会计信息可比性与投资效率  

Accounting Information Comparability and Investment Efficiency

作　　者：袁振超[1] 饶品贵[2] Yuan Zhenchao ＆ Rao Pingui

机构地区：[1]深圳大学经济学院,518060 [2]暨南大学管理学院,510632

出　　处：《会计研究》2018年第6期39-46,共8页Accounting Research

基　　金：国家自然科学基金项目(71502115;71728006;71472073)的资助

摘　　要：可比性的会计信息提供了企业投资决策的参照系、能有效地缓解企业面临的信息不对称问题,也有利于企业与管理层之间签订更为合理的薪酬契约从而缓解代理问题,因此会计信息可比性在企业资源配置中发挥着重要的作用。本文借鉴De Franco等(2011)测度可比性的计量方法,基于2003-2014年上市公司数据,实证检验会计信息可比性对企业投资效率的影响,研究发现会计信息可比性越高,投资效率水平越高;同时,会计信息可比性越高,企业对投资机会的敏感性也越高。进一步研究发现,非国有企业的会计信息可比性改善投资效率的作用更为显著。本文的研究拓展了会计信息质量与企业投资效率的文献,同时提供了会计信息可比性经济后果新的研究证据。Accounting information comparability provides a benchmark of investment decision and effectively relieve information asymmetric problem between firm and outside investor. Furthermore, comparability can also formulate reasonable compensation contract between shareholder and management to alleviate agency problem. Therefore, comparability plays important role in investment resource allocation. Using the measure of comparability constructed by De Franco et al. （ 2011 ） and listed firms＇ data between year 2003 to 2014, this paper investigates the effect of comparability on management investment efficiency. We find that the association between comparability and investment efficiency is significantly positive. Meanwhile, investment sensitivity to in- vestment opportunity increases when comparability increases. The further study shows that compare to SOE firms, comparability is more positively correla- ted with investment efficiency in non-SOE firms. Our research extends literature on accounting quality and investment efficiency, and also provides new evidence on economic consequences of accounting information comparability.

关 键 词：会计信息可比性 投资效率 产权性质 

分 类 号：F275[经济管理—企业管理]