我国上市公司边分红边投资异象与会计信息的资源配置调节功能研究  

The Anomaly of Paying Dividend while Investing and Constraining Effect of Accounting Information's Capital Allocation Function

作　　者：孙刚[1,2] 

机构地区：[1]浙江财经大学会计学院,浙江杭州300018 [2]宁波工程学院经管学院,浙江宁波315211

出　　处：《山西财经大学学报》2014年第3期110-124,共15页Journal of Shanxi University of Finance and Economics

基　　金：国家自然科学基金面上项目(70972060);浙江省教育科学规划项目(SCG232);宁波市软科学项目(2013A10007)

摘　　要：以我国"半强制分红"管制为制度背景,实证考察了上市公司边分红边投资异象以及会计信息的资源配置调节功能。研究发现,高质量的会计信息对上市公司边分红边投资异象具有显著的抑制作用,而会计信息对资源配置的调节功能在金融发展环境良好的地区以及公司治理质量高、无形资产和研发投入多、成长性高的企业中尤为明显。探索会计信息对上市公司边分红边投资异象的调节功能及其发生机理,能够丰富和拓展有关会计信息与资本配置效率关系的研究,具有一定的理论和现实意义。This paper examines the anomaly of paying dividend while investing in Chinese listed firms and the constraining effects of accounting information＇ s capital allocation function. The result indicates that there is a significantly constraining effect of high quality accounting information on the above anomaly and the effect is more obvious for firms located at poor financial development regions and for firms with well-functioned corporate governance, high intangible and R＆D investment or high growth option. The paper studies the mechanism of accounting information in constraining the anomaly of paying dividend while investing and provides an extension to literature relating to accounting information and capital allocation efficiency, which has theoretical and empirical implications.

关 键 词：边分红边投资 会计信息 资源配置 

分 类 号：F23[经济管理—会计学]