Empirical Research Of Accounting Conservatism And Non-efficiency Of Investment Based On The Property Of Property Rights Of The Company

In the process of the international coordination of accounting standards, Research results of the first step of the FASB and IASB joint conceptual framework project was published in the 2010 September, and the conservatism was not in the range of the useful quality characteristics of the financial information, This leaded the upsurge of research on accounting conservatism in academic circles at home and abroad, and leaded the study on the economic consequences of Accounting Conservatism, In recent years, The efficiency of investment has become a concern in the development of social economy and corporate finance. But The non-efficiency investment behavior that excessive investment and insufficient investment was Ubiquitous in Chinese listing Corporation. This phenomenon is more serious than that in Western countries. Therefore, in the background of our country’s current investment system, how the accounting conservatism affect inefficient investment behavior needs to be studied further.In view of the property of the different property rights, Based on the principal-agent theory and asymmetric information theory, this article makes theoretical analysis and empirical study for the accounting conservatism affect inefficient investment behavior, not only improved theoretical system of the economic consequences of accounting conservatism, also has the important practical significance to improve the efficiency of enterprises and investment. First of all, reviewed the accounting conservatism and summarized the non-efficiency investment behavior of the domestic and foreign research present situation, and determined the research ideas; second, defined the property right property, accounting conservatism and non-efficiency of investment, and expounded the difference of the accounting conservatism affect inefficient investment behavior in the difference property of property rights. Supported empirical research for provide theoretical; Then, being in view of the property of property rights, This article selected the coal industry in our country state-owned enterprise(120 samples) and in non-state owned enterprises(99 samples), respectively constructed the multiple regression model and non-efficiency investment accounting conservatism. And compared, Empirical tested the accounting conservatism of the different property rights property in China, how to influence the excessive investment and insufficient investment. The results of the siudy show that: the non-state owned enterprise investment efficiency is better than that in state-owned enterprises to improve efficiency of enterprise investment; The state-owned enterprises accounting conservatism preventing excessive investment was stronger than that of non-state owned enterprises; the accounting conservatism in Non-state owned enterprises aggravate the degree of the lack of investment was stronger than that of state-owned enterprises. Finally, madding the conclusions based on the empirical results and Puts forward relevant policy suggestions for Chinese government departments, enterprises and other stakeholders, that was help to optimize enterprise investment decision, to optimize enterprise investment decision, and to inspect and manage of government, bank, outside investors and other stakeholders.