Empirical Research Of Private Listed Companies Earnings Quality On Corporate Investment Efficiency

China’s economic reform and opening to achieve the thirty years of rapid growth,investment as one of the drivers of the troika contributed to the healthy development of national economy, far-reaching impact on investment. But the companys non-efficiency investment has become a common phenomenon, leading to a misallocation and waste of resources; it has seriously affected the healthy development of enterprises.Chinese private enterprises have become an important economic force, which will affect the level of efficiency of investment capital allocation efficiency of China’s largely. In recent years, private enterprise blind expansion of enterprise scale often over-investment, there are also many private enterprises affected by financing constraints appear underinvestment, leading to difficult to improve investment efficiency of private enterprise. By finishing the analysis of existing research can be seen,companies appear inefficient investment behavior is mainly due to asymmetric information and agency problems,and improve the quality of accounting information to improve information asymmetry and agency conflicts. Efficiency is in China as an investment company under the institutional environment in transition economies especially investment systems and accounting systems environment will affect business. Therefore, Chinese enterprises to invest in institutional change and reform the accounting system as the research background, analysis Chinese enterprises to invest in inefficient reason to study the effects of private Earnings Quality on investment efficiency,can provide a reference for China’s economic reform and development theory and empirical evidence.Firstly,the relevant research and theoretical analysis to sort out, and then describe the impact of changes and accounting system of Chinese enterprises to invest in institutional reforms and investment on both the efficiency and the quality of corporate earnings. Then in Shenzhen and Hong Kong-listed private enterprises related data from 2009 to 2013 on the basis of calculated data for the sample companies, Richardson model investment efficiency using metrics to measure earnings quality DD model, combined with the existing theory and the actual situation of China’s private enterprises to invest in listed companies added growth, firm size,business profitability and financial leverage four control variables. Finally, the theoty of Carding regression analysis and analysis of results of this built in a number of policy recommendations based on the actual situation of China’s current private listed companies. In this paper, five chapters are summarized below.The first chapter is an introduction. First,under the Transition Economy of Chinese enterprises to invest in institutional changes and accounting system introduced research background, then explained the purpose and significance,followed by sub-investment efficiency factors, business investment efficiency metrics,earnings quality metrics three part review domestic and foreign research, then describes the research ideas and research methods, this study concluded that the possible lack of innovation and research according to the research content and results of this paper.The second chapter is the theoretical basis of this study. First introduced three theoretical and business-related investments under imperfect capital market conditions,and then sub-factors and the quality of financial reporting on the efficiency of investment affect the efficiency of investment in two parts theory.The third chapter is the status of this study analysis. Change begins with an overview enterprise investment system and the accounting system after the founding of New China,and then summarizes the impact on the efficiency and quality of accounting information of listed company’s private enterprises to invest in institutional change.The fourth chapter is empirical analysis section of this article. First, based on the literature review and theoretical analysis previously put forward three hypotheses.Then explain the dependent variable, explain the basis and calculation selection and control variables, and then give explanatory variables to explain the linear regression model variables and control variables, and this paper is how to select a sample are described. Finally, the filtered sample calculation processing will be described later statistical analysis, correlation test and regression analysis of the results, the correlation coefficient for each variable focus analysis model of the proposed research hypotheses were verified,understand all the variables of the explanatory variables degree of influence.The fifth chapter is the conclusion and prospect research and policy recommendations expressed herein. First, based on the results of empirical research part of the paper summarizes the conclusions of this study. And put forward policy recommendations with the actual situation of China’s private listed companies for the problem found herein. Finally, possible directions for further research based on lack of paper.