Results for Heckman two-step tests.

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.

本研究以内部控制（Internal Control, IC）理论与委托代理理论为基础，探讨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，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，有效的内部控制对全要素生产率与产能利用率的边际效应更为显著，且充足的产能利用率在内部控制与全要素生产率之间的中介效应也更强。最后，本研究提出建议：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；企业应助力有效的内部控制提升产能利用率、进而提高全要素生产率的作用机制。本研究丰富了内部控制赋能企业经营的相关文献，对企业塑造竞争优势具有实践指导意义。