企业金融化、内部控制与可持续发展能力

基于2010-2019年我国A股上市公司面板数据,实证检验企业金融化对可持续发展能力的影响以及内部控制对两者关系的调节作用。研究发现,企业金融化与企业可持续发展能力呈显著倒"U"型曲线关系,内部控制对曲线关系发挥调节作用,使曲线变得更加平缓且曲线整体水平上移。进一步研究发现,这种倒"U"型曲线关系在金融资产占比高、融资约束程度高的样本中更为显著;内部控制五要素中的风险评估、信息沟通与内部监督发挥的调节作用更为显著。研究结论丰富了企业可持续发展能力影响因素方面的文献,拓展了企业金融化经济后果方面的研究,为实现上市公司持续经营提供理论依据。

Corporate Financialization, Internal Control and Sustainable Development Ability

Taking China’s A-share listed companies from 2010 to 2019 as the research samples,this paper empirical tests the impact of corporate financialization on sustainable development ability and the moderating effect of internal control on the relationship between the two.It is found that there is a significant inverted U-shaped curve relationship between enterprise financialization and enterprise sustainable development,and internal control plays a regulating role in the curve relationship,which is reflected in the curve becoming more flat and the overall horizontal upward movement of the curve.Further research shows that this inverted U-shaped curve relationship is more significant in the samples with high proportion of financial assets and high degree of financing constraints.Among the five elements of internal control,risk assessment,information communication and internal supervision play a more significant regulatory role.The research conclusion enriches the literature on the influencing factors of enterprises’sustainable development and expands the research on the economic consequences of enterprises’financialization,thus providing a theoretical basis for the sustainable operation of listed companies.