A Research About The Relation Of Accounting Information Quality And Investment Efficiency In Company

The agency and information asymmetry probably lead the enterprise capital investment (as an important strategic decisions) to excessive investment, thus bringing the wealth of shareholders damage. Therefore, the shareholders of a company must seek effective governance mechanism to ease the company to the agency conflicts and information asymmetry. Foreign researches show that, accounting information management have pricing function, considered to be one of the main mechanism of easing agency conflicts and asymmetric information. Meanwhile, domestic scholars conduct a large number of empirical researches on China’s listed company more from the ownership structure, internal cash flow and financial development. There is little article about the business investment efficiency from the angle of accounting information quality.Based on this, this paper will conduct the research on correlative relationship between accounting information quality and the investment efficiency, using the method of normative research and empirical analysis, in terms of Shanghai A-share listed companies Standard of analysis. In the part of standard analysis, the paper reviews scholars in the accounting information quality and enterprise investment efficiency in the related research achievements. Using the principal-agent theory, information asymmetry theory, orderly financing theory and related theory, combined with the simple model analysis, from the agency conflicts, information asymmetry, financing constraints, it discusses the quality of accounting information on corporate investment efficiency, the influence mechanism; In empirical test, this paper use Jones model to measure accounting information quality, and through the descriptive statistical analysis, correlation analysis, multiple regression analysis validate the conclusion of theory analysis.Research shows that:1. The investment is common than than excessive investment in general, but excessive investment is serious than insufficient investment for depth; At the same time, non-state-owned listed company have more insufficient investment than state-owned listed companies, which can be explained as non-state-owned listed company having more financing constraints, leading to more investment insufficiency.2. whether it’s state holding listed companies or non-state holding listed companies, the high quality of accounting information can effectively relieve insufficient investment, but no significant suppression to excessive investment. This may be because the economic environment in our country, the causes of the excess investment are mostly from China’s economic policy but not the entrusted agency; Finally the soothing effects of accounting information in state holding listed companies quality is better than non-state holding listed companies.