Studies On The Relationship Among Accounting Information Quality,Earnings Management And Investment Efficiency

Investment activity is an important enterprise value activities, in a perfect world,investment efficiency depends on the investment project' NPV. In the corresponding,the total investment spending is only set by its investment opportunities, regardless of other factors. However, in the real world, because of the existence of asymmetric information and Entrusted agency, the efficiency of investment will be affected, resulting in over-investment or under-investment, reducing the value of the enterprise, harming the interests of shareholders,affecting the long-term development of enterprise. In recent years, listed companies exist inefficient investment behavior widely, seriously damaged the interests of shareholders and development of the macro economy. High-quality accounting information can alleviate the problem of information asymmetry on the capital market, reducing adverse selection, also playing a supervisory and evaluating functions in corporate governance,easing the business of the Entrusted agency conflict. Although the high-quality of accounting information can inhibit inefficient Investment, but earnings management can distort the asymmetric information, and thus affect the investment efficiency. The quality of accounting information, the earnings quality and investment efficiency play an important role on the capital market, in order to understand the relationship between them, we study the influence between accounting information quality and investment efficiency, and the influence between accounting information quality, earnings management and investment efficiency.Firstly, this paper chooses qualitative analysis to discuss the economic environment and institutional environment. Secondly, we talk about the relationship between accounting information and investment situation by quantitative analysis, then we will propose a hypothesis. At the process of proposing a hypothesis, we use the Richardson Model, DD Model and Jones Model. We choice the listed company date of Shanghai and Shenzhen A share in 2013-2014. The data comes from the RESSET database. We use Excel 2010 and Stata 14.0 to analyze the data.We found that:(1) Overinvestment in China is common to see.(2) High-quality accounting information can ease overinvestment and underinvestment.(3) When enterprise exist earnings management, accounting information and overinvestment have more negative correlation.(4) Accounting information, earnings management probably can't explain underinvestment.