Monetary Policy?Accounting Information Comparability And Investment Efficiency

From a macro perspective,the investment behavior of enterprises is largely influenced by external macroeconomics.Monetary policy is an important means of national macro-control.By changing its liquidity,on the one hand,it affects the investment behavior of the enterprise by affecting the interest rate channel and the asset price channel.On the other hand,it affects the financing of the enterprise directly through the influence of the bank loan channels and the balance sheet channel of the enterprise,and indirectly acts on the investment behavior.In addition,from a micro point of view,financial reporting is an important medium for the company to transfer information to the outside world.The quality of the disclosure of accounting information will have a certain impact on the investment efficiency of the enterprise level.The high quality accounting information can alleviate the information asymmetry between the management and the investors,and then improve the efficiency of the enterprise's investment.As an important feature of the quality of accounting information,comparability can not only improve the usefulness and relevance of accounting information,but also help investors,creditors and other information users to compare,analyze,predict and make decisions about the financial situation,operating performance and future prospects of different enterprises,improving the investment efficiency.Therefore,the monetary policy,the accounting information comparability and the investment efficiency are included in the same framework to seek the ways to improve the impact of the accounting information comparability on the investment efficiency under different monetary policies.On the basis of monetary policy theory,information asymmetry theory and principal-agent theory,the thesis puts forward the relevant research hypothesis through the literature review and analysis of the relative domestic and foreign monetary policy,accounting information comparability and investment efficiency.A total of 3346 A shares(non ST)listed companies of the Shanghai and Shenzhen Stock Exchange on the Shanghai and Shenzhen Stock Exchange are taken as initial samples,using the MP index proposed by Lu Zhengfei and Yang Deming(2011)to measure monetary policy,and use the robustness model of Basu(1997)to compare the corporate level of De Franco,Kothari and Verdi(2011).The modified model is used to measure the comparability of accounting information,and based on the Richardson(2006)model,the expected investment level of the company is calculated.The model is used to estimate the absolute value of the residual difference,which is the inefficiency investment level of the company,and the period of monetary policy tightening and the period of monetary policy loosening is studied.The impact of accounting information comparability on enterprise investment efficiency.The results show that:(1)during the period of monetary policy tightening,enterprises are more prone to lead to underinvestment,resulting in low investment efficiency.(2)whether it is in the period of monetary easing or monetary tightening,the comparability of accounting information can alleviate the inefficiency investment,and the effect of accounting information comparability is more significant in the period of monetary tightening.(3)in the period of tight monetary policy,enterprises with higher agency cost and higher level of financing constraints are more effective in improving the accounting information comparability than in the period of monetary policy easing.(4)in the period of monetary policy tightening,improving the comparability of accounting information alleviated the insufficient investment of non-state-owned enterprises,which was greater than that of state-owned enterprises.