Studies On The Influence Of Accounting Information Quality On Investment Efficiency

In recent years, there are two kinds of research hot spot which seem to be not related among Chinese scholars:one is the research to the investment efficiency of listed company; the other is to the usefulness of accounting information of listed company. Whether the two themes are linked and can be brought into a framework for effective research? The speculation and research to these problems contributed to the topic selected and written of this dissertation.This dissertation will bring the accounting information and investment efficiency into a unified framework, and research the mechanism and consequences of accounting information quality to investment efficiency. On the one hand, this dissertation is expected to explore paths and measures of optimizing the investment behavior and improving investment efficiency from the angle of accounting information; on the other hand, this dissertation will provide new empirical evidence to the usefulness of accounting information based on the investment efficiency.This dissertation mainly adopts two kinds of research method:normative and empirical research. It analysis the mechanism of action of accounting information quality to investment efficiency through normative research, and test its influence consequences from the reliability, timeliness, sustainability, robustness and comprehensive quality of accounting information through empirical research.The dissertation establishes theoretical analysis framework and model on the basis of review of literature and related theory, the analysis of system background, and the description of present situation, and prompts empirical meaning from theory analysis, and then conducts statistic analysis and test to the finance and accounting data of listed company in China, finally draws a conclusion. Specific research logic can be divided into three parts:The first part is the starting point, which includes the literature review, the related theory review (theory starting point), system background analysis and present situation description (reality starting point).The second part is the theoretical analysis, which is divided into two phases. The first phase is to explain theoretical analysis framework of the influence of accounting information quality to investment efficiency. In the first stage, it organizes in accordance with three logical paths:(1) the high quality accounting information^alleviating adverse selection problemâ†'reducing the financing costâ†'decreasing investment shortageâ†'improving investment efficiency;(2) the high quality accounting informationâ†'decreasing agency problemâ†'criterion of project selectionâ†'inhibiting overinvestment (or reducing underinvestment)â†'improving investment efficiency;(3) the high quality accounting informationâ†'enhancing expectations and recognition ability of investment opportunityâ†'restraining blind investmentâ†'improving investment efficiency.The second stage is the refining of the first stage, which constructs two investment efficiency model based on accounting information:investment efficiency model of information not containing accounting information and investment efficiency model of information containing accounting information, which thoroughly inspects the efficiency of accounting information quality to investment effect with more rigorous language and more meticulous logic.The third part is the empirical analysis, which divides accounting information quality into reliability, sustainability, robustness, timeliness, with the content of the first part as system background, and the result of theoretical analysis of the second part as empirical hypothesis, respectively from the reliability, timeliness, sustainability, robustness and comprehensive quality, use double factors fixed effect panel data model, empirically test the effect of the efficiency of investment. Among them, the quantitative measure of investment efficiency uses two types of random boundary model, and adopts different models to measure the reliability, timeliness, sustainability, robustness and comprehensive quality of accounting informationThe dissertation has made creative exploration in the research Angle, research methods and research conclusion. As to the research Angle, it breaks the existing normative research path, which investigates the effects of accounting information to investment efficiency only from single angle of financing constraints or agency problems, and divides financing constraints, agency problems and investment opportunity recognition into the analysis of the mechanism of accounting information on investment efficiency. It breaks the existing empirical study, which tests the effects of accounting information quality to investment efficiency only from its single dimension, instead, from different dimensions of accounting information quality (reliability, timeliness, sustainability, robustness and comprehensive quality). In the research method, it overcomes the limitations of existing normative research, which is not strict, uses the Signaling Modes in Game Theory, and constructs the investment efficiency model based on accounting information through information pricing mechanism of the capital market. About conclusion, the dissertation puts forward that the investment efficiency is affected by accounting information from three ways, which are financing cost, project selection and investment opportunity recognition, and believes that the accounting information indirectly plays important role in improving the investment efficiency through the capital market mechanism and governance mechanism; The dissertation finds that high quality of accounting information can relieve financing constraints, standardize the project selection, increase investment opportunity recognition ability, thus, it can not only reduce underinvestment, but also inhibit overinvestment. Therefore it is important way for management of inefficient investment to improve the quality of accounting information; The dissertation proclaims that the reliability, timeliness, sustainability, robustness and comprehensive quality of accounting information is significant positive correlation relationship with investment efficiency, and the accounting information has economic consequences; Through the empirical research, the dissertations shows that the reliability of accounting information, timeliness, sustainability, robustness and comprehensive quality of accounting information quality has improved year by year in China.In theory, this dissertation builds up an analysis framework for the research of relationship of accounting information quality and investment behavior, and constructs a mathematical model for the mechanism of accounting information to investment efficiency, and provides new empirical evidence for accounting information usefulness of our country. In practice, this dissertation provides a feasible path and measure for listed companies in China to optimize investment behavior and improve investment efficiency, and provides a theoretical guidance for the supervision department to take charge of enterprises’investment behavior, and provides policy support for policy making department to draft and improve investment policy.