内部控制质量对现金配置效果的影响研究——基于我国沪市A股上市公司的实证分析

该文以我国沪市A股上市公司为考察对象,首先通过建立现金适度配置下的估计模型确定现金集中程度,然后对内部控制质量与现金集中度之间的关系进行检验,探讨了内部控制对现金配置的作用效果。研究发现,内部控制质量与现金过度集中、过度分散负相关;与内部控制质量较差的公司比,内控质量较好的公司在母公司现金过度集中时能够降低母公司的现金持有率,防止现金过度集中,在母公司现金过度分散时能够增加母公司的现金持有率,缓解现金过度分散。研究表明,有效的内部控制能够减轻母子公司间的代理问题,合理优化现金配置,提高企业经营效率和效果。

Study on the Quality of Internal Control on the Effectiveness of Cash Deployment:the Empirical Analysis Based on China's Shanghai A- share Listed Companies

This paper chooses China's Shanghai A-share listed companies as the study object to explore the effect of internal control on cash deployment,by first determining the concentration of cash through the establishment of the estimated model of cash appropriate deployment,then testing the relation between the quality of internal control and cash concentration.The study found that the quality of internal control negatively correlated with either cash over-centralized or over-dispersed;comparing to companies with...