Empirical Study Of The Marketization Process,Accounting Information Quality And Investment Efficiency Of Company

Investment is critical for the present development of the company,and investment efficiency can directly influence the long term sustainable development of the company.Within a market economy,investment play an increasingly important role.However,as a result that the corporate investment will be affected by corporate governance,the institutional environment,the accounting information quality and financing structure,the company's investment is not all efficient.From the terms of the institutional environment and the accounting information quality,the marketization process and the accounting information quality are the main factors affecting the efficiency of investment.Accounting information can be well used to resolve asymmetric information and agency problems and solve the problem which the company's investment is not all efficient.The more developed the market and lower local government intervention,can prevent inefficient investment behaviors for companies.From the perspective of marketization process,this paper analyses the causes of non-efficient investment on the basis of Asymmetric Information Theory and Agency Theory,taking the method combining standardized analysis with empirical research these two method.Then,this paper studies how the accounting information quality affects the investment efficiency of company,and with the current special economic circumstance in China,the relationship among the marketization process,accounting information quality and investment efficiency of company is studied,based on which,this study proposes some hypotheses.The research results show that:(1)Accounting information quality has been one of a positive correlation with investment efficiency of company.High-quality accounting information can restrict over-investments and can make up for the deficiency of under-investment.(2)The marketization process also has been one of a positive correlation with investment efficiency of company.However it can only restrict over-investments,but do not have significantly positive effect on under-investment.(3)As the regulating variable,the marketization process will soften the impact of accounting information quality on investment efficiency.But it will only soften the impact of accounting information quality oninvestment efficiency.The main conclusions show as follows:(1)In our country,high-quality accounting information plays an important role in modulating under-investment and over-investment.(2)Based on the special market environment in our country,the marketization process can only inhibit over-investment,and be adjusted to the relationship between the accounting information quality and over-investment.(3)In the regions with low degree of market development,the functions of accounting information quality or marketization process to the enterprise investment will be more obvious.