Empirical Research On The Relationship Between Accounting Information Quality And Investment Efficiency Based On Listed Tourism Companies

Inefficient investment issues including over-investment and under-investment,are existed in most Listed Tourism Companies.Meanwhile,scientific and rational investment decisions depend on high quality accounting information which is one of the most important factors affecting the investment efficiency.It has important practical significance to provide reliable theoretical basis and practical suggestions for listed tourism company to improve investment efficiency by studying the relationship between accounting information quality and investment efficiency.This research defines the conceptions of accounting information quality and investment efficiency,then this research analyses the causes of investment inefficiency,and the path that how accounting information quality influences the investment efficiency.For making sure the relationship between accounting information quality and investment efficiency,this research collects the financial data of 30 listed tourism companies in China from 2011 to 2014 by making the empirical study.It uses respectively DD regression residuals and modified Richardson regression residuals as the alternative variables to measure the accounting information quality and the investment efficiency,and it also chooses controlled variables based on the investment characteristics of listed tourism companies.It builds the basic regression model to test the relationship between accounting quality and investment efficiency,and also builds another two regression models including the affects of financing constraints and agency conflict for testing the relationship between accounting quality and investment efficiency in those tourism companies which faces with financing constraints and agency conflicts more serious.All these are to provide suggestions to improve the investment efficiency of listed tourism companies through improving the accounting information quality,reducing agency conflicts and easing financing constraints.The results of empirical study presents that there are a significant negative correlation between the accounting information quality and under-investment,accounting information and over-investment as well.For those listed tourism companies which exist more serious agency conflicts,the correlation between accounting information quality and over-investment more significant,and for those listed tourism companies which faced with more serious financing constraints,the correlation between accounting information quality and under-investment more significant.All these results present that accounting information quality can improve the investment efficiency not only by identifying the investment opportunities and also by solving the agency conflicts and financing constraints.