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本文以2003-2013年A股上市公司为样本,研究了稳健主义与整体投资非效率、过度投资和投资不足的关系,以及稳健主义与投资非效率关系受到环境不确定性的交互影响。本文研究发现:稳健主义与整体投资非效率、过度投资和投资不足均呈显著负相关的关系;企业的环境不确定性更大时,稳健主义对降低投资非效率的作用也更加显著。本文结果表明稳健主义确实有助于提高投资效率,在公司投资决策中应重视会计稳健性的作用。
Based on the 2003-2013 A-share listed companies, this paper studies the relationship between conservatism and overall investment inefficiency, overinvestment and underinvestment, as well as the interaction between conservatism and investment inefficiency through environmental uncertainty. This study finds that: the relationship between conservatism and overall investment inefficiency, overinvestment and underinvestment are negatively correlated; when the environmental uncertainty of enterprises is greater, the role of conservatism in reducing investment inefficiency is more significant. The results of this paper show that conservatism does help to improve the efficiency of investment, and should emphasize the role of accounting conservatism in corporate investment decisions.