Research On The Internal Control Quality Of China's Listed Companies On The Impact Of Inefficiency Investment Behavior

As one of the major force of economic growth, investment has played a vital role in our country to achieve rapid economic development. In the pursuit of quality of the national economy and the backdrop of the adjustment of economic structure, the efficiency of investment issues have become a research focus in the academic and practice. Previous study of the efficiency of investment focus on corporate governance, etc., from our country issued "the enterprise internal control basic norms" and "the form a complete set of enterprise internal control guidelines", domestic began to gradually increase the degree of attention to the internal control. But, also there are a few domestic literature from the Angle of the internal control quality affects the efficiency of investment research. the purpose of this paper is to reveal the internal control theory of relationship between quality and the efficiency of investment, the empirical test of high quality internal control can effectively restrain the efficiency of investment behavior, and further analysis of the internal control in our country quality will affect the efficiency of investment varies because of the nature of property rights, For the property rights system consummates our country enterprise construction enterprise internal control system to provide the basis.This article first on the investment efficiency and quality of the internal control concept and definition of measure, on the theory basis of the investment efficiency of combing, we has constructed the internal control and the theory of relationship between the efficiency of investment, then in 2007-2012 for the panel data of listed companies in our country, the quality of the internal control under different property rights affect the efficiency of investment and the difference has carried on the empirical research. The research results show that the high quality internal control can reduce the enterprise cash flow phenomenon of excessive investment and inadequate investment of investment efficiency and high quality internal control inhibit private enterprise inefficient investment behavior of the effect is better than the state-owned enterprises, local state-owned controlling the quality of the internal enterprise not performed better efficiency of investment behavior of the central state-owned enterprises, the results verified the hypothesis in this paper. And starting from the perfect our country enterprise property right system on the basis of put forward to improve the efficiency of the internal control of listed companies in China investment policy recommendations. Finally, Put forward the perfect our country enterprise internal control system to improve investment efficiency of policy recommendations.