制度环境、信息透明度与企业投资效率研究——来自中国A股市场的经验证据  

A Research on Institutional Environment, Information Transparency and Corporate Investment Efficiency from Empirical Results of China A Listed Stock Market

作　　者：吴良海[1] 徐德信[1] 章铁生[1] 

机构地区：[1]安徽工业大学商学院,安徽马鞍山243002

出　　处：《证券市场导报》2016年第10期20-28,40,共10页Securities Market Herald

基　　金：国家社会科学基金项目(14BJY015)的资助

摘　　要：会计信息的投资效率功能受到怎样的制度环境约束？本文试图利用中国A股市场进行经验分析。文章选取我国2003~2014年沪深A股市场5298个公司年度数据作为样本,对制度环境、信息透明度与企业投资效率的关系进行了研究,结果表明：（1）信息透明度与企业投资效率负相关,即信息透明度越高,企业投资效率越低;进一步检验发现,企业面临的风险越高,这一负相关关系越明显。（2）金融业的市场化对信息透明度与企业投资效率之间的负相关关系发挥了显著的正向调节作用。本文展现了我国A股市场企业通过财务信息透明度规避风险、改善投资效率的“自适应”机制,初步彰显了现阶段制度环境促进企业会计信息定价与治理功能发挥的正效应。本文的研究进一步丰富了会计与投资者保护研究文献,为我国证券业的市场化改革提供了有益的经验证据。How function of investment efficiency of accounting information is constrained by institutional environment？ This paper attempts to empirically analyse this issue using the data of China A stock market. We select 5298 firms from A-share companies listed in Shanghai and Shenzhen Stock Exchange with time frame 2004-2014 as research sample. The paper explores the relationship among institutional environment, information transparency and corporate investment efficiency. We find that： 1） information transparency is negatively correlated with corporate investment efficiency, higher the information transparency, lower the corporate investment efficiency. Further study indicates, when companies face more risks, this negative correlation is more significant. 2） Marketisation in finance system positively regulates the negative correlation between information transparency and corporate investment efficiency. This paper shows that Chinese A-share companies dodge risks and improve the adaptation mechanism of investment efficiency through enhancing transparency of financial information. This reveals that current institutional environment promotes corporate accounting information pricing and governance positively. This paper further enriches the documents of accounting and investor protection, and provides useful evidence for the reform of stock market marketisation.

关 键 词：制度环境 信息透明度 企业投资效率 

分 类 号：F830.9[经济管理—金融学]