Internal Control Quality,Property Nature And Efficiency Of Working Capital Management

Since the beginning of the MM capital structure theory in the history of the first scientific proof of the capital structure and capital cost,the value of the relevant nature of the enterprise,and the capital budget decision-making and the relationship between the value of the enterprise were discussed,the modern financial theory research did not deviate from the scope of long-term financial decisions.In other words,in general,the academic focus on long-term,strategic financial policy,but short-term financial policy is often less involved,which forming a theoretical gap.Since 1992,COSO Committee issued "Internal Control Integration Framework",in recent years,countries continue to pay attention to the construction of internal control system,the internal control of the economic consequences of the implementation of the past 10 years,domestic and foreign academic attention hot topic."China's Listed Companies Working Capital Management Survey" pointed out that in recent years,most of China's listed companies operating funds steadily increased,but the overall allocation of funds is not good;Operating activities,working capital management performance continued to deteriorate,a significant decline in return on capital;State-owned holding company operations capital management performance is the highest,but a serious shortage of funds is the current state-owned large and medium-sized enterprises are facing outstanding problems.Therefore,whether the economic consequences of the implementation of internal control,including the improvement of working capital management performance;Different control of the implementation of the internal control of the effect of whether there is a significant difference is worthy of further study of the topic.The research contents of this paper include the following six parts:The first part is the introduction.This paper mainly introduces the reason why this topic should be selected and the current research status,the theoretical and practical value of the topic.The content of this paper and the structure of the text should be described.The second part is literature review.Through the evaluation of the economic consequences of internal control,the evaluation of the efficiency of working capital management and the influence factors and the nature of property rights on the value of the enterprise,the starting point of the research content is found,and then the purpose of the study is based on the results to explore.The third part is the theoretical analysis and research hypothesis.First of all,the definition of the relevant concepts,the part of the article involved in the internal control and working capital management concepts related to the connotation and extension of the interpretation of the following theoretical analysis and empirical research to lay the foundation;Secondly,combined with principal-agent theory and stakeholder The theory of internal control to improve the efficiency of working capital management of the two paths to analyze its inherent impact mechanism;Finally,in the previous theory put forward under the premise of the proposed hypothesis.The fourth part is the research design.First,the explanatory variables,explanatory variables and control variables are used to explain their meanings,calculation methods and selection reasons.Finally,in the literature review and the basis of theoretical analysis,the paper analyzes the selection method and the acquisition channel of the sample data needed for empirical analysis,and set the regression model used in the empirical analysis.The fifth part is the empirical regression analysis,including descriptive statistics,correlation analysis,multiple regression analysis and robustness test,to make a statistical analysis and verification of the hypothesis proposed in this paper.The sixth part is the conclusion and suggestion.In this part,the article concludes the conclusion of the article,put forward the individual suggestions on the question to be studied in this paper,and finally pointed out that although this article is seriously studied but there are some unavoidable limitations.The innovation of this paper is that in the past,based on the internal control economic consequences of the study,the company operating efficiency and effectiveness of the vast majority of the foothold is the level of profitability,little impact on the impact of specific working capital management;and based on working capital management efficiency of the impact of factors in the study,and never take into account the internal control.In the study of internal control on the impact of corporate financial indicators,the "black box" type to directly establish the relationship between the two,in addition to the existing research conclusions as cited inference,few scholars from the classical theoretical point of view both And this paper based on the theory of principal-agent and stakeholder theory to build the two internal and external transmission path,fully proved that internal control is how to improve the efficiency of working capital management.