Abstract: Taking A-share's listed companies from 2012 to 2016 as sample, this paper explores the impact of financial connection, internal control and the interaction between the two on corporate innovation investment. It finds that both financial connection and internal control can promote enterprise innovation investment. In the process of innovation investment promotion, there is a substitution effect between financial connection and internal control. After distinguishing the types of financial connection, the study finds that the substitution effect mainly exists in the bank financial connection, and non-bank financial connection has not affected the function of internal control. The research shows that “relationship” should be taken into consideration as informal institutional background when we promote the construction of internal control system, and then the innovative investment behavior can be optimized.

Key words: Financial Connection, Internal Control, Innovation Investment, Complementary Effect, Substitution Effect

摘要： 本文以2012～2016年沪深A股上市公司为样本,探讨金融关联、内部控制及其交互作用对企业创新投资的影响。研究发现,金融关联和内部控制均能促进企业创新投资,且在促进创新投资过程中,金融关联和内部控制存在替代效应。区分金融关联类型后发现,该替代效应主要存在于银行金融关联之中,而非银行金融关联未影响内部控制作用的发挥。本研究表明,在目前大力推行内部控制制度建设过程中,应当考虑“关系”这一非正式制度背景,进而优化企业创新投资行为。

关键词: 金融关联, 内部控制, 创新投资, 互补效应, 替代效应