Researches Into The Influence Of Accounting Information Quality On Capital Allocation Efficiency Of The Listed Companies In China

Quality of accounting information theory is one of the advanced research fields of finance theory.In realistic market system, the incomplete information situations between participants of the stock market(companies, governments, investors and other interest-related persons)are abundant which make information to be very important for stock market. The key function of stock market is capital allocation. As the main direct financing market, stock market is the joint of capital surplus departments and capital shortage departments. Stock market accelerates the flow of capital in all department of economy, and enhances the output level of whole economy. Quality of accounting information is the main measure of reducing the information incomplete. But there is not complete research on whether the higher quality of accounting information can enhance the efficiency of capital allocation. So it has great theory and realistic valueon researching the relationship between quality of accounting information and capital allocation efficiency.In this paper, I follow the principle of research:theoretical analysis--practice certification-explanation of the status quo by conclusions. Through the analysis on theory and empirical about quality of accounting information and capital allocation efficiency of China stock market, I hope to find the impact about quality of accounting information on capital allocation efficiency in Chinese stock market, and make a modest contribution to the reform of Chinese stock market.First, based on the previous studies, this thesis proposes a new vision on the Chinese financial and accounting information quality management system which is divided into three levels. Second, the thesis explores the theoretical mechanism on the relationship of accounting information quality and capital allocation efficiency, then analyzes the transmission mechanism between the thesis argues that accounting information quality and capital allocation efficiency shows a positive correlation under the conditions of validity in the market and of a certain ability to identify accounting information quality. Last,the thesis studies the relationship between accounting information quality and capital allocation efficiency by means of empirical analysis. The result indicates that accounting information quality and capital allocation efficiency shows a positive correlation in Chinese capital market. This result agrees with the theoretical analysis.