A Research On The Influence Of Accounting Conservatism On The Investment Efficiency Of Listed Companies

Accounting conservatism is also called prudence,which is an important standard of the quality characteristics of accounting information.After the financial crisis in 2008,we pay more attention to the accounting conservatism.In the accounting practice,there is more attention to the application of accounting conservatism.However,when our country accounting standards are close to the international accounting standards,the international in the joint concept framework issued in 2010 proposed the tendency of weakening of accounting conservatism.It has caused the controversy fever of conservatism in academic circles.Investment activity as an important business activity,plays a decisive role in the development of enterprises,efficient investment behavior can promote the development of enterprises.However,most of the listed companies in our country have inefficient investment behavior.This article studies the impact on efficiency investment from the aspect of accounting conservatism.Based on the above background,this article analyzes the accounting conservatism and investment efficiency theoretically based on principal-agent theory,Information asymmetry theory and investment behavior theory.Then it analyzes the influence of accounting conservatism on investment efficiency,and puts forward relevant assumptions according to theoretical analysis,and carries out empirical test.In the empirical study,this paper divides accounting conservatism into conditional conservatism and unconditional conservatism,uses the c-score value calculated by the k&w model as conditional conservatism,and uses the cumulative negative accruals model to measure the unconditional conservatism.The inefficient investment behavior is divided into overinvestment and underinvestment.The Richardson model is used for residual analysis,the positive residual indicates that the investment is excessive,and the negative residual indicates that the investment is insufficient.Through the empirical analysis,it is concluded that both the conditional conservatism and the unconditional conservatism have the obvious inhibition effect on overinvestment and the Aggravating effect on underinvestment.Finally,this paper analyzes the empirical results,and then gives some relevant policies according to the empirical results.