本研究旨在探討內部控制品質與公司內部資金配置的關係，多角化公司的高階經理人與部門經理間，存在嚴重的資訊不對稱，造成潛在且嚴重的代理問題，使經理人做內部資源配置決策時，產生扭曲的情況。內部控制的評估報告著重在具體控制以及程序的設計，所以內部控制有效性為內部報表品質的要素，本研究主張內部控制品質不佳會造成內部資訊不對稱，當內部控制存在重大缺失時，會使內部報表發生扭曲的情況，造成內部報表品質低落，經理人如依扭曲的報表進行內部資源配置決策，將導致內部資金配置無效率。本研究以2004年至2014年美國上市公司為研究對象，進行實證研究，結果發現內部控制制度有重大缺失時，會降低內部資金配置效率。

This paper focuses on the relationship between internal control quality and internal capital allocation efficiency in conglomerate firms. The prior literature suggests that accounting information quality affects the information asymmetry in external capital markets. The empirical evidence shows that higher accounting quality leads to more efficient investment. In this study we use internal control quality as a measure of the quality of internal information, and examine whether internal control quality affects internal capital allocation efficiency, using a sample of U.S. conglomerate firms over the period 2004-2014. The empirical results show that internal capital allocation is less efficient for firms with lower internal control quality.

參考文獻
Altamuro, J., and Beatty, A. (2010). “How Does Internal Control Regulation Affect Financial Reporting?” Journal of Accounting and Economics 49, 58–74.
Bauer, A. M. (2015). “Tax Avoidance and the Implications of Weak Internal Controls.” Contemporary Accounting Research.
Berger, P., and Ofek, E. (1995). “Diversification’s Effect on Firm Value.” Journal of Financial Economics 37, 39–65.
Berger, P., and Hann, R. (2003). “The Impact of SFAS No. 131 on Information and Monitoring.” Journal of Accounting Research 4, 163–223.
Biddle, G., and Hilary, G. (2006). “Accounting Quality and Firm-level Capital Investment.” Accounting Review 81, 963-982.
Biddle, G., Hilary, G., and Verdi, R. (2009). “How Does Financial Reporting Quality Relate to Investment Efficiency?” Journal of Accounting and Economics 48, 112-131.
Cheng, M., Dhaliwal, D., and Zhang, Y. (2013). Does Investment Efficiency Improve After The Disclosure of Material Weaknesses in Internal Control over Financial Reporting? Journal of Accounting and Economics 56, 1-18.
Cho, Y. J. (2015). “Segment Disclosure Transparency and Internal Capital Market Efficiency: Evidence from SFAS No. 131.” Journal of Accounting Research 53, 669-723.
Clinton, S., Pinello, A., and Skaife. H. A. (2014). “The Implications of Ineffective Internal Control and SOX 404 Reporting for Financial Analysts.” Journal of Accounting and Public Policy 33, 303–327.
Datta, S., D'Mello, R., and Iskandar-Datta, M. (2009), “Executive Compensation and Internal Capital Market Efficiency.” Journal of Financial Intermediation 18, 242-258.
Dhaliwal, D., Hogan, C., Trezevant, R., and Wilkins, M. (2011). “Internal Control Disclosures, Monitoring, and the Cost of Debt.” Accounting Review 86, 1131-1156.
Diamond, D. W., and Verrecchia, R. E. (1991). “Disclosure, Liquidity, and the Cost of Capital.” Journal of Finance 46, 1325-1359.
Easley, D., and O’Hara, M. (2004). “Information and the Cost of Capital.” Journal of Finance 59, 1553-1583.
Feng, M., Li, C., and McVay, S. (2009). “Internal Control and Management Guidance.” Journal of Accounting and Economics 48, 190–209.
Feng, M., Li, C., McVay, S., and Skaife H. A. (2015). “Does Ineffective Internal Control over Financial Reporting Affect a Firm's Operations? Evidence from Firms' Inventory Management.” Accounting Review 90, 529-557.
Francis, J., Huang, S., Khurana, I. K. and Pereira, R. (2009). Does Corporate Transparency Contribute to Efficient Resource Allocation? Journal of Accounting Research 47, 943-989.
Hermanson, D. R., Ivancevich, D. M., and Ivancevich, S. H. (2008). “Tone at the Top: Insights from Section 404.” Strategic Finance 90, 39-45.
Herrmann, D., AND THOMAS, W. (2000). “An Analysis of Segment Disclosures under SFAS No. 131 and SFAS No. 14.” Accounting Horizons 14, 287–302.
Hogan, C., and Wilkins, M. (2008). “Evidence on the Audit Risk Model: Do Auditors Increase Audit Fees in the Presence of Internal Control Deficiencies?” Contemporary Accounting Research 25, 219–242.
Kinney, W. R., Maher, M. W. and Wright., D. W. (1990). “Assertions-Based Standards for Integrated Internal Control.” Accounting Horizons 4, 1-8.
Kizirian, T. G., Mayhew, B. W. and Sneathen, J. (2005). “The Impact of Management Integrity on Audit Planning and Evidence.” Auditing : A Journal of Practice & Theory 24, 49-67.
Li, C., Peters, G., Richardson, V. and Watson, M. (2012). “The Consequences of Information Technology Control Weaknesses on Management Information Systems: The Case of Sarbanes-Oxley Internal Control Reports.” Management Information Systems Quarterly 36 , 179–203.
Nagar, V. (1999). “The Role of the Manager’s Human Capital in Discretionary Disclosure.” Journal of Accounting Research 37 , 81–167.
Rajan, R. G., Servaes, H., Zingales, L. (2000). “The Cost of Diversity: The Diversification Discount and Inefficient Investment.” Journal of Finance 55, 35–80.
Shleifer, A., and Vishny, R. (1989). “Management Entrenchment: The Case of Manager-Specific Investments.” Journal of Financial Economics 25, 39–123.
Skaife, H. A., Veenman, D. and Wangerin, D. (2013). “Internal Control over Financial Reporting and Managerial Rent Extraction: Evidence from the Profitability of Insider Trading.” Journal of Accounting and Economics 55, 91-110.
Stein, J. C. (2002). “Information Production and Capital Allocation: Decentralized versus Hierarchical Firms.” Journal of Finance 57, 1891-1921
Stein, J. C. (2003). “Agency, Information and Corporate Investment.” Economics of Finance 1, 112-165
Street, D., Nichols, N. and Gray, S. (2000). “Segment Disclosures under SFAS No. 131: Has Business Segment Reporting Improved?” Accounting Horizons 14, 85–259.
Zimmerman, J. (2000). “Accounting for Decision Making and Control.” Irwin McGraw-Hill, Boston.