The Impact of Equity Concentration on Enterprise Overinvestment —Based on the Perspective of Internal Control

作者：Lisheng Pan, Wu Cheng · 发表于：Proceedings of the 2019 International Conference on Economic Management and Cultural Industry (ICEMCI 2019) · 年份：2019 · DOI：10.2991/aebmr.k.191217.162 · 研究领域：Economics

This paper takes A-share listed companies from 2013 to 2017 as a sample to empirically study the relationship between equity concentration, internal control and overinvestment, and the impact of internal control on the mechanism of equity concentration. The results show that equity concentration is positively correlated with overinvestment, internal control and overinvestment are negatively correlated, and internal control can weaken the positive effect of equity concentration on overinvestment, that is, internal control effectively mitigates the impact of equity concentration on overinvestment by mitigating information asymmetry and agency conflicts. 股权集中度对企业过度投资的影响 ——基于内部控制的角度 潘立生 , 程吴悠 合肥工业大学管理学院,合肥,安徽,中国 合肥工业大学管理学院,合肥,安徽,中国 apanlish@sina.com, chengwuyou960517@163.com 程吴悠 关键词: 股权集中度; 内部控制; 投资过度; 投资效率 中文摘要. 本文以2013-2017年A股上市公司为样本,实证研究股权集中度、内部控制与过度 投资的关系,以及内部控制对股权集中度作用机制的影响。结果显示,股权集中度与过度投 资呈正相关关系,内部控制与过度投资呈负相关关系,而且内部控制可以弱化股权集中度对 过度投资的正向作用,即内部控制通过缓解信息不对称和代理冲突问题,有效抑制股权集中 度对过度投资的影响。 1.引言 当前,我国正处在转变发展方式、优化经济结构、转换增长动力的攻关期,为了更好地 完成供给侧结构性改革,投资将在实体经济中发挥至关重要的驱动作用。高效率的投资可以 为企业带来高额的利润,提升企业的整体竞争力,也可以为社会优化资源配置,促进经济发 展。然而,由于代理冲突和信息不对称等因素,许多公司存在过度投资的问题,一部分是为 追求短期的高额利润,不顾自身实际情况而盲目投资扩张,另一部分是由于管理者为谋取私 Advances in Economics, Business and Management Research, volume 109 International Conference on Economic Management and Cultural Industry (ICEMCI 2019) Copyright © 2019 The Authors. Published by Atlantis Press SARL. This is an open access article distributed under the CC BY-NC 4.0 license (http:...