Research On Fixed-assets Investment And Accounting Performance Under The Effect Of Inflation

In recent years, global and regional economic and financial crisis outbreak in succession, the mutation of domestic and international economic environment to become the "new normal" of economic development. Enterprise managers need to focus on the economic environment and policy changes, adjust the production and management decision making, in response to the rapidly changing external environment. As associated products and driving force of turmoil and crisis, the inflation has an important influence on the adjustment of enterprise fixed-assets investment decision and the growth of accounting performance.With the empirical data from 2008 to 2014 of Shanghai and Shenzhen stock exchange market in China A-share manufacturing listed companies, this paper empirically investigated the relationship between fixed-assets investment and accounting performance using multiple regression analysis method. On the basis of the relationship, put the factors of inflation, fixed-assets investment and accounting performance into a unified analysis framework, this paper analyses how inflation affects the relationship between fixed-assets investment and accounting performance. Further, inspection this effect of the relationship under different property rights, combine the special system environment in our country.A result reveals that the fixed assets investment can significantly decrease the accounting performance of next year, regardless of the macro environment of factors. Which verify the ubiquitous phenomena of the diseconomies of scale in Chinese manufacturing listed companies. The further study shows that the inflation can inhibit the negative correlations between the fixed-assets investment and the accounting performance of next year, which may caused by the rise of fixed-assets cost and turnover, the growth of production demand and consumption demand during the period of inflation. Another finding indicates that, because of the adequate resources, less affected by the macroeconomic environment, the low operational efficiency and no owner of the state-owned enterprises, the inhibiting effect in the state-owned enterprises are not significant. The results show that, the non state-owned enterprises can make full use of the resource, mining potential capacity to promote the accounting performance of next year under the impact of inflation. On the contrary, the state-owned enterprises are still possession and waste of the amount of state resources.On the basis of the relationship between fixed-assets investment and accounting performance, with inflation as breakthrough point, this paper analyses how the factors of the macro-economy affects the relationship between fixed-assets investment and accounting performance, which break the single concept of the relationship of the previous research on Chinese manufacturing listed companies. From the perspective of theory, this paper provides new evidence for fixed assets investment and accounting performance relationship, and expands research content of the macroeconomic environment and micro enterprise behavior interaction research framework at the same time. In practice, the research can help the fixed-assets investment decision making of the companies and provide the academic support for the reasonable and effective national macroeconomic policies.