会计信息透明度对企业投资效率的影响

以深交所A股上市公司为研究样本,运用多元回归方法考察会计信息透明度对企业投资效率的影响,从资源配置的角度揭示会计信息透明度高低给上市公司带来的经济后果.实证结果表明:会计信息透明度与企业投资过度及投资不足显著负相关,即高质量会计信息能减少中国上市公司的投资过度及投资不足行为,从而增加投资效率.存在较多融资约束时,会计信息透明度与投资不足行为的负相关性更显著;自由现金流量较多时,会计信息透明度与投资过度行为的负相关性更显著.因此会计信息透明度提高能对资源优化配置产生正向促进作用.

Research on the Effect of Accounting Information Transparency on Corporate Investment Efficiency

Taken A-share listed companies in the Shenzhen Stock Exchange as sample,the effect of accounting information transparency on corporate investment efficiency was studied on the basis of multiple regression method.Then,based on the perspective of resources allocation efficiency,the economic consequences of accounting information transparency were revealed.The empirical results indicated that accounting information transparency is negatively correlated with overinvestment and underinvestment.That is,higher accounting information transparency can cut down Chinese listed companies’ behaviors of overinvestment and underinvestment,and then the investment efficiency is improved.With the existence of financing constraints,the negative correlation between accounting information transparency and underinvestment is more notable.With more free cash flow,the negative correlation between accounting information transparency and overinvestment is more notable.Consequently,the increase of accounting information transparency has a positive effect on optimal capital allocation.