中文摘要：

在我国资本市场缺乏效率、治理结构不完善的情况下，如何有效地保证企业的投资效率是我们关注的重点。从内部控制和政治关联两个角度综合研究民营企业的投资状况，实证检验了民营企业内部控制、政治关联与过度投资之间的联系。研究发现：一、除家族企业外，良好的内部控制有助于降低民营企业的信息不对称和代理问题，进而抑制企业的过度投资；二、政治关联程度越高，企业过度投资水平越高；三、除家族企业外，高水平的内部控制能够抑制政治关联导致的企业过度投资行为。文章验证了内部控制的重要性，揭示了家族企业对内控质量的忽视。

英文摘要：

This paper comprehensively studies the over-investment of private enterprises from two angles of internal control and political connection. Conclusions are as follows： （ 1 ） besides the family business, Internal Control can reduce the Overinvestment of private-owned enterprises. （ 2 ） Political connection has a negative correlation with the probability of overinvestment. （ 3 ） Be- sides the family business, Internal Control can impair the effect of political connection on overin- vestment. Therefore mitigate overinvestment of private-owned enterprises. This paper proves the importance of internal control, and make we pay more attention to the intemal control of family business.