Research On The Influence Of Accounting Conservatism On Enterprise Investment Efficiency

Enterprise financial management behavior,it is an important part of enterprise management,concrete can be divided into financing management,investment management,working capital management and the four stages of profit distribution.Investment links continuity,is very important.Actual circumstances,however,there is information asymmetry and agency conflict,the resulting excessive investment and inadequate investment phenomenon is very common.Some managers of enterprises due to their own subjective or objective reason,investment activity failure or miss a great opportunity,the damage to the interests of the enterprise.According to previous research found that listed companies in our country also there is a low efficiency of investment.The inefficient investment behavior,the specific performance either excessive investment,or a lack of investment,will eventually cause damage to the value of the company and shareholders interests,so it is very urgent to improve the efficiency of investment,this also is enterprise managers and owners and even the common demand of outside investors.This article in has carried on the full,on the basis of theoretical research,in 2013 to 2016,the shenzhen stock exchange data of small and medium-sized boards of listed companies as research samples,the integrated use of a variety of research methods,to measure indicators,according to the results discussed,summed up the accounting conservatism in the small and medium-sized boards of listed companies in our country exist some phenomenon and the characteristics of accounting conservatism on the basis of the research on the influence of this kind of investment efficiency of listed companies.Specific to the empirical research part,first of all,explain variables for accounting conservatism,using their Basu model based on improved Khan&Watts model study,the descriptive,correlation and regression analysis.At the same time,the accounting robustness of the small and medium-sized board is also proved.-corporate investment efficiency to be explained variables,the choice Richardson model calculated residual value,if the epsilon residual value is greater than 0,the excessive investment for the company,the larger the value,which indicate that the more excessive investment.Residual value epsilon is negative for the lack of investment,at the same time to facilitate the subsequent parts of understanding and calculation analysis,will invest paltrily absolute value,the greater the absolute value suggests that the more serious lack of investment.Explained in measure and be explained variables,select enterprise investment scale,free cash flow,executive pay,the company scale and management fee as control variables,set up the relational model,descriptive,correlation and regression analysis,and discussed.Finally,the following main conclusions are drawn:(1)accounting robustness is common among small and medium-sized listed companies in China;(2)accounting robustness inhibits investment,which in turn increases the investment efficiency of enterprises;(3)accounting robustness also alleviates the underinvestment.