Internal Control，Institutional Environment and Enterprise Innovation

ZHANG Xiao-hong1，ZHU Ming-xia1 and WANG Hao1，2 （1.University of International Business and Economics，Beijing100029，China；2.Bejing Institute of Fashion Technology， Beijing100029，China）

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责任编辑：林英泽

Abstract：The empirical analysis on the data of A share listing companies from 2010 to 2016 shows that：first，internal control is playing the significant role in promoting enterprises’capability for innovation，and there is the positive relation between the level of internal control and enterprises’investment in innovation；second，the impact of internal control on investment in innovation is influenced by the nature of property rights and the degree of marketization and it is easier for the stateowned enterprises to pay more attention to investment in innovation；and third，the degree of marketization has significant impact on enterprises’investment in innovation，and in the regions with higher degree of marketization，internal control will have greater positive impact on enterprises’investment in innovation. So we should pay more attention to the construction of internal control system，give full play to the role of internal control in promoting enterprise operation and development，and establish the sound interactive relation between enterprises’internal system and external environment to expand the positive impact of internal control on innovative activities and the steady and healthy development of China’s economy.

Key words：internal control；innovation investment；nature of property rights；the degree of marketization