Innovation is the driving force behind enterprise development. Improving the quality of the internal control of enterprises and increasing the intensity of R&D investment are important ways to enhance the level of scientific and technological innovation. Based on the data of Shanghai and Shenzhen A-share listed companies from 2010 to 2019, in this paper, we empirically examine the correlation between the quality of internal control and the intensity of R&D investment by using the level of corporate cash holdings as an intermediary variable. We find that high internal control quality can improve cash-holding level and that improving cash-holding level will increase R&D investment intensity. That is, cash-holding level has a mediating effect between internal control quality and R&D investment intensity, while internal control quality can have a direct or indirect positive effect on R&D investment. Accordingly, this study has important theoretical significance and practical value for enterprises that seek to promote R&D innovation and improve their internal control.

中文翻译：

---

企业内部控制质量与研发投入强度的相关性

创新是企业发展的动力。提高企业内部控制质量，加大研发投入力度，是提升科技创新水平的重要途径。本文基于2010-2019年沪深A股上市公司数据，以企业现金持有水平为中介，实证检验内控质量与研发投入强度的相关性。多变的。我们发现，较高的内部控制质量可以提高现金持有水平，提高现金持有水平会增加研发投入强度。即现金持有水平在内部控制质量与研发投入强度之间具有中介作用，而内部控制质量可以对研发投入产生直接或间接的积极影响。因此,本研究对寻求促进R&D创新、完善内部控制的企业具有重要的理论意义和实践价值。