中文摘要：

本文基于企业创新投资视角，探讨了中国“萨班斯”法案的实施效应。研究发现：内部控制信息强制披露之后，企业创新投资显著增加；高质量内部控制对于企业创新投资及其效率具有促进效应；进一步分析发现，高质量内部控制主要通过缓解融资约束的渠道，为企业创新投资获取更多的融资支持，从而发挥积极效应。考虑产权性质，高质量内部控制对于提升非国有企业创新投资水平及效率的作用更为显著；并且良好的公司治理水平更有助于发挥内部控制的积极效应。本文研究表明我国内部控制体系建设能够通过促进企业创新投资的途径，对我国经济发展转型与可持续发展具有积极贡献。

英文摘要：

The paper investigates the economic consequences of internal control in China based on the perspective of innovation investment. We find that innovation investment significantly increases after the mandatory disclosure of internal control. Internal control has a positive effect on innovation investment and efficiency through the mitigation of financing constraints. Taking into account the nature of property rights, internal control improves innovation investment and efficiency of non-state- owned companies more significantly. As well, internal control plays a positive role in promoting better corporate governance. This study implies that the development of internal control in China plays an important role in facilitating the economic growth reform through increasing innovation investment.