会计信息质量对公司资本配置效率影响的路径——来自中国上市公司经验证据的研究  

The Approach of Accounting Information Quality on Capital Allocation Efficiency ——Empirical Evidence from Chinese Listed Companies

作　　者：任春艳[1] 赵景文[1] 

机构地区：[1]厦门大学管理学院,福建厦门361005

出　　处：《经济管理》2011年第7期106-111,共6页Business and Management Journal ( BMJ )

基　　金：教育部人文社科青年基金项目"两税合并;上市公司盈余管理及其经济后果研究"(09YJC630138)

摘　　要：本文实证研究了中国现实制度背景下会计信息质量影响公司资本配置效率的具体路径。研究发现,对于投资不足的上市公司,会计信息质量与公司未来新增投资支出正相关,会计信息质量的提高能够促进投资不足公司增加投资,从而缓解公司投资不足;对于投资过度的上市公司,会计信息质量与公司未来新增投资支出负相关,会计信息质量提高有利于投资过度公司减少投资,从而抑制公司投资过度。The paper studies the approach of accounting information quality on capital allocation efficiency on a sample of 4509 firm-year observations between 2005 and 2009, from the context of the Chinese reality system. We find a negative association between the quality of accounting information and the investment for firms classified as overinvestment and a positive association between the quality of accounting information and the investment for firms classified as underinvestment firms. The results suggest that accounting quality helps to restrict companies from overinvestment and help the companies to mitigate under-investment.

关 键 词：会计信息质量 公司资本配置效率 投资不足 投资过度 

分 类 号：F230[经济管理—会计学]