论文部分内容阅读
会计信息的投资效率功能受到怎样的制度环境约束?本文试图利用中国A股市场进行经验分析。文章选取我国2003~2014年沪深A股市场5298个公司年度数据作为样本,对制度环境、信息透明度与企业投资效率的关系进行了研究,结果表明:(1)信息透明度与企业投资效率负相关,即信息透明度越高,企业投资效率越低;进一步检验发现,企业面临的风险越高,这一负相关关系越明显。(2)金融业的市场化对信息透明度与企业投资效率之间的负相关关系发挥了显著的正向调节作用。本文展现了我国A股市场企业通过财务信息透明度规避风险、改善投资效率的“自适应”机制,初步彰显了现阶段制度环境促进企业会计信息定价与治理功能发挥的正效应。本文的研究进一步丰富了会计与投资者保护研究文献,为我国证券业的市场化改革提供了有益的经验证据。
What kind of institutional environment constraints on the efficiency of accounting information investment efficiency? This article attempts to use the Chinese A-share market for empirical analysis. This paper chooses the annual data of 5298 companies in Shanghai and Shenzhen A-share market from 2003 to 2014 as samples, and studies the relationship between institutional environment, information transparency and business investment efficiency. The results show that: (1) Information transparency is negatively correlated with enterprise investment efficiency , That is, the higher the transparency of information, the lower the efficiency of business investment; further testing found that the higher the risks faced by enterprises, the more obvious the negative correlation. (2) The marketization of the financial industry has played a significant positive regulatory role on the negative correlation between information transparency and corporate investment efficiency. This paper presents the “adaptive” mechanism of A-share market enterprises in China through the transparency of financial information to avoid risks and improve the efficiency of investment. The paper initially demonstrates the positive effect of institutional environment on promoting the pricing and governance functions of corporate accounting information. The research in this article further enriches the research literature on accounting and investor protection and provides useful empirical evidence for the market-oriented reform of the securities industry in our country.