Pairwise correlations.

Based on Internal Control (IC) theory and Principal-agent theory, this study explores the impacts of IC on capacity utilization and total factor productivity, and the internal mechanism among them. The results show that effective IC improves total factor productivity and capacity utilization. Sufficient capacity utilization has a mediating effect for the impact of IC and total factor productivity. Heterogeneity discussion shows that with higher environmental uncertainty, effective IC has a more significant marginal effect on total factor productivity and capacity utilization, and sufficient capacity utilization has a greater mediating effect between IC and total factor productivity. Finally, it is suggested that regulators guide enterprises to strengthen IC construction, to improve capacity utilization and total factor productivity. Enterprises facilitate the mechanism that effective IC improves capacity utilization, and increases total factor productivity. This study enriches the literature on IC enabling corporate operation, and has practical significance for shaping competitive advantages.本研究基于内部控制（Internal Control, IC）理论与委托代理理论，探究了内部控制对产能利用率与全要素生产率的影响及其内在作用机制。研究结果表明，完善有效的内部控制能够提升全要素生产率与产能利用率；充足的产能利用率在内部控制对全要素生产率的影响路径中发挥中介效应。异质性分析结果显示，当环境不确定性程度越高时，完善有效的内部控制对全要素生产率与产能利用率的边际影响更为显著，且充足的产能利用率在内部控制与全要素生产率间的中介效应更强。最后，本研究提出如下建议：监管机构应引导企业加强内部控制建设，以提升产能利用率与全要素生产率；企业应畅通完善的内部控制提升产能利用率、进而提高全要素生产率的传导机制。本研究丰富了内部控制赋能企业运营的相关学术文献，同时对企业塑造竞争优势具有重要的实践意义。