会计信息可比性与企业投资效率  

Accounting Information Comparability and Corporate Investment Efficiency

作　　者：袁知柱[1] 张小曼 Yuan Zhizhu;Zhang Xiaoman(School of Business Administration,Northeastern University,Shenyang 110169;School of Management and Economics,Tianjin University,Tianjin 300072)

机构地区：[1]东北大学工商管理学院,沈阳110169 [2]天津大学管理与经济学部,天津300072

出　　处：《管理评论》2020年第4期206-218,共13页Management Review

基　　金：教育部人文社会科学研究规划基金项目(18YJA790102);国家自然科学基金青年科学基金项目(71202153);中央高校基本科研业务专项资金资助项目(N2006015)。

摘　　要：测度了2012-2014年中国上市公司的会计信息可比性值,然后实证考察了可比性对企业投资效率的影响。研究结果表明:会计信息可比性与投资过度及投资不足程度均显著负相关,因此高可比性能提供信息使用者所需要的相关信息,从而抑制企业投资过度及投资不足行为,提升投资效率。进一步检验结果发现,随着信息透明度的增强,会计信息可比性与投资过度行为的负相关关系减弱,因此信息透明度与可比性在抑制投资过度行为上是替代的治理作用;但对于投资不足行为,只有在高信息透明度环境下,信息透明度与可比性对其抑制作用才呈现出替代关系。The paper measures the accounting information comparability of Chinese listed companies from 2012 to 2014 and then examines the effect of accounting information comparability on corporate investment efficiency. The empirical results indicate: accounting information comparability is significantly negatively correlated with overinvestment and underinvestment. Therefore high comparability can provide the relevant information needed by information users,so as to restrain overinvestment and underinvestment behaviors. Further examination finds that with the increase of information transparency,the negative correlation between accounting information comparability and overinvestment behavior weakens,so information transparency and comparability is an alternative solution to restraining the overinvestment behavior. But for the underinvestment behavior,information transparency and comparability show substitution relationship only in the environment of high information transparency.

关 键 词：会计信息可比性 投资过度 投资不足 公司信息透明度 

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