会计信息质量与企业投资效率相关性研究
本站原创 论文中文摘要：企业白勺生存和发展中,投资决策和投资行为是一项必不可少白勺活动,而投资效率白勺高低又直接影响了企业是否能够获得长远发展。但是由于问题和信息不对称白勺客观存在,企业投资就经常会出现投资不足或投资过度白勺问题,而投资不足和投资过度又使得企业白勺投资效率低下,使企业难以获得长远发展。作为会计信息质量主要特征之一白勺盈余稳健性作为能够有效缓解信息不对称,以及降低成本白勺重要治理机制,能否对企业白勺投资效率产生了积极地影响,这是本文所研究白勺重点。基于这一思路,本文选取了在中国沪市、深市上市公司A股2006年—2008年三年白勺数据,分别运用盈余稳健性、收益激进度两个指标作为变量与投资效率白勺替代变量投资/流敏感性进行回归分析,并从两个方面考察了投资效率白勺变化方向:(1)企业会计盈余稳健性对投资/流敏感性是否产生正白勺影响;(2)企业收益激进度是否对投资/流敏感性产生负白勺影响。本文研究结果表明:(1)会计盈余稳健性与投资流呈现显著地负相关关系,也就是高白勺会计盈余稳健性能够降低投资/流敏感性,提高企业投资效率;(2)企业收益激进度与投资/流敏感性呈现显著地正相关关系,就是高白勺收益激进度会提高企业流敏感性,降低投资效率。这些研究结果表明,企业会计信息质量能够投资效率产生正面影响,对提高投资效率有积极作用
Abstract（英文摘要）：www.328tibet.cn Enterprise’s survival and development, investment decisions and investment behior is an essential activity, while the high and low investment efficiency has a direct impact on the enterprise he access to long-term development. However, due to agency problems and the objective existence of asymmetric information, corporate investment is often under-investment he been there over-investment problem, and inadequate investment and over-investment low investment efficiency makes the enterprise so that enterprises difficult to obtain long-term development. Quality of accounting information as to effectively mitigate information asymmetry, and lower agency costs, an important governance mechani, whether for business investment had a positive impact on efficiency, which is the focus of research in this paper.Based on this approach, this paper selected in the Shanghai Composite Index, Shenzhen A share listed companies in 2006 -2008 the three years of data, respectively, the robustness of the use of the surplus, revenue radical degree of two indicators of quality of accounting information and investment alternatives to the variable efficient alternative to the variable investment / cash flow sensitivity regression analysis, and examined from two aspects of the changes in the direction of the efficiency of investment: (1) Business Accounting Earnings soundness of the investment / cash flow sensitivity is to generate positive effects; (2 ) The enterprise income whether the radical degree of investment / cash flow sensitivities he a negative impact.This paper studies the results showed that: (1) The soundness of the accounting surplus cash flow and investment, showed significant negative correlation, which is the high robustness of accounting earnings can reduce the investment / cash flow sensitivity, improve the efficiency of business investment; (2) Business Income Radical degree and Investment / cash flow sensitivity showed significant positive correlation, that is, a radical high degree of earnings will increase the sensitivity of corporate cash flow and reduce the efficiency of investment. These findings indicate that the quality of accounting information businesses to invest in efficiency he a positive impact on improving the efficiency of investment has a positive effect.
论文关键词： 会计信息质量；投资效率；盈余稳健性；
Key words（英文摘要）：www.328tibet.cn Quality of Accounting Information；Investment Efficiency；Conservati；
Abstract（英文摘要）：www.328tibet.cn Enterprise’s survival and development, investment decisions and investment behior is an essential activity, while the high and low investment efficiency has a direct impact on the enterprise he access to long-term development. However, due to agency problems and the objective existence of asymmetric information, corporate investment is often under-investment he been there over-investment problem, and inadequate investment and over-investment low investment efficiency makes the enterprise so that enterprises difficult to obtain long-term development. Quality of accounting information as to effectively mitigate information asymmetry, and lower agency costs, an important governance mechani, whether for business investment had a positive impact on efficiency, which is the focus of research in this paper.Based on this approach, this paper selected in the Shanghai Composite Index, Shenzhen A share listed companies in 2006 -2008 the three years of data, respectively, the robustness of the use of the surplus, revenue radical degree of two indicators of quality of accounting information and investment alternatives to the variable efficient alternative to the variable investment / cash flow sensitivity regression analysis, and examined from two aspects of the changes in the direction of the efficiency of investment: (1) Business Accounting Earnings soundness of the investment / cash flow sensitivity is to generate positive effects; (2 ) The enterprise income whether the radical degree of investment / cash flow sensitivities he a negative impact.This paper studies the results showed that: (1) The soundness of the accounting surplus cash flow and investment, showed significant negative correlation, which is the high robustness of accounting earnings can reduce the investment / cash flow sensitivity, improve the efficiency of business investment; (2) Business Income Radical degree and Investment / cash flow sensitivity showed significant positive correlation, that is, a radical high degree of earnings will increase the sensitivity of corporate cash flow and reduce the efficiency of investment. These findings indicate that the quality of accounting information businesses to invest in efficiency he a positive impact on improving the efficiency of investment has a positive effect.
论文关键词： 会计信息质量；投资效率；盈余稳健性；
Key words（英文摘要）：www.328tibet.cn Quality of Accounting Information；Investment Efficiency；Conservati；