Research On The Influence Of Internal Control And Social Responsibility Information Disclosure On Investment Efficiency Of Oil And Gas Enterprises

Effective investment activities are not only the source of financial accumulation and sustainable development of enterprises,but also the cornerstone of increasing national wealth and improving social welfare in China.The development of oil and gas enterprises plays a vital role in the growth of China's national economy.For oil and gas enterprises,how to improve the investment efficiency and reduce the degree of inefficient investment is the key to their development and growth.The internal control and social responsibility information disclosure,which can avoid information asymmetry between entrusting parties and constrain managers' self-interested behaviors,can effectively restrain the occurrence of inefficient investment behaviors and thus improve the investment efficiency of oil and gas enterprises.Therefore,through the combination of theoretical analysis and empirical research,this paper discusses the impact of internal control,social responsibility information disclosure and their interaction on investment efficiency from three perspectives,which has very important theoretical and practical significance for the improvement of investment efficiency of oil and gas enterprises.This paper takes the data of oil and gas enterprises in Shenzhen and Shanghai from 2012 to 2019 as the research samples to empirically analyze the relationship between their internal control,social responsibility information disclosure and investment efficiency,as well as the impact of their interaction on investment efficiency.Based on the results of empirical research,specific countermeasures are proposed to improve the efficiency.Firstly,based on previous relevant research theories,normative research method is used to analyze the impact of internal control,social responsibility information disclosure and their interaction on investment efficiency.Secondly,on the basis of literature review and theoretical analysis,the research hypothesis of this paper is put forward,and the mechanism framework model is established.Finally,investment efficiency is taken as the explanatory variable,internal control and social responsibility information disclosure as the explanatory variable,and statistical software SPSS23.0 is used for empirical analysis.Through descriptive statistical analysis,correlation analysis,multiple regression analysis and robustness test,the empirical research results of this paper are obtained.The results show that the investment efficiency of oil and gas enterprises in China is indeed low.Internal control is negatively correlated with inefficient investment,i.e.,over-investment and under-investment,and significantly positively correlated with investment efficiency.Social responsibility information disclosure is negatively correlated with inefficient investment,i.e.,over-investment and under-investment,and has a significant positive effect on investment efficiency.At the same time,the interaction between internal control and social responsibility information disclosure is manifested as the substitution relationship of mutual inhibition.The inhibition effect on the over-investment and under-investment of inefficient investment behavior is weakened,and there is a negative correlation with the investment efficiency.Finally,according to the results of empirical research,this paper puts forward some countermeasures and suggestions to improve the investment efficiency of oil and gas enterprises from the perspective of internal control and social responsibility information disclosure.