Research On The Influence Of Internal Control On Inefficiency Investment From The Perspective Of Ownership Structure

Investment is the key link in the business activities of an enterprise.The efficiency of investment is directly related to the rise and fall of the enterprise.High efficiency investment can optimize the allocation of resources and improve the value of the enterprise.In real life,However,the phenomenon of inefficiency investment in real life is still universal.Therefore,how to restrain the company's non-efficiency investment behavior is a question that people think deeply.As a kind of supervision and balance mechanism,internal control can theoretically suppress the non-efficient investment behavior of enterprises.However,whether internal control really exerts its inhibitory effect on non-efficiency investment in the real world and its degree of exploitation still needs to be explored.In addition,in view of China's special ownership structure,this paper uses the Shanghai-Shenzhen A shares 2012-2016 as the research target of manufacturing listed companies,and builds a model to make a study of the influence of internal control and equity structure on non-efficiency investment.First,through specific analysis and exploration of the internal control,the basic structure of equity,and related literature on domestic and foreign non-efficient investment,the current research results and breakthrough points that can be further explored are identified.Secondly,define the concept of internal control,shareholding structure and inefficient investment,and briefly describe and study the themes related to the subject.The theoretical basis mainly includes two major theories: information asymmetry theory and principal-agent theory,and based on this,it is carried out.The internal motivation analysis of inefficient investment,the internal control and the influence of the structure within the equity on the non-efficiency investment lay the foundation for the hypothesis of research hypothesis below.Thirdly,the variables involved in the research are selected and defined,the research samples are clearly defined,andthe research model is constructed.Specifically,the internal control,the structure of the equity inside the equity,and the interaction of the interactions with the non-efficiency investment are explored.It is hoped that this can improve the enterprises in China.The status quo of investment,the establishment of a sound internal control system to find ways to improve.In the end,this article mainly made the following analysis:(1)Among the listed companies in China's manufacturing industry,there is universality in inefficient investment.Specifically,underinvestment behavior has commonalities,but the overinvestment situation is more severe.(2)The internal control is negatively related to the non-efficiency investment of the company.Internal control can guarantee the quality of information and establish a monitoring mechanism to improve investment efficiency.(3)From the viewpoint of equity attributes,non-efficiency investment is subject to a higher degree of internal control by non-state-owned enterprises,and the degree of play in state-owned enterprises is lower.(4)From the perspective of equity concentration,while the shareholding ratio of controlling shareholders increases,the inhibitory effect of internal control on non-efficient investment will weaken.In summary,based on the theoretical and empirical analysis results of the previous non-efficiency investment,this article breaks through the two aspects of internal control and equity structure,and proposes targeted recommendations,as well as shortcomings and prospects.