Research On The Relation Between Accounting Information Quality And Efficiency Of Investment

Investment activity is one of the key economic activity to create enterprise value and increase enterprise wealth, it is also the foundation to obtain cash flow for enterprise to keep sustainable development. Investment decision-making has a significant impact on the enterprise financing policy and dividend distribution policy. How to make the right investment decisions, and improve the efficiency of investment has been a hot topics in the study. Now the research on investment efficiency are mainly concentrated in free cash flow, equity concentration, financing constraints, agency cost, etc. As is known to all, the main function of accounting information is to provide information that policy makers need, and help decision makers to make the right decision, because some information cannot be measured, financial statements cannot provide these enterprise information. At the same time, the problem of accounting fraud, surplus management is becoming more and more outstanding, making the people doubt whether the accounting information is really useful. But it also illustrates the importance of accounting information, so how to improve the quality of accounting information is a very important problem in the accounting. Both of the study of investment efficiency and the study of quality of accounting information have received attention, this article put the accounting information quality and efficiency of investment into a unified analysis framework, and analysis the path and mechanism of accounting information quality influence to investment efficiency, also test the influence of the investment efficiency on accounting information quality.This paper adopts the research method combinating theory research and empirical study. Interpreting the mechanism of the accounting information quality influence the efficiency of the investment from the angle of the theory, with the empirical method to check the quality of accounting information’s influence on the investment efficiency.Firstly, this article introduces and evaluates the latest research results about the quality of accounting information, investment efficiency, and relationship between them at home and abroad; Then, the paper explains the definition and measure method of the quality of accounting information, accounting information, investment behavior, investment efficiency. The article focuses on analyzing the role of the quality of accounting information in corporate governance and capital markets, combes the mechanism and path of accounting information to deal with the inefficiency of the enterprise investment; According to the theory to put forward problem, establish research model, and use the data of Chinese listed companies from 2011 to 2013; Finally the paper forms the conclusion, and puts forward corresponding suggestions.Through the research, we come up with the following conclusion:the accounting information has a significant influence on the investment efficiency, high quality accounting information can improve the efficiency of investment; In the case of financing constraints influence, improving the quality of accounting information can solve the problem of insufficient investment. Improve the quality of accounting information can reduce the agency cost, so as to solve the problem of excessive investment.Creative achievements of this paper lies in using the theory of asymmetric information and agency theory explains the phenomenon of the accounting information quality influence enterprise capital allocation efficiency, not only to verify the research conclusion that quality of accounting information can improve the efficiency of corporate investment, also puts forward the specific path effect.