| Over the past 40 years of reform and opening up,China's economic situation has undergone tremendous changes.However,some companies' economic development has not changed.They only care about short-term benefits and seek to maximize short-term benefits.They have forgotten the importance of sustainable growth.The way to achieve the business goals of the enterprise,this short-term business behavior directly led to the company's short-lived,unable to gain a foothold for a long time.Only with the goal of achieving long-term sustainable growth can companies continue to grow and develop,remain competitive in known areas of the capital market,and continue to expand in unknown areas,keep up with the trend of the times,and obtain a steady stream of profits.At the same time,from a macro perspective,only if the enterprise maintains growth,can the nation have hope,and the country can maintain international competitiveness in the international market,gain global recognition,gain international consensus,and create a good reputation for Chinese enterprises.Therefore,many economic analysts have recently shifted the focus of enterprise research to how to achieve sustainable growth of enterprises and change the phenomenon of short life cycles of many enterprises at this stage.With the advent of the 21 st century,diversified factors are joining the macroeconomic market,and the capital market is unpredictable.It is necessary for companies to gain a foothold in such an intricate environment,and to study the degree of sustainable growth.After reviewing domestic and foreign literatures,it can be seen that most scholars consider the influencing factors of sustainable growth of enterprises from the perspective of financial indicators.Few articles have considered the degree of realization of sustainable growth between enterprises and non-financial factors from the perspective of internal control.Is related.Internal control affects the company's internal management and external corporate image,and is an endogenous driving force for companies to achieve sustainable growth.It is very important,but the current relevant literature is scarce and has not been systematically analyzed.In addition,financing constraints are the current problems faced by most companies,and are closely related to the future development of the company.Whether this will affect the correlation between these two is also the entry point of this study.This article mainly studies and solves the following two problems: first,How is the relationship between internal control and the degree of realization of sustainable growth of enterprises;second,what is the influence of financing constraints in theprocess of internal control affecting the sustainable growth of enterprises.Internal control plays an important role in the daily management and risk management of enterprises.The improvement of internal control can help enterprises to improve the efficiency of operation and management,the ability to prevent and control risks,and improve the degree of sustainable growth of enterprises.In addition,in the face of financing constraints,most companies tend to strengthen their internal control,and will pay more attention to their internal control.Therefore,from a theoretical analysis,a high level of internal control can improve the degree of sustainable growth of enterprises,and financing constraints will strengthen the positive correlation between internal control and the degree of sustainable growth of enterprises.First of all,this article systematically reviews domestic and foreign literature on internal control,financing constraints and sustainable growth of enterprises,and combs the concepts,influencing factors and related theories of the three.Based on these theoretical foundations,the 2012-2017 data of A-share listed companies were selected during the empirical analysis.The indicator data was calculated according to the static model of sustainable growth constructed by Van Horn,and then the indicator and other indicators were comprehensively analyzed and calculated to obtain Achievement Index of Sustainable Growth of Enterprises(RSGR).Descriptive statistics,correlation tests,multiple linear tests and multiple regression models were used to empirically test the correlation between internal control and the degree of sustainable growth of the company,and empirically test the internal control and sustainable growth of the company achieved by different levels of financing constraints Degree of influence.In addition,in order to ensure the robustness of the test results,the indicators of the degree of achievement of sustainable growth have been tested for robustness,such as replacing indicators to measure the degree of achievement of sustainable growth of enterprises,dividing research samples according to certain standards,and other methods to further verify Related assumptions.Through research,it is found that:(1)Under other conditions unchanged,there is a positive correlation between internal control and the degree of sustainable growth of the company,that is,strengthening internal control can help companies achieve sustainable growth;(2)The degree of financing constraints The higher,the more significant the positive correlation between the company's internal control and the degree of sustainable growth.This is because companies with financing constraintstend to pay more attention to internal control,and good internal control is the endogenous driving force for companies to achieve sustainable growth.After that,this article also put forward solutions to the conclusions drawn by the study,the problems encountered during the study,and feasible suggestions.In addition,the research in this paper also has some shortcomings and limitations,which are pointed out at the end and expand the future research direction.Therefore,modern enterprises should strengthen internal control,raise the level of financing,focus on long-term benefits,and achieve sustainable growth of the enterprise.While improving the overall strength of the enterprise,investors will also obtain stable and lasting benefits. |
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