Research On The Influence Of The Quality Of Accounting Information To The Capital Allocation In Capital Market

The important problem in the research of current economics and finance, is how to improve the efficiency of resource configuration, and allocate the limited capital for the most appropriate business or investment projects to the maximum. The enhance of the efficiency of the allocation of resource, not only can improve the competitiveness of the companies, and also provide important support for the continuous growth of the enterprise future cash flow, thus achieve the whole social resources reasonable use. Our scholars" study on the resource allocation efficiency have increased in recent years, but most still remain in points of the capital structure, corporate governance, the interests of the managers. It is still few of the research on the relationship between quality of accounting information and resource allocation efficiency. Because our country’s economic system, in comparison with other countries in the world, still has certain particularity, combined with our country is at the stage of high speed development of the economic transformation can be provided to external information users an accurate situation about the value of the asset or the future development, reduce the possibility of overvalued and undervalued to enterprise value on the capital market, control excessive and inadequate investment, prevent excessive volatility in share prices, improve the efficiency of resource allocation.This paper reviewed and summarized the related research on quality of accounting information and the efficiency of resource allocation. Through the analysis of the quality of accounting information, the meaning of efficiency in capital allocation and the measurement method and the relationship between them, on the basis of theoretical analysis, this paper selected the Shenzhen Stock Exchange listing Corporation data as sample, through the empirical study of the quality of accounting information and the resource allocation efficiency correlation. Compared to the non financing companies, the quality of accounting information and corporate investment insufficient negative correlation between financing constraint listing Corporation is more obvious; in legal areas with low levels, with improving the quality of accounting information, corporate investment excessive lowering range will be bigger, high quality of accounting information in corporate investment is excessive inhibition more significant. Based on the above conclusions, this paper puts forward some ways to improve the quality of accounting information policies:the role of government of reasonable fixed position and government behavior; improve the quality of accounting information management system; perfecting the capital market related management system; improve enterprise management personnel supervision and management mechanism.