The Study On The Relationship Between Accounting Information Quality And Allocation Of Company Resources

Accounting information has always occupied an important position in the economic information system. And the high accounting information quality is not only reflect the company’s information of existing assets and profitability, but also it have an impact on the company’s investment decision and financing scheme. Some research results show that the accounting information quality can influence resource allocation in a certain extent. However, at present The company’s investment efficiency generally worse and the allocation of resources is inefficient in our country. Therefore, starting from the perspective of the regulation of accounting information, accounting information is divided into mandatory and voluntary information disclosure, and separately from these two aspects to further explore the relationship and the efficiency of resource allocation. In order to meet the system background of our country and put forward some policies and suggestions, so as to better improve the quality of accounting information of the company, promote the optimal allocation of resources, and the sustainable development of the national economy and ultimately promote.The method used in this paper is combining of theoretical and empirical. First of all, this paper reviews a large number of domestic and foreign research literature, and summarizes the relevant studies. Secondly, after the definition of related concepts, the paper analyzes the accounting information quality how to guide the company resources to realize the optimization based on the principal agent theory and signaling theory. And then puts forward three hypotheses to be tested. At last, this paper uses Jones model to measure the mandatory information disclosure quality, and uses the Richardson model to measure the company resource allocation efficiency, and measures voluntary information disclosure by the two dimensions. And then selection A shares of listing Corporation in Shenzhen Stock Exchange as research sample for empirical, and discussion the relationship among them. In addition, this paper will distinguish the sample between the main board and the small board of listing, in order to further explore their influence to allocation of company resources.Through empirical analysis, this paper draws the following conclusions. First of all, both the mandatory information disclosure quality and the quality of voluntary information disclosure are all significantly positive correlation with the corporate resource allocation efficiency. In other words, the quality of accounting information can reduce the information asymmetry, and it can make company optimal allocation of resources finally. Secondly, the control variables such as executive pay, cash flow volatility and the size of the company are all significantly correlated with the allocation of resources. Among them, higher executive compensation or larger size company can better optimal allocation of resources. But the bigger the cash flow volatility is, the easier non-efficiency investment can produce, the lower efficiency of resource allocation can be. At last, the small board of listing is higher the quality of voluntary information than the main board company, and the former is more significantly positive correlation with the corporate resource allocation efficiency.