Research On The Influence Of Accounting Information Quality Of Listed Companies On Capital Allocation Efficiency

Capital allocation is the most core function of capital market, and the vane of theaccounting information is the important way to guide the capital allocation efficiency.There is information asymmetry between participants of the capital market and theproblem of agency, and the accounting information can alleviate the degree ofinformation asymmetry, improve the principal-agent relationship, to enhance theoperation effectiveness of the capital market, further optimize capital allocationefficiency. Therefore, it is necessary to further study, the relationship betweenaccounting information quality and capital allocation efficiency so as to guide capitalflows to, achieve the goal of the optimize allocation of capital.Based on the research related to accounting information quality and capitalallocation efficiency related at home and abroad on the basis of combing and summary,the impact that the quality of accounting information of listed companies on capitalallocation efficiency were studied. Main contents: Firstly, to define the concept ofaccounting information quality and capital allocation efficiency, the measure of thequality of accounting information and the efficiency of capital allocation; Secondly, toreview the literature at home and abroad, and the assessment of summary; Thirdly, toapply the Efficient markets theory, Signal theory, Asymmetric Information theory andPrincipal-agent Theory as theoretical basis of research, analyzing the mechanism of thequality of accounting information on the capital allocation efficiency; The followingpart select shenzhen a-share listed companies from2009to2013in our country as theresearch object, building model empirical research on accounting information qualitybetween capital allocation efficiency; The efficiency of investment can be analyzedfrom two aspects: under-investment and over-investment; Finally, The paper putforward policy Suggestions based on the existing problems.The result shows that the quality of accounting information are positivelycorrelated with the capital allocation efficiency, namely the better the public company accounting information quality gets, the more effective the capital allocation efficiencygets; Quality of accounting information can alleviate under investment and restrain overinvestment behavior, and the impact on over-investment is more obvious than that onunder-investment, relative to alleviate the under-investment, the accounting informationquality on over-investment inhibitory effect more significantly; On the whole, thecapital market capital allocation efficiency is not high. Therefore, in view of theaccounting information quality to the influence degree of the capital allocationefficiency, to put forward recommendations to further improve the accountinginformation disclosure system, to enhance the level of government regulation andstandard company internal supervision system, to improve the internal governancemechanism, to promote the optimization and upgrading of industrial structure, finally toincrease the capital allocation efficiency.