Study On The Relationship Between The Quality Of Accounting Information And Capital Allocation Efficiency

Accounting information not only reflect the enterprises financial operating conditions,profitability, but also affects the efficiency of national economic regulation and control effect and the operation of the capital market, namely social resource effective disposition.By the high quality of accounting information can be passed outside investors to the company about the existing enterprise assets value or investment projects expected cash flow information, reduce financing securities may be investors in the capital market the possibility of overvalued or undervalued, which inhibit investment excessive or insufficient investment of listed companies, improve the efficiency of capital allocation. However, with the market mechanism and optimize the reform of accounting system and the change of management model, each stakeholder information asymmetry and adverse selection of the listed company has severely hampered the capital market and the resource allocation efficiency of listed companies, investment decision to form a certain barrier of market participants. At the same time, many studies have pointed out that to raise capital.Put the importance of efficiency, it is to promote economic growth mode transformation and an important way of promoting the economic growth. And China is in a critical period of economic reform and development, especially scarcity of resources, to enhance the efficiency of capital allocation will no doubt cause of trajectory in the process of reform and economic development.Therefore, study the influence of the accounting information quality on the capital allocation efficiency has important theoretical significance and practical significance. And the purpose of this study is to investigate how the accounting information quality affects the level of capital allocation efficiency, and in what ways to improve the efficiency of capital allocation.This article follows the theory of theoretical analysis, the empirical test, summarizes the train of thought for research. First of all, to review and summarize the related literature at home and abroad, and the concept of quality of accounting information and capital allocation efficiency, measurement, related theory are introduced in detail, and expounds the quality of accounting information on capital allocation efficiency paths, the influence of the analysis of the role of the former on the latter, etc.; Second, the empirical study design.In Shanghai and shenzhen a-share listed companies from 2009 to 2014 data as sample, put forward the research hypothesis, the modified Jones model to measure quality ofaccounting information, standing at the company level measured on the capital allocation efficiency by Richardson model. And divided into over-investment and under-investment in two cases separately carried on the descriptive statistics, correlation analysis and regression analysis, to verify the three research hypotheses. Finally summarizes the conclusion and put forward the corresponding policy Suggestions: perfecting accounting information disclosure of listed companies and regulatory system; Improve the corporate governance mechanism, strengthen the internal control to improve accounting information quality;Actively cultivating and strict in accounting market intermediary institutions; Intensify development of institutional investors, to maintain a healthy stock market run.