Research On The Influence Of The Quality Of Accounting Information And Corporate Governance On Over-investment

Investment plays an important role in the economic growth of our country and has always been the subject of concern by scholars and enterprises.Investment is an important business activity of an enterprise.In reality,many enterprises have the phenomenon of blind expansion,and enterprises often repeat construction and production.Over-investment usually refers to an enterprise investing in a project that has a negative net present value.The emergence of over-investment will not only devalue the value of the enterprises but also damage the interests of shareholders.In severe cases,it may even affect the stability of the macroeconomy.Therefore,how to take effective measures to restrain over-investment is one of the important research contents in modern corporate management.This paper selects the agricultural listed companies as the research objects and takes the data from 2010 to 2016 as a sample to conduct an empirical analysis of the over-investment.The research angle of this paper is to start from the aspects of corporate governance and the quality of accounting information,and verify whether they have an inhibitory impact on over-investment.There are five chapters in this paper: The first chapter is the introduction of this paper,expounding the research background and significance,sorting out the domestic and foreign research literature,drawing up the research method,planning the technology roadmap and expounding the possible innovative points of the paper.The second chapter defines related concepts and elaborates the theoretical basis of the study.The third chapter is the theoretical analysis and research design.Based on related theories and domestic and foreign literature,this chapter analyzes the relationship between corporate governance and over-investment,the relationship between the quality of accounting information and over-investment,and the relationship between corporate governance and over-investment under the quality of accounting information to form a theoretical framework and propose assumptions.Secondly,the selection and source of the sample and the measurement method of the variable are described.Finally,the model is constructed.The fourth chapter is the empirical analysis.The results of the variables are estimated to see if the relevant variables meet the requirements of the paper and descriptive statistics and correlation analysis are performed on the data.Finally,empirical analysis is performed.The fifth chapter is the research conclusions and policy recommendations.According to the empirical conclusions,give some recommendations.At the same time,the limitations of this paper and future research directions are clarified.The empirical results show that:(1)For the agricultural listed companies,corporate governance has a negative impact on over-investment,but failed to pass the significant test.It shows that corporate governance can to some extent inhibit over-investment.(2)The quality of accounting information of the agricultural listed companies has a negative impact on over-investment,and is statistically significant at 1%.This result shows that excessive investment behavior is largely inhibited by the quality of accounting information.(3)In the regression model of corporate governance and over-investment,the quality index of accounting information and the interaction of accounting information quality and corporate governance are added.The regression results show that corporate governance has a negative impact on over-investment and passed a significant test.The quality of accounting information has a negative impact on over-investment and passed a significant test.Interaction items are also negatively correlated and pass a significant test.The empirical results show that the quality of accounting information is effective to improve the level of corporate governance,and it is added to the model of corporate governance and over-investment,which has a significant negative correlation between corporate governance and over-investment.It shows that the quality of accounting information has strengthened the inhibition of corporate governance on over-investment.According to the empirical results,improving corporate governance and improving the quality of accounting information can have an important inhibitory impact on over-investment.Therefore,the listed companies should strengthen corporate governance,such as optimizing the ownership structure,strengthening the construction of the board of directors,perfecting the supervision and incentive mechanism of the management.At the same time,we should strengthen the quality of accounting information,improve the laws and regulations for disclosure,pay attention to the cultivation of employees' awareness and ability,strengthen supervision and so on.Through a series of measures,we will effectively curb over-investment in agricultural listed companies and enable companies to operate more steadily.