Managerial Ability,Internal Control Quality And Investment Efficiency

Investment-driven economic growth has caused problems such as "overcapacity" and "imbalanced resource allocation".The quality of economic development has been valued in the context of supply-side reforms,and the slowdown in economic growth has reduced the risk appetite of banks.Due to the short-term characteristics,the problem of financing constraints is more severe.In order to promote the healthy development of the economy,it is of great practical significance to study the influencing factors of investment efficiency in this context,in order to seek solutions from within the micro-enterprise and effectively manage the inefficient investment phenomenon.For micro-enterprises,the investment decisions of enterprises directly affect the direction of economic benefits.The level of investment efficiency reflects the quality of enterprise operations and management,and determines whether the enterprise can develop steadily and continuously.Managers are important decision makers in corporate investment activities.They also play a key role in the establishment,operation,improvement and evaluation of the internal control system of an enterprise.This article examines the impact of managerial capabilities on internal control quality and investment efficiency from the perspective of capabilities.On this basis,it is discussed whether the quality of internal control is an intermediary variable of managers' ability to affect investment efficiency.This paper takes A-share manufacturing listed companies as the research object,uses the data from 2011 to 2017 to conduct descriptive statistics on the sample companies,and empirically test the hypotheses.The research results show that:(1)Underinvestment in manufacturing companies is more common,but overinvested companies deviate from the estimated investment level to a greater extent.(2)Overall,managerial ability is positively correlated with investment efficiency.Examination of samples shows that the significant inhibitory effect of managerial ability on non-efficiency is mainly reflected in underinvested samples.Although there is also a negative correlation with overinvestment,this relationship is not significant;a further examination of the nature of the under-investment samples by property rights found that the ability of managers to suppress under-investment in non-state-owned enterprises is more significant.(3)The ability of managers can promote the regulation of internal control of enterprises,that is,the two have a positive correlation.(4)Internal control quality is an intermediary variable that influences managerial ability to influence investment efficiency.Part of managerial abilityto promote investment efficiency is achieved by improving the internal control quality of the enterprise;internal control quality is also found in the underinvestment sample Mediating Role.The significance of this article is as follows:(1)From the perspective of capability,we discuss the impact of managerial capabilities on internal control quality and investment efficiency,broaden the research perspective of high-level echelon theory,and improve internal control quality and investment for companies under the background of supply-side reform.Efficiency adds new ideas.(2)It proves that managerial ability can improve investment efficiency by improving internal control quality,provides process evidence for managerial ability to affect investment efficiency,deepens the company's understanding of "people",and encourages managers to improve their own capabilities.