Managerial Power,Internal Control And Investment Efficiency

Investment,consumption,net exports are known as the "troika" of economic development in our country,along with the socialist market economy into the new normal,with the background of foreign trade declining,how to improve the investment's effects on economic growth,Play the role of its market engine.`At present,the overall investment efficiency is not high is a difficulty of our country's enterprises,unable to get its return on investment,not only influence the development of the enterprise,also the shackles of our country's economic recovery.In-depth analysis of investment efficiency of listed companies in our country,found that the expansion of the power management for enterprise has a great influence the efficiency of investment,on the one hand,listed companies management will be driven by private interests,excessive investment,raise the company's share price to gain;Will on the other hand,due to the expansion of the management power to suppress the right investment decisions and lead to inadequate investment.Internal control system can improve the efficiency and quality of enterprise management,to have influence on the business decisions including the investment decisions,and to limit the expansion of the power management,indirect influence corporate investment.So the investment efficiency and management power,the relationship between the internal control is of great significance to the improvement of investment efficiency.Based on the above background,this paper by combining normative research and empirical research method,to explore the management power,the relationship between internal control and the investment efficiency.Based on the information asymmetry theory,principal-agent theory,behavioral finance theory and the theory of efficient market hypothesis,is put forward in this paper,through theoretical analysis of three hypotheses: the management power expansion will lead to inefficient investment;Effective internal control will reduce the efficiency of investment.Internal control can restrict management power expansion,reduce the efficiency of investment.Set the power management and internal control two explanations and be explained variables to establish the model,and select the corresponding control variable,using regression analysis method,inspection management power,the relationship between internal control and the investment efficiency.The empirical results show that the management power,the greater the internal control index is lower,the lower the investment efficiency.This suggests that the management power expansion and the defects of the system of internal control for the enterprise the efficiency of investment behavior has significant correlation,this paper verified the assumption of.Finally,the results of the above hypothesis test,to perfect the corporate governance structure,our country enterprise to strengthen the construction of internal control,promoting diversified ownership structure puts forward relevant policy suggestions.