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The Quality of Accounting Informationand Its Influence on the Allocation of Capital

Author: HongSiMeng
Tutor: WangHui
School: Shanghai Jiaotong University
Course: Accounting
Keywords: Capital markets The quality of accounting information The efficiency of resource allocation Earnings Management
CLC: F832.51;F224
Type: Master's thesis
Year: 2011
Downloads: 141
Quote: 0
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Abstract


Allocation of social resources is the capital market is a basic core functionality, namely the use of the price mechanism of the capital market, the limited capital efficient economic unit, assigned to the efficient allocation of capital. In a perfectly competitive market conditions, capital allocation Pareto optimal individual economic units is equal to the marginal revenue. There is a lot of information asymmetry and agency problems between today's market economy, market participants (such as listed companies, investors, governments and other stakeholders related), a serious impediment to the capital market is correctly configured. Accounting information of listed companies, reflecting the company's financial position and profitability, market participants decided the funds to invest in basis. It is to protect the securities market is mature, standardized basis. For the quality of accounting information theory is the theory of corporate finance topics at the forefront in the field of securities markets, accounting information has economic consequences theorists has been discussed from various angles. To collate and summarize the theoretical background and research on the quality of accounting information and resources allocation efficiency. Draw on the correction Jones model and Jeffrey Wurgler research resource allocation method on the basis of theoretical analysis, the effects of our 2004 -2009 quality of accounting information of listed companies and the stock market's resource configuration, and further study of listed companies the quality of accounting information whether the capital markets will affect the efficiency of resource allocation. The results confirmed that China's securities market can play a role in the allocation of resources, the quality of accounting information will significantly affect the efficiency of resource allocation. The relevant departments must further improving standards of financial reporting and disclosure system of listed companies in China, in order to maintain healthy and effective securities market run. Chapters arrangements, the first chapter of this paper briefly describes the research background, and Research on the economic consequences of the quality of accounting information and classified, respectively, from the quality of accounting information and information asymmetry, market liquidity, IPO Underpricing equity cost of capital, cost of debt capital, investment efficiency and value of the company seven research literature review; second chapter starting from the theoretical point of view, elaborating on the related concepts of accounting information, accounting information quality, and a measure of the quality of accounting information The model is described in detail; The third chapter explains the concept of the efficiency of resource allocation, and discusses their impact mechanism focuses on the quality of accounting information, and several representative model summary and evaluation; Chapter of The quality of accounting information of listed companies and securities markets efficiency of resource allocation, empirical analysis, and build a model based on empirical research on the efficiency of resource allocation in our quality of accounting information; Chapter pointed out that the main conclusions of this paper, study limitations, and future research directions. The main innovation of this paper is that innovative research on the quality of accounting information on the efficiency of capital allocation, obtained through the analysis of the data of Chinese listed companies, the quality of accounting information can affect the efficiency of capital allocation conclusion, the study also found that the The difference in the quality of accounting information between different industries, and demonstrate the effectiveness of China's capital market.

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