Using the public listed company data from 2007 to 2014,this study examines the mutual relationship among internal control,technical innovation and the ability to value creation.The findings show both internal control and technical innovation have significant positive correlation to the ability to value creation,and internal control also moderates significantly the relationship between technical innovation and the ability to value creation.Furthermore,compared with business-level internal control,the moderating effect of the company-level internal control is more significant.Overall,the results provide empirical evidence which suggests that the public company optimizes internal control,especially top-level design,to promote technical innovation into company value,and the investors adjust investment expectation based on the internal control quality.%以2007～2014年A股上市公司为研究对象,对内部控制、技术创新与价值创造能力之间的互动关系进行了理论分析与实证检验.研究表明,内部控制和技术创新均与企业价值创造能力正相关,且有效的内部控制对技术创新和企业价值创造能力之间的关系存在正向调节作用.进一步研究发现,相较于业务层面控制,有效的公司层面控制对技术创新与价值创造能力之间的正向调节作用更加显著.由此,实证研究可为企业优化内部控制(尤其是顶层设计),增进技术创新活动的价值创造能力提供理论依据,并可对投资者识别和利用内部控制进而调整投资预期提供一定的指导.
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