业务招待费、内部控制与企业绩效——“八项规定”背景下中国A股市场的经验证据
Business entertainment expenses, internal control and enterprise performance: The empirical evidence of the Chinese A-share market under the background of an “eight-point” guideline

以中国A股855家上市公司为研究样本，以2011-2014年为时间窗口，分析样本公司业务招待费对企业绩效的影响，以及内部控制调节效应和八项规定对内部控制的替代效应。研究发现，业务招待费与企业绩效存在倒U型关系，即中等水平的业务招待费的正向激励效应最好；内部控制调节了业务招待费对企业绩效的影响；八项规定对内部控制存在较为显著的替代效应。
This paper analyzes the impact of business entertainment expenses on corporate performance, and adjustment effect of an "eight-point" guideline on the impaction. Using China's A-share 855 listed companies in 2011-2014 as research samples, this study finds that, business entertainment expenses have an inverted U-shaped relationship with corporate performance, the impaction of business entertainment expenses on corporate performance partly was replaced by internal control; Moderate levels of business entertainment expenses works best. There is a more significant substitution effect between eight regulations and internal control.