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基于2010-2013年A股数据,从企业发展衍化视角实证检验了主板市场真实业绩操控与资本配置效率的关系。结果表明:第一,成长期和衰退期企业高管真实业绩操控对投资效率的负向影响显著高于成熟期企业。第二,分组回归结果表明,不同方向的真实盈余管理对非效率投资总额、投资不足和投资过度的影响存在显著差异。第三,固定效应面板回归结果稳健。本文丰富了高管真实业绩操控和资本配置效率的相关性研究,对投资者保护及我国会计信息质量的提高具有一定的借鉴,为监管机构制定更合理的投资效率评价体系提供了参考。
Based on the A-share data from 2010 to 2013, the paper examines the relationship between the real performance control of the main board market and the capital allocation efficiency from the perspective of the development of enterprise development. The results show that: First, the negative impact of the real performance control of business executives in the growth and recession periods on investment efficiency is significantly higher than that of mature enterprises. Second, the results of the group regression show that the real earnings management in different directions has significant differences on the total inefficient investment, underinvestment and overinvestment. Third, the fixed effect panel regression results are robust. This article enriches the correlation between the real performance control of executives and capital allocation efficiency, and provides some reference for investor protection and the improvement of accounting information quality in our country, which provides a reference for regulators to make a more reasonable evaluation system of investment efficiency.