The Nature Of Stock Ownership?the Quality Of Accounting Information And The Efficiency Of Credit Resource Allocation

In 2014,the government further put forward the economic policy of "accelerating the development of mixed ownership economy" in the work report.In this background,how our enterprises make use of the internal and external information to rationally configure the enterprise resources,it will be a difficult problem to be solved in the development road of enterprises.Up to now,the main source of capital in our enterprises is still the bank credit,at the same time,the quality of accounting information is more important in the factors that affect the decision making of the enterprise managers,and how to configure the enterprise credit resources is particularly important now.Both the high efficiency and the low will affect the outlook of the enterprise's development prospects,which will affect the future direction of the enterprise.Although the existing literature in the domestic and foreign literature has preliminarily discussed the impact of the efficiency of the allocation of credit resources to the enterprises,due to the external conditions of our country's special national conditions,it is necessary to study the relationship between the nature of the equity,the quality of the accounting information and the efficiency of the allocation of credit resources in order to promote the better and faster development of enterprises.Based on the above logic,this paper takes the Shanghai and Shenzhen companies listed in A shares as the research object and 2011-2016 as the research period,so as to analyze the influence of the nature of equity and the quality of accounting information on the allocation and efficiency of credit resources by Eviews6.0 and Stata12.0.The research shows that,first of all,the state-owned enterprises are more likely to get the "preference" of banks and obtain more credit resources;secondly,the state-owned enterprises are getting a lot of credit resources,while their investment efficiency is getting lower and lower.Finally,although the high quality accounting information is beneficial to improve the efficiency of enterprise investment,but the nature of state ownership weakens the relationship between the two.Therefore,the reasons for this phenomenon may be due to the sufficient credit resources of the state-owned enterprises and the high quality of the accounting information,which makes it easier for the external stakeholders to strengthen the trust of the enterprises,and the investment of the enterprises is increased,so that the possibility of the overinvestment is increased.Thus,The phenomenon of inefficient investment is also explained in this case.This research result also serves as a warning for the future development of enterprises,and has profound guiding significance for the reform and development of Chinese enterprises.First of all,in the context of reform,both state-owned and private enterprises should also improve the efficiency of the allocation of credit resources for enterprises while maintaining the quality of their own accounting information.Secondly,enterprises have obtained more credit resources,and should not blindly expand the scale of investment.Besides,all of enterprises should make concrete analysis of specific problems in order to keep the balance and form a virtuous circle of enterprise development.