A Study On Financing Constraints,internal Control And Over-Investment Behavior

In recent years,with "enron","abandonment" came into being,the financial problems of internal control has become the enterprises to improve their management ability and the important means of protection of rights and interests of stakeholders.In order to make our country enterprise would be able to achieve their business objectives,in our country in 2008 formulated the "enterprise internal control basic norms" want to be able to help enterprises to improve the efficiency of business activities from the legal level.What is certain is effective investment decision to enterprise's operation efficiency and effect will have a major impact,so for the investment decision of enterprise internal control will have a significant role.But the current caused by the problem of mechanism of system managers have some agency problems and information asymmetric,coupled with the soft budget constraint is partly state-owned enterprises provides a certain amount of money,makes the enterprise management personnel and investment project by taking advantage of their office to obtain illegitimate interests for the individual,it also leads to some enterprises appear the phenomenon of inefficient investment,hinder their own development.At the same time,our country in recent years the development philosophy of vulgar causes serious excess investment problems of listed companies,seriously harm the interests of creditors and shareholdersDevelopment and perfect enterprise internal control,however,is influenced by many factors,and the internal control of the governance effect of excessive investment is also restricted by external factors,among them,the effect of financing constraints on the internal control management produce certain relief,hinder the internal control of excessive investment management.Therefore,in this case it is necessary for the financing constraints to the governance effect of internal control and different forms of financing constraints on the impact of the governance effect of internal control are studied.For better comprehensive and objective analysis of the effect of financing constraints on the internal control management,this paper adopts literature research and empirical research method of combining the two ways,and with the aid of qualitative analysis and quantitative analysis of the comprehensive and objective for research.First of all,in this paper,through collecting and sorting efficiency of the financing constraints,the internal control and investment aspects of theory,literature and policy laws and regulations,theoretically analyze the governance effect of internal control curb overinvestment,on the basis of existing research further analysis the financing constraints of internal control curb overinvestment calming effect,on the basis of theoretical hypothesis is put forward.Secondly,based on China's Shanghai and shenzhen two city all motherboard a-share listed companies from 2011 to 2015 data as the initial sample,at the same time expected)investment model is adopted to measure degree of excessive investment,using logit model to construct the financing constraints,the evaluation index,di Po internal control index is used to empirical research on the internal control of the governance effect of excessive investment and financing constraints on the influence of the governance effect;Finally,according to the data results of empirical research put forward a series of policy Suggestions.After the empirical test,this paper concluded that the internal control can significantly inhibit excessive investment,and the debt financing constraints,the lower the degree of financing constraints on internal control of excessive investment the governance effect of the more significant.