Research On The Influence Of Accounting Robustness Of Coal Listed Companies On Investment Efficiency

Investment is a necessary precondition and means for the survival,developmen,t and sustainable operation of an enterprise.It not only affects the value of the enterprise itself,but also affects the efficiency of resource allocation in the entire capital market.However,at present,there are widespread non-efficient investments in listed companies in China,including over-investment and under-investment.From a macroscopic point of view,the existence of this phenomenon is closely related to the immature market economy system,imperfect information disclosure system,and imperfect investor protection system in China,From the microscopic point of view,this phenomenon exists in the listed companies due to ownership.It is related to the principal-agent conflict,information asymmetry,and personal psychological factors that arise from the separation of management rights.Coal listed companies,as an important part of China’s capital market,naturally have inefficient investment.Improving accounting conservatism can effectively alleviate the problem of entrusted agency and information asymmetry of listed companies,and can also effectively reduce the occurrence of over-investment and under-investment,thus governing the inefficiency of corporate investment.This paper explores the specific role of accounting conservatism and investment efficiency by studying the influence of accounting conservatism on the investment efficiency of listed coal companies.This article selects the financial data of A-share listed companies in Shanghai and Shenzhen Stock Exchanges for the period from 2010 to 2016 as a research sample,measures the level of accounting conservatism of listed coal companies using the C-Score model,measures the investment efficiency of coal listed companies using the Richardson residual model,and uses software.Descriptive statistics,correlation analysis and multiple linear regression were used to analyze various variables.In order to study the accuracy of this article,we introduced ridge regression estimation method to eliminate multicollinearity among variables and tested the coal listed companies.The influence of accounting conservatism on investment efficiency.The results are as follows:(1)The accounting conservatism of China’s listed coal companies is negatively correlated with excessive investment,that is,the high-quality accounting conservatism performance effectively inhibits the excessive investment;(2)The accounting conservatism of China’s listed coal companies is positively related to the lack of investment,that is,the high quality of accounting conservatism will intensify the investment of the company;(3)The vast majority of coal listed companies in China are state-owned holding companies.Combining with the nature of property rights,it is found that the nature of state-owned property rights will weaken the negative correlation between accounting conservatism and over-investment in listed coal companies.It will also weaken the positive correlation between the accounting conservatism and investment shortage of coal listed companies.Finally,the relevant recommendations are put forward in light of the actual situation of China’s coal listed companies.