The Earning Forecasts: Pyramid Structure,accounting Information And Corporate Investment Efficiency

Investment is one of the three engines of economic growth in China, with the continuous development and improvement of China's economic system and market environment, the investment decision-making is becoming more and more reasonable, economic and scientific, but problems and defects remains a serious, especially the efficiency of investment, and business investment growth do not always go hand in hand, even some cases in opposite directions. This kind of common non efficiency investment behavior of Chinese enterprises will cause damage to the economic growth, especially over investment. Excessive investment in the listing Corporation means that the waste of resources, not only can not bring expected profits, is more likely to evolve into the so-called black hole, making the listing Corporation into a difficult situation of loss. Combing the domestic and foreign research on the non efficiency investment of enterprises can find that the problem is largely rooted in the imperfect system arrangement. Therefore, in order to further analyze the problem of non efficiency investment and to find out the way to solve this problem, we need to study the system level.At present, China's economy is in a special period of transition, the basic economic system to the socialist market economy, the public ownership as the main body, but with the reform of state-owned enterprises, private enterprises have sprung up everywhere, ownership structure of Listed Companies in China also gradually complicated. The ownership structure of China's listing Corporation also presents control level, the two power separation degree is large, the excess control is serious, the major shareholders have the power and ability to occupy the interests of minority shareholders, and even some scholars(Mao Shiping, 2008) 18 think that the struct ure of the stock right is Pyramid structure, and the interests of minority shareholders through Pyramid structure. And Pyramid structure in a certain extent, directly affect the quality of accounting information of the listing Corporation, the final may seriously affect the efficiency of the entire enterprise investment. Therefore, it is of great theoretical and practical significance to explore the relationship between the structure of Pyramid and the quality of accounting information and the efficiency of investment. In this paper, we study the influence of Pyramid structure on the quality of accounting information, investment efficiency, and the effect of accounting information quality on the investment efficiency of enterprises in Pyramid. According to the theory of principal-agent theory, innovation theory and the theory of ultimate ownership, the paper puts forward a regression model of Pyramid structure, accounting information quality and investment efficiency, and then uses Stata software to analyze the main variables.Through empirical analysis we draw the conclusion that the Pyramid structure and accounting information quality is negatively related to the control level, the higher the quality of accounting information, the higher the investment efficiency, and the higher the investment efficiency, and the higher the investment efficiency, and the higher the investment efficiency of Pyramid structure and accounting information quality. Finally, according to the relevant conclusions, this paper puts forward some suggestions to simplify the structure of Pyramid, strengthen the quality of accounting information, and improve the efficiency of investment.