The Effect Of Accounting Robustness On The Efficiency Of Interprise Investment

The development of the global economy is rapid today,China has leapt to become the largest economy,its economic volume and development speed are second to none.Under the guidance of "one by one" and "new economic normal",the owners and management of listed companies in our country pay more attention to whether the investment and investment capital of the listed companies are reasonable.In the process,the inefficient investment behavior also emerging,which has become a hot topic of academic research.From a micro perspective,the current research on investment efficiency focuses on inefficient investment in information asymmetry and agency problems.Accounting conservatism as an important indicator of the quality of corporate accounting information in the practice can alleviate the enterprise information asymmetry and agency issues,thus affecting the efficiency of business investment.From the macro point of view,the enterprise's investment decision-making and investment efficiency will inevitably be affected by the macro-institutional environment and institutional policy changes,and different sectors of the system selection and application also has a certain industry characteristics.As an important criterion for the financial behavior of enterprises under the state coercive force,the accounting system can not only affect the quality of accounting information,but also can affect the economic consequences of information asymmetry as a national means,but also can directly affect the behavior of investors Thus affecting investment efficiency.This paper studies the relationship between accounting conservatism and investment efficiency of manufacturing listed companies,and further changes the three accounting systems in 2000,2006 and 2014 from the perspective of dynamic accounting system.The impact of accounting conservatism on investment efficiency under different accounting systems.Through the analysis and empirical test of the relationship between the two,it is found that: firstly,there is a negative correlation between accounting conservatism and inefficient investment,that is,the conservatism of accounting has a positive effect on the improvement of enterprise investment efficiency.Secondly,the performance of accounting conservatism and investment efficiency will be influenced by the change of external system,that is,the change of accounting system,which will affect the degree of inhibition of accounting conservatism and the corresponding policy suggestions.The research of this paper has played a certain role in the study of investment efficiency and institutional economics,and has improved the research results of the economic consequences of the accounting system,which is helpful to the diversification of relevant research.Which provides empirical evidence and theoretical basis for the continuous standardization and development of China's accounting system.It proves the important role of macroeconomic system in the development of micro-enterprises and has certain practical value for the formulation of relevant norms of manufacturing enterprises.