Research The Effect Of Accounting Information Quality Of Listed Companies On Investment Efficiency

With the constant improvement of Chinese market economy, the capital market that the listed companies surviving in are continue going forward by positive trend.The accounting information quality are the key factors that keep listed real companies steadily develop in the long run and succeed in the fierce market competition.In recent years, scholars have studied the causes and ways of governance of listed companies ’inefficient investment from the angel of corporate governance, the shareholding structure and executives’shareholding ratio etc. Less scholars have combined the accounting information quality with the listed companies’investment efficiency to research. Analysising the impact of accounting information quality on investment efficiency,optimizing the investment behavior of listed companies,solving the problem of listed companies’ non-efficiency investment has important practical significance.The paper review and summarize the related research and documents of accounting information quality and investment efficiency,and elaborate the relationship between accounting information quality and investment efficiency.On the basic of analysising the principal-agent theory,asymmetric information theory,stakeholder theory, economic consequences theory and agency cost theory, paper analyzes the causes combing with the status and problems that the accounting information quality impact on investment efficiency. In view of the special political and economic environment,both from the perspective of macro and micro raise the factors that the accounting information quality impacts on investment efficiency.The paper select the338listed companies’financial statements data in2010--2012as the study sample and test the correlation between accounting information quality and investment efficiency by constructing an empirical model that the accounting information quality impact on investment efficiency.Combining theoretical research and empirical test results,the paper propose several practical recommendations liking that clearing the position of government in investing activities, continuously improving relevant laws and regulations,strengthening audit institutions’oversight functions, improving managers decisive capability,scheduling its own funds using efficiency,implementing the continuous monitor and feedback to the investment projects, in order to improve corporate governance,ensure the accounting information quality of listed companies, improve investment efficiency of listed companies and promote the sustainable and healthy development of Chinese economy.