Research Of The Relationship Between Environment Uncertainty And Investment And Financing Efficiency Under The Moderating Effects Of Accounting Information Quality

Investment and financing efficiency are the major factors influencing the enterprise operating results.High-efficient financing is an important assurance for enterprise to invest and other business activities,High-efficient investment can bring enterprises sufficient cash flow.Micro environment uncertainty may bring enterprise management risk and financial risk,thus reducing the investment efficiency and financing efficiency of enterprises.In the face of such situation,the enterprise can reduce the information asymmetry,reduce the risk premium required by outside investors and the moral risk,the internal managers self-seeking by improving the quality of accounting information,thus improving the investment efficiency and financing efficiency of enterprises.This thesis first analyzes the connotation of environment uncertainty,accounting information quality and the investment and financing efficiency,and sets up the logic relationship between variables using the signal transmission theory,information asymmetry theory,principal-agent theory Environmental uncertainty mainly through increased the information asymmetry and enterprise management risk,which reduces the investment and financing efficiency.The improvement of accounting information quality can reduce the degree of information asymmetry by way of signal transmission.This thesis introduced the accounting information quality,this thesis discuss the accounting information quality on the role of environmental uncertainty and investment and financing efficiency.we use reports 323 listed companies in Shenzhen A-share market from2009 to 2015 as samples,and build multivariate regression,Finally,we draw the corresponding conclusions and propose policy recommendations.through the correlation analysis and regression analysis In this thesis,we use the variation coefficient of the sales revenue to measure environment uncertainty,Richardson(2006)theoretical model to measure investment efficiency and the weighted average cost of financing to reflect the financing efficiency.Through theoretical analysis and empirical test,this thesis draws the following conclusion: the environmental uncertainty has an negative effect on the investment efficiency and financing efficiency;accounting information Quality has a positive effect on the investment efficiency and financing efficiency;improving accounting information Quality can alleviate environment uncertainty about the negative effects of investment and financing efficiency of enterprises.We found that asymmetric information theory can not only explain environment uncertainty influence on enterprises investment but also on financing.So This thesis puts environmental uncertainty,accounting information quality and investment and financing efficiency in one conceptual framework.Hoping that when enterprises are involved in an uncertain environment,they can adjust their own behavior to keep a better investment efficiency and financing efficiency.