Research On The Correlation Between Accounting Information Quality And Inefficient Investment From The Perspective Of Final Controllor

Accounting information is the financial report of the company to reveal the financial status of the unit and operating results,to facilitate investors,creditors or other information users to invest and make decision.The importance of accounting information is increasingly prominent due to the typical characteristics of the enterprise: the separation of ownership and the right to operate,so that capital is apart from its owner and be controlled by managers.On the one hand,the managers of the investment project decision-making according to their own preferences producing inefficient investment behavior;the other hand,the manager manipulate the financial statements,control the disclosure of accounting information in order to achieve operating performance indicators,leading to accounting information distortion in front of the public,reducing the accounting information on the effectiveness of investment decisions and impacting investor investment decisions.These inefficient investment behavior leads to capital mismatch as an important issue to be taken into account by current business investment decisions.In the market-oriented reform,China's socialist system gives its characteristics,making state-owned or non-state control in our business is different from other countries as another typical feature.Due to the special circumstances of state-owned holdings,the management preferences of state-owned or non-state-controlled managers are different from the control of accounting information,the degree of intervention and the quality of accounting information is also different.State-owned enterprises in China's enterprise development has its unique advantages,leading to accounting information on the impact of investment efficiency is not the same.The proportion of the ultimate controller's shareholding and the control right in the controlling structure,and the degree of separation of the cash flow right will also affect the correlation between the quality of accounting information and the investment of inefficient investment.Therefore,it is very important to study the mechanism of the quality of accounting information and the enterprise to the inefficient investment fromthe perspective of the ultimate controller.This paper studies the accounting information quality and inefficient investment from the perspective of different ultimate controllers,and makes a systematic study based on the special institutional background of our country.It aims to discover the relationship between the quality of accounting information and inefficient investment in different ultimate controllers and the degree of control of the enterprise.What differences between them and the reasons why they have the differences will be found.Based on this,this paper first defines the concept of accounting information quality and inefficient investment,clarifies the research object of the article,and then determines the measurement method of the two,and analyzes the present situation of accounting information quality and investment efficiency.Then,it introduces the mechanism of the impact of accounting information quality on inefficient investment,and explores the influence of accounting information quality on the correlation of inefficient investment from the perspective of ultimate controller.Based on the data of A-share listed companies,this paper makes the regression analysis of accounting information and inefficient investment of listed companies,and then uses the multiple linear regression model to study the nature of the ultimate controller and the ownership structure.This paper studies,the improvement of the quality of accounting information can curb excessive investment and investment to a certain extent.On the one hand,the accounting information quality of state-controlled listed companies will be more effective than the non-state holding companies,rather than the state-owned listed companies accounting information quality alleviating the lack of investment is stronger than state-owned holding company;On the other hand,the reduction in the proportion of ownership to a certain extent can strengthen the accounting information quality of the inefficient investment in the inhibition,and the increasing separation of controlling shareholders can effectively control the negative impact of low quality of accounting information to enhance the level of investment.Finally,the proposed,listed companies should strengthen the standard accounting information disclosure,improve the governance structure,constantly improve the final control of the control structure of the disclosure,improve the regulatory system,give full play to the governanceeffect of accounting information in order to promote the use of listed companies to improve the efficiency of funds and curb their inefficient investment behavior.