過去研究裡，討論資本市場不完美的因素導致投資現金流量敏感度增加、內部控制有效性與否對財務報導影響的文獻相當多，研究如何降低投資現金流量敏感度的文獻也不勝枚舉，但過去的文獻並未將內部控制有效性與否和投資現金流量敏感度做連結。本研究以美國上市公司為研究對象，選取2005年至2012年的樣本，探討內部控制有效性對投資現金流量敏感度的影響。實證結果發現，有內部控制缺失的公司相較內部控制有效的公司，其投資現金流量敏感度較高。進一步研究顯示，投資現金流量敏感度會隨著內部控制缺失程度越高而增加，也就是說內部控制缺失程度越大的公司其現金流量敏感度也越高。基於資訊不對稱的基礎上加入融資限制的條件，本研究發現有內部控制缺失的公司因資訊不對稱產生融資限制，其投資現金流量敏感度會進一步提高，故融資限制會使內部控制缺失公司的投資現金流量敏感度更加嚴重。 Previous literatures discussed in how the factors of imperfect capital market affect the investment-cash flow sensitivity increased and the effect of effectiveness of internal control on the financial reporting. But there is no literature discussed between internal controls and investment-cash flow sensitivity. This paper is discussing the effect of internal control on investment-cash flow sensitivity. And the company has internal control deficiencies how the finance constraints affect the investment-cash flow sensitivity. Our research sample consists of America listed companies, over the period from 2005 to 2012. This study finds that, the impact of internal control deficiencies on investment-cash flow sensitivity is significantly positive. Furthermore, empirical result indicates that the internal control deficiencies companies with finance constraints have the higher investment-cash flow sensitivity.
