Ownership Structure、Accounting Information Quality And Corporate Investment Efficiency

Investment is not only an important aspect of the basic activities of enterprises, but also an important guarantee for the realization of financial management objectives. Investment efficiency will have an important influence on the increase of enterprise value. However, the existence of asymmetric information and agency problems lead to inefficiency investment, including over investment and under investment. As a useful tool for financial decisions, accounting information plays an important role in solving the information asymmetry and agency problems. Therefore, investment efficiency can be improved by accounting information effectively. Ownership structure, which is the foundation of the corporate governance, will affect investment behavior, thus affecting the role of accounting information governance.From the perspective of accounting information, this paper analyzes the relationship among ownership structure, accounting quality and investment efficiency theoretically and empirically based on the summary of prior research. First, it analyzed the reason of over investment and under investment. Then, from the perspective of pricing and government function of accounting information, it explains how accounting quality influences the investment efficiency, and the impact of ownership structure on the role of accounting information governance. At the same time, it puts forward the corresponding hypothesis. Finally, by using the financial data in Chinese Capital Market between2009to2013, it tests how accounting quality affect investment efficiency. Furthermore, it tests the impact of ownership structure on the relationship.The results show that:(1) Accounting information quality has a significantly positive correlation with the investment efficiency.(2)Ownership structure can affect the governance role of accounting information quality. Specifically, state-controlled companies will decrease the negative correlation of accounting quality and under investment. Increase the proportion of the first shareholder and the top ten shareholders of concentrative degree will restrain the positive correlation of accounting quality and investment efficiency. The second to the tenth largest shareholding ratio have no significant effect on the relationship.