The internal control adjusts the relationship between the financial distress and the investment efficiency of enterprises. That is, enterprises caught in financial distress will increase their investment efficiency after strengthening internal control. The contributions of this paper are as follows: (1) From the perspective of financial distress, we verify the governance effect of internal control and broaden the existing literature about the efficiency of enterprise investment; (2) Guide financial distress enterprises to strengthen internal control and ease its inefficiency Investment behavior, and better achieve the goal of capital preservation and appreciation.