Accounting Information Quality、information Asymmetry And Enterprise Investment Efficiency

Accounting is an information system to provide enterprise’s overall financial position, and provide decision support to the information users. Accounting information is useful, we must consider two aspects, first of all depends on the level of quality of accounting information provided by enterprises, which is to ensure the quality of accounting information on the sources of information. However, to ensure the quality of accounting information does not ensure that the accounting information is useful, accounting information must also consider the conduction mechanism. The typical characteristics of modern enterprises, the ownership and control of the separation of ownership and managers in control of the enterprises the right to the allocation of resources and accounting information generation process. Accounting information in the production process, managers may be from their own interests to manipulate the quality of corporate accounting information. And the reality of the market economy environment, the accounting information transmission mechanism is not perfect. Therefore, the economic consequences of accounting information and its conduction study is a valuable subject.Previous studies have shown that high quality accounting information does improve the efficiency of investment, which has been the test of empirical accounting research in developed countries and mature stock market environment. China is in transition economic system, however, the literature of the research enterprise accounting information quality on investment efficiency is relatively scarce, some scholars have only to study the direct role of the quality of accounting information on the efficiency of business investment in the existing research, some scholars consider the intermediary role of the corporate agency costs in the accounting information quality on investment efficiency. This study is on the basis of the above studies, combined with knowledge of the asymmetric information in the information economics analysis of the impact of corporate accounting information quality on investment efficiency.Selected Shanghai and Shenzhen A-share companies listed in the2006study sample, and2008～2010as the sample interval. In this paper, Richardson (2006) model to calculate the efficiency of investment, enterprise excessive investment and insufficient investment in the two sub-samples. Stock turnover rate of the reciprocal measure of the degree of adverse selection of investors to measure the agency costs of the enterprise, the first principal component of the rate of turnover and operating expenses. Found that high quality accounting information can really affect the research quality of accounting information in the different degrees of asymmetric information environment, the impact on the efficiency of business investment,"excessive investment" and "inadequate investment" behavior. The specific path above, on the one hand, the quality of accounting information can affect the agency costs and thus on over～investment and inadequate investment impact. On the other hand, the quality of accounting information can have an impact of insufficient investment by the degree of information asymmetry between the impact on investor and corporate enterprisesSpecifically, this paper is divided into six parts:Chapter Ⅰ, Introduction.Research background and significance of the topics in this article are summarized and introduced to explain the ideas and methods of the article, illustrates the structure and framework of this study, and discussed the possibility of innovation.Chapter Ⅱ, Review of the Literature.In part from the quality of accounting information and economic consequences, and enterprises to invest in efficiency and quality of accounting information and corporate investment efficiency of the three aspects of the relevant literature review and combing, summarize the results of previous studies to find the research.Chapter Ⅲ, theoretical analysis and hypotheses.This section not only analyzed the direct impact of accounting information quality and efficiency of business investment, and also analyzed the degree of adverse selection of the agency costs of managers and investors in the role of accounting information quality on the efficiency of business investment, this study assumes.Chapter Ⅳ, the study design.This section details the data sources, variable substitution and the use of research models.Chapter5, empirical results.This section reports the empirical results of the study, the results were analyzed to verify the assumptions of the previous.Chapter VI, the conclusions and limitations.This section summarizes the contents of this paper, and asked the limitations of this study, recommendations for future research direction.The main innovations is the conduction theory of asymmetric information theory and information in this article the application of information economics to explain accounting accounting information can influence the phenomenon of the efficiency of capital allocation, not only to verify the previous high-quality accounting information to improve theory of capital allocation efficiency, and creatively put forward the specific path of this influence. Analyzed theoretically the path of this effect, data of listed manufacturing companies in China to verify these effects and path. In addition, the creative use of principal component analysis method to measure a variable from a different perspective, which more accurately measure the relevant variables, to improve the accuracy of the empirical findings protection.The paper may be less than existing empirical analysis, there is no listed companies of all industries, there may be a "sample selection bias" problem, this has led to the empirical results may not be sufficiently objective.In addition, the degree of adverse selection on behalf of investors in stock exchange turnover rate of this alternative variable selection there are some problems due to the development of China’s securities market is not mature enough, an investor has a "herding" may cause the stock turnover rate is not correct adverse selection problem of the reaction of investors.