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The Research on Relationship Between Quality of Accounting Information and Corporate Investment Efficiency

Author: ChenYongSheng
Tutor: XieZhiHua；ZhangJunZhou
School: Beijing Technology and Business University
Course: Financial Management
Keywords: Quality of Accounting Information Investment Efficiency Conservatism
CLC: F272;F224
Type: Master's thesis
Year: 2010
Downloads: 207
Quote: 0
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Abstract


Enterprise’s survival and development, investment decisions and investment behavior is an essential activity, while the high and low investment efficiency has a direct impact on the enterprise have access to long-term development. However, due to agency problems and the objective existence of asymmetric information, corporate investment is often under-investment have been there over-investment problem, and inadequate investment and over-investment low investment efficiency makes the enterprise so that enterprises difficult to obtain long-term development. Quality of accounting information as to effectively mitigate information asymmetry, and lower agency costs, an important governance mechanism, whether for business investment had a positive impact on efficiency, which is the focus of research in this paper.Based on this approach, this paper selected in the Shanghai Composite Index, Shenzhen A share listed companies in 2006 -2008 the three years of data, respectively, the robustness of the use of the surplus, revenue radical degree of two indicators of quality of accounting information and investment alternatives to the variable efficient alternative to the variable investment / cash flow sensitivity regression analysis, and examined from two aspects of the changes in the direction of the efficiency of investment: (1) Business Accounting Earnings soundness of the investment / cash flow sensitivity is to generate positive effects; (2 ) The enterprise income whether the radical degree of investment / cash flow sensitivities have a negative impact.This paper studies the results showed that: (1) The soundness of the accounting surplus cash flow and investment, showed significant negative correlation, which is the high robustness of accounting earnings can reduce the investment / cash flow sensitivity, improve the efficiency of business investment; (2) Business Income Radical degree and Investment / cash flow sensitivity showed significant positive correlation, that is, a radical high degree of earnings will increase the sensitivity of corporate cash flow and reduce the efficiency of investment. These findings indicate that the quality of accounting information businesses to invest in efficiency have a positive impact on improving the efficiency of investment has a positive effect.

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CLC: > Economic > Economic planning and management > Economic calculation, economic and mathematical methods > Economic and mathematical methods
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