| As an important part of enterprise value chain,investment activity is an significant decision in financial management,and it also affects the financing and management decision of enterprises.Enterprise's investment directly related to enterprise's profitability,growth,financial security,and ultimately will affect the intrinsic value of the enterprise,the right investment decision can inject more cash flow,enhance enterprise value,conversely may bring irreparable loss to the enterprise.Therefore,it is very important to improve the investment efficiency of enterprises.From the internal view of the enterprise,the investment profit is an important link of the company's value-added and expanding capital,and is an important part of the three financial decisions.Whether an enterprise can make an effective investment decision is related to the sustainable and rapid development of the enterprise.From the macroscopic level,the investment behavior of the enterprises in the society affects the allocation of resources of the whole society,and also the determinants of the economic increase.The influence of macroeconomic policy on enterprise investment decision can be summarized as two kinds:first,enterprises will be based on national economic policies to the macro-environment,industry prospects and their own development opportunities to make forecasts,and then adjust their investment decisions accordingly;Secondly,the change of the national policy on interest rate will affect the financing cost of the enterprise's investment capital.And then influence the investment decision of the enterprise.At present,the phenomenon of inefficient investment is very common in Chinese enterprises.On the one hand,with the principal-agent conflict,the management makes the wrong decision to damage the value of the enterprise.On the other hand,the asymmetric information leads to the adverse selection of investment.At the same time,financing constraint is also an important influence factor.The change of macro-economy will increase the uncertainty of the enterprise's expectation,influence the discovery of the investment opportunity,increase the difficulty of the enterprise's judgment of the future economic activity and information,and then affect the investment expenditure and efficiency of the enterprise.This paper probes into the present situation and problems of the operation and investment behavior of listed companies in China,and analyzes the influencing factors of the company's inefficient investment behavior,which is of great significance to the healthy development of our enterprises and the good operation of the economy.Internal control as an important means of division governance,to some extent,can inhibit the inefficient investment and other activities that may damage the value of the enterprise.Risk identification and evaluation,effective behavior control and strict supervision function can help the enterprise to identify the potential internal and external risks in the business activities,and identify and control the decision-making which may cause the loss of enterprise's profit.The role of internal control in corporate governance is more and more important,it is the way of controlling and supervising the risk in the business activities,the high quality internal control system can ensure the high level of internal management,discover the risk of investment activities in time,correct the deficiency of investment decision and the deviation in the process of execution,prevent decision makers from making bad investments or inadequate investment behavior.Internal control can help investors make the right decision and improve the efficiency of the company's investment.Therefore,on the basis of studying the relationship between the macro-economic cycle and the enterprise's inefficient investment,this paper joins the internal control variable to consider whether the micro-internal control can play a moderating role in the relationship between the two.Based on the theory analysis and empirical method,this paper first combs the relative research literatures of macro-economy,internal control quality and inefficient investment,and sums up the research results of the relevant literatures,and analyzes the influence of macroeconomic factors on the inefficient investment of enterprises in detail.This paper expounds the influence of different internal control quality on the relationship between the macroeconomic cycle and the inefficient investment,studies and analyzes the moderating effect of the internal control on the relationship between the two,and on this basis,puts forward two hypotheses,and designs the test model for the hypotheses.Secondly,taking the listed companies of Shanghai and Shenzhen in 2007-2016 as the research object,this paper collects 14,212 samples in 10 years,and probes into the influence of macro-economic cycle on the micro-inefficient investment behavior of enterprises.The internal control quality variables are added to the model to verify whether the internal control has a reverse moderating effect on the relationship between the two,and if there is a better effect,the effect of the macro-economic cycle on the inefficient investment of the enterprise will be alleviated.The results show that:(1)in the sample quantity,68%of the sample is lack of investment,which shows that in the inefficient investment behavior of China's a-share listed companies,investment insufficiency is more common than over-investment;(2)Compared with the macro-economy downward period,the macro-economic upstream is positively correlated with the company's inefficient investment,which is positively correlated with the degree of over-investment,may have a dampening effect on the lack of investment.(3)Internal control plays a reverse role in the relationship between the macro-economic cycle and the inefficient investment,that is,it can restrain the influence of the external macro-economy on the micro-enterprise investment or insufficient investment.This paper opens up a new field for the study of the influence of macro-economic operation on the behavior of micro-enterprises,which can be consulted by other scholars,and the relationship between the macro-economic operation and the lack of investment or excessive investment is discussed in detail in the study,taking into account the influence of internal control.Through the empirical model,this paper analyzes the effect of macroeconomic operation,inefficient investment and internal control quality on the relationship between them,enriches the research on the relationship between macro-economy and micro-enterprise investment,and helps to alleviate the situation of fragmentation in macroscopic and microscopic fields,and can provide reference for other scholars. |
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