Fiscal Policy?Accounting Information Comparability And Efficiency Of Investment

High-quality accounting information is conducive to capital appreciation,can maximize investment efficiency and reduce the risk of adverse selection.The purpose of this paper is to examine the unceitainry of information brought about by the change of macroeconomic environment and its impact on the manaaement's judement of future economic prospects,and to study how the company's management copes with the change of financial policy,which is a macroeconomic policy,and its impact on accounting policy and investment strategy.Based on the specific economic background of China's emerging economy,this paper makes an in-depth study of fiscal policy and enterprise investment efficiency,and organically combines macroeconomic policy with enterprise micro-economic behavior,so as to correctly understand the effectiveness of policy tools in the transmission processThe paper exams the effect of fiscal policy and accounting information comparability on efficiency of investment based on the samples of all listed non-financial companies listed on Shanghai and Shenzhen Stock Exchange from 2007 to 2017.The study shows that:(1)The investment level of Listed Companies in China will be affected by free cash flow.Whether in the period of fiscal policy expansion or fiscal policy tightening,the improvement of comparability of accounting information will reduce the sensitivity of investment-cash flow(2)No matter whether in the expansion fiscal policy or tight fiscal policy.improving the accounting information comparability will reduce the investment insufficient,especialy in the tight fiscal policy.When in the expansion fiscal policy,improving the accounting information comparability will increase the excessive investment,which is caused by intermediary effect of the new borrowing.(3)During the period of tight fiscal policy,the improvement of the accounting information comparability of stated-owned enterprises will significantly reduce the insufficiency of investment,and the degree of the influence is greater than the non-stated-owned enterprises.During the period of expansion fiscal policy,the improvement of the accounting information comparability of stated-owned enterprises will significantly increase the excessive investment,and the degree of the influence is greater than the non-stated-owned enterprises.