내부통제와 감사품질이 기업의 투자효율성에 미치는 영향 - 중국 상장기업을 중심으로

This paper presents an empirical analysis of listed companies in China, showing that high-quality auditing and internal control can enhance corporate investment efficiency. In particular, it differentiates itself from previous studies by verifying that audit quality can improve the investment efficiency by mediating the impact of internal control. Improving the audit quality can strengthen the internal control of a company, allowing potential risks to be identified and mitigated through the internal control system. Consequently, companies can refine their internal control systems, reinforce risk management and internal supervision, and improve the efficiency of resource allocation and investment decision-making. Furthermore, this paper emphasizes the role of audit quality in improving investment efficiency through corporate governance. Companies must continuously invest in and improve the audit quality to ensure the reliability and transparency of financial reporting, enhancing the effectiveness of internal controls. Superior audit quality enhances investment efficiency in the short term and improves the long-term sustainability of companies. On the other hand, China still lacks robust indicators and systems for quantitatively evaluating the audit quality, which limits the selection of audit quality indicators in this study. To overcome this issue, future collaboration among industry, academia, research institutions, and government is necessary to develop quantitative evaluation systems that meet the investors' expectations.