Research On The Influence Of Accounting Information Quality On Capitial Allocation Efficiency Of The Listed Companies In China

Accounting information is the blood of the capital market, accounting information guide the efficient allocation of capital is the capital market the effective operation of the internal requirement. In the21st century, enron and worldcom, and other famous enterprise financial fraud cases, make not only in the United States, and even the world of accounting information quality serious challenge, but also a challenge to the capital market. The capital allocation efficiency is not only the core of economics, but also the present company finance research core question, the capital market is the function of the core capital allocation function, as the main financing market, capital market connected to capital surplus and deficiency of capital industry in the national economy, the capital flow, affect the entire capital market allocation function. As a participant of the capital market, the listed company how to from the capital market with a low cost, raise funds and raise capital investment to correct and efficient project, to a great extent determine the company’s state of operation and sustainable development. In today’s China’s market system, a large number of market participants between the problem of the asymmetry of information and agency problem, and it makes the accounting information disclosure transparency and improve the quality of accounting information which has more prominent economic significance. In the modern economic society, the accounting information is investors, managers and other stakeholders related to an important basis for decision-making of the capital market, the capital allocation efficiency has direct impact. Therefore, from the capital market to each listed companies, studying the quality of accounting information to the influence of the capital allocation efficiency has important theoretical significance and practical significance.Based on the basic theory and mechanism analysis, the empirical analysis in this paper from the Angle of the research, and from the external, internal two perspective, we research the quality of accounting information to the capital market and the listed company investment efficiency (listed company capital allocation efficiency) influence. This article first based on previous studies, the influence on the quality of accounting information capital allocation efficiency of the related theoretical basis, on this basis, from outside investors, internal management point of view detailed analysis of the accounting information quality affect the external, internal capital allocation efficiency of the transmission mechanism, so as to find the quality of accounting information and the listed company capital allocation is the correlation of influencing factors. Then, according to the analysis of the mechanism proposed in this paper, and the research hypothesis from the external, internal two aspects to the empirical test of the accounting information quality on the influence of the capital allocation efficiency, i.e., using Wurgler Jeffrey model to analysis the quality of accounting information outside the capital allocation efficiency, effect by using the modified Jones model and Richardson model to analysis the quality of accounting information to internal capital allocation efficiency effects. The empirical results show that the accounting information quality in China and the capital market capital allocation efficiency is a positive correlation, the quality of accounting information and the listed company investment efficiency (listed company capital allocation efficiency) a positive correlation, and the theoretical analysis results are consistent.