内部控制视角下融资约束与研发效率关系研究

摘要

The article theoretically analyzes and empirically tests the relationship between internal control and R&D efficiency on the basis of constructing the enterprise finance constraint index and using the stochastic frontier model.The relationship between finance constraints and R&D efficiency is more significant in the enterprises whose internal control are better, while the relationship is not significant in the enterprises whose internal control are worse.The results imply that internal control has a positive effect on R&D efficiency and internal control can improve business efficiency of enterprises.At last, we make a comparison of the impact of finance constraint on R&D efficiency between post C-SOX relative to pre-C-SOX period, and we find the positive relation is not significant but reinforces.%在构建企业融资约束指数及使用随机前沿模型度量企业研发效率的基础上,理论分析并实证检验内部控制视角下融资约束与研发效率的关系.结果表明,融资约束与研发效率显著正相关.在内部控制良好的企业,融资约束对研发效率提升有较强的促进作用,而在内部控制较差的企业,融资约束对研发效率的影响相对较弱.将《企业内部控制基本规范》执行前后企业融资约束对研发效率的影响进行对比发现,规范执行后有助于加强融资约束与研发效率的正向关系,但不显著,内部控制执行效果有待提高.