财务报告质量对公司过度投资的治理效用探究  

Research on the Governance Effectiveness of Financial Report Quality to Over-investment

作　　者：李开顺[1] 宋晓满[1] 

机构地区：[1]同济大学经济与管理学院,上海200092

出　　处：《石家庄经济学院学报》2015年第5期88-92,共5页Journal of Shijiazhuang University of Economics

摘　　要：基于2007年—2013年A股上市公司的7 716个样本,检验了财务报告质量与公司过度投资的关系以及不同的债务期限结构对其的影响,实证结果表明:财务报告质量与公司过度投资呈负相关;债务期限结构与公司过度投资呈负相关;随着短期负债比率上升,财务报告质量与过度投资的负相关性减弱。根据以上发现,认为在A股上市公司中:高质量的财务报告和短期负债起到了治理过度投资行为的作用;财务报告质量与债务期限结构对过度投资的治理效用存在替代关系。Based on 7 716 samples of Chinese listed companies from 2007 to 2013, the article tests the relationship between financial report quality and over-investment and the effect of maturity structure on that relationship.The re-sults show that there is a significant negative association between financial report quality and over-investment, there is also a significant negative association between maturity structure and over-investment, the negative association between financial report quality and over-investment is weaker in samples whose maturity structure is higher.These results suggest that higher financial reporting quality or shorter maturity structure can relieve over-investment and fi-nancial reporting quality and maturity structure are mechanisms with some degree of substitution in reducing over-investment.

关 键 词：财务报告质量 债务期限结构 过度投资 

分 类 号：F230[经济管理—会计学]