会计信息质量与公司非效率投资研究——来自我国上市公司的经验证据

本文以2005年-2009年我国939家A股上市公司4695个研究样本，实证检验了会计信息质量与企业非效率投资的关系。研究发现，在企业存在过度投资时，会计信息质量能通过约束管理层对企业自由现金流滥用的过度投资行为来降低代理成本，从而抑制企业的投资水平；当企业存在投资不足时，会计信息质量能通过降低信息不对称和外部融资的资本成本，扩大企业的投资水平。本文所用模型通过了稳健性检验，说明本文结论不依赖于模型设计，具有较大的可靠性。

Research on Accounting Information Quality and Inefficiency Investment

The role of accounting quality is examined on firm investment behavior in China.It finds that: When firms invest excessively,the accounting quality can restrain managers from abusing the firm free cash flow,thus reduces the proxy cost,and suppresses firms’ investment level;when firms invest insufficiently,the accounting quality can reduce the information asymmetry and the exterior financing cost,thus expands firms’ investment level.The result passes the robust test and suggests that it is reliable.