南昌大学学报（人文社会科学版）

中国经济已转向高质量发展阶段，优化要素配置、完善企业内部治理是推动经济提质增效的重要抓手。选取2010—2024年中国A股上市公司为研究样本，考察企业内部控制对资源错配的影响和作用机理。基准回归显示，企业内部控制和资源错配呈现显著的U型非线性关系，存在“过犹不及”效应；分位数回归结果表明，随着分位点的上升，企业内部控制和资源错配的U型特征更显著；异质性分析表明，U型关系在国有企业、低盈利能力企业、低数字化企业以及成长期、成熟期企业中更明显；调节效应分析结果进一步揭示，环境不确定性和市场竞争水平的提升会削弱该U型关系，使曲线趋于平缓、拐点发生移动。研究为理解企业内部控制“过犹不及”的效应提供了微观经验证据，也为企业结合自身特征和外部环境，构建精准高效的内部控制体系、优化资源配置、实现高质量发展提供了理论支撑和实践启示。

China's economy has entered a stage of high-quality development, where optimizing factor allocation and improving corporate internal governance serve as important levers for enhancing economic quality and efficiency. This study uses Chinese A-share listed companies from 2010 to 2024 as the research sample to examine the impact of enterprise internal control on resource misallocation and its mechanisms. Baseline regression results reveal a significant U-shaped nonlinear relationship between enterprise internal control and resource misallocation, reflecting a “too-much-of-a-good-thing” effect. Quantile regression results indicate that as the quantile increases, the U-shaped relationship between enterprise internal control and resource misallocation becomes more pronounced. Heterogeneity analysis shows that the U-shaped relationship is more evident in state-owned enterprises, firms with low profitability, firms with low level of digitalization, and those in the growth and maturity stages. Moderating effect analysis further reveals that increased environmental uncertainty and market competition flatten this U-shaped relationship and shift the inflection point. This study provides micro-level evidence for understanding the “too-much-of-a-good-thing” effect of internal control, and offers theoretical support and practical insights for enterprises to build precise and efficient internal control systems tailored to their characteristics and external environment, thereby optimizing resource allocation and achieving high-quality development.