The Research Of Accounting Information Quality On The Efficiency Of Resource Allocation

As a medium to connect different parties, accounting information plays an important rolein transmitting information in the capital market. The quality of accounting informationdirectly affects the effectiveness of the capital market and the investment efficiency ofcompanies. Along with the change of the market mechanism and management model, thephenomenon of information asymmetry among stakeholders and the behaviors of managers’adverse selection hinder the efficiency of resource allocation of both the capital market andlisted companies. Therefore, to discuss and verify the impact direction and impact degree ofaccounting information quality towards the resource allocation efficiency is necessary.Using a combining method of theoretical analysis and empirical analysis can make theresearch more perfect. In the theoretical analysis section, we study both the macro and microlevel and analyze how accounting information quality affects the efficiency of resourceallocation, and establishes the map of impact approach for an in-depth analysis of accountinginformation quality on the efficiency of resource allocation laying a theoretical foundation forthe empirical analysis. In the empirical analysis section, the first is to introduce the design ofempirical analysis, including the proposal of the research assumption, the narrative of themeasurement of the accounting information quality and the resource allocation efficiency onboth the macro and micro level, and the definition of the macro model and the micro model.Quantitative measurement of accounting information quality and the resource allocationefficiency on both the macro and micro level make the theoretical analysis sublimated. Weuse the revised model of Jones to calculate the accounting information quality, we use theJeffrey Wurgler model to calculate the macro resource allocation efficiency and we use theRichardson model to calculate the micro resource allocation efficiency. Next, the paperintroduces descriptive statistics, correlation analysis and regression analysis of the impact ofaccounting information quality on macro and micro resource allocation efficiency usingaccounting data to confirm the research hypothesis and obtain the empirical conclusions.Finally, the paper gives the corresponding policy recommendations based on the conclusionsof the empirical analysis, we can improve the accounting information quality by improving the external environment of the capital market and standardizing the companies’ internalsystem, excepting to give reference to the capital market and companies for increasing theefficiency of resource allocation by improving the accounting information quality.