稳健主义、环境不确定性与投资效率  

Conservatism, Environment Uncertainty and Investment Efficiency

作　　者：郑登津 王丹[1] 闫天一 

机构地区：[1]清华大学经济管理学院 [2]财政部财政科学研究所

出　　处：《投资研究》2015年第6期78-97,共20页Review of Investment Studies

摘　　要：本文以2003-2013年A股上市公司为样本,研究了稳健主义与整体投资非效率、过度投资和投资不足的关系,以及稳健主义与投资非效率关系受到环境不确定性的交互影响。本文研究发现:稳健主义与整体投资非效率、过度投资和投资不足均呈显著负相关的关系;企业的环境不确定性更大时,稳健主义对降低投资非效率的作用也更加显著。本文结果表明稳健主义确实有助于提高投资效率,在公司投资决策中应重视会计稳健性的作用。Based on the data of A-share listed companies in China from 2003 to 2013, this paper investigates the impact of conservatism and environment uncertainty on investment efficiency. The results show that： Conservatism improves the investment efficiency and reduces excessive investment and insufficient investment. When environment uncertainty is great, the negative relation between conservatism and investment efficiency is more significant. The results of this paper show that the conservatism is helpful to improve the investment efficiency, and firms should pay more attention to the role of accounting conservatism in the investment decision.

关 键 词：稳健主义 环境不确定性 投资效率 

分 类 号：F275[经济管理—企业管理] F832.51[经济管理—国民经济]