中文摘要：

内部控制的经济后果研究已成为国内外证券监管者、实务界和理论界关注的重要问题。利用我国主板市场2007-2015年上市公司数据，研究企业内部控制对生产效率的影响，并分析企业所在地的社会信任水平对二者关系的调节机制，进一步检验该调节机制是否与企业产权、市场化水平有关。研究发现：内部控制与企业生产效率正相关，并且社会信任水平能够增强二者之间的关系，并发挥一定的调节作用，然而该调节作用只在国有企业与市场化水平较低地区的企业中显著。

英文摘要：

The study on the economic consequences of internal control has been an important issue for domestic and foreign securities regulators, practitioners and theorists. Based on the data of listed companies in China＇ s main board market from 2007 to 2015, the paper analyzes the effect of internal control on production efficiency and examines the moderating effect of social trust on their relationship to test whether the moderating mechanism is related to the firm＇ s property rights and the marketization level. The paper finds that internal control is positively related to the company＇ s production efficiency, and the level of social trust enhances the relationship, but the moderating effects are only significant in the state-owned enterprises or firms with low level of marketization.