Internal Control and Investment Efficiency: Based on the Moderating Role of Equity Concentration

Abstract

This article selects A-share listed companies from 2001 to 2018 to empirically exam what impact of the quality of the company's internal control quality on the effectiveness of investment, and further analyzes the influence of the degree of equity concentration on the relationship between them. The results indicate that the higher the quality of internal control, the lower the firm's inefficient investment; the higher the degree of equity concentration, the weaker the internal control's inhibitory effect on inefficient investment.