From the microscopic point of view,the paper studies the relationship between the resource allocation efficiency of listed companies and the quality of information disclosure.The paper proposes the relationship between resource allocation efficiency and information quality through researching literature and theory,adding time dimension into the model,and the paper sets three hypotheses,that is,information quality of listed companies in the current period affects the efficiency of resource allocation in the next period.The efficiency of resource allocation of listed companies in the current period can predict the quality of information disclosure in the next period;the growth rate of the current allocation efficiency of listed companies affects the quality of information disclosure in the next period.In this paper,the Cobb Douglas production function improved by Levinsohn and Petrin(2003)is used to measure the efficiency of resource allocation.Adding stochastic factors,leading to the stochastic frontier production function,the total factor productivity is estimated by ordinary least squares method,and then the technical efficiency is measured by introducing an error term with negative mean value.At the same time,the growth rate of total factor productivity is calculated.When measuring the quality of information disclosure,we choose Lang et al.(1996)model to improve the accuracy of analyst’s earnings prediction,so that it can be differentiated.It is convenient to analyze the square error of analyst’s earnings prediction.This paper applies the data of 247 listed companies in 2012-2017 for 1482 sample points.However,since the model contains lag variables,it is necessary to eliminate one year of data and finally obtain 1235 sample points for use on the model.Autoregressive distribution lag model.The conclusions of the research obtained in this paper are as follows:First,the current resource allocation efficiency of listed companies can predict the quality of information disclosure in the next period.Second,the quality of information disclosure of listed companies in the current period will affect the efficiency of resource allocation in the next phase of the enterprise,that is,the higher the quality of information disclosure,the higher the efficiency of resource allocation.Third,the rate of increase in resource allocation efficiency of listed companies in the current period can affect the quality of information disclosure in the next period.At the same time,the dynamic panel model formed by the first and second hypotheses is re-estimated by the generalized moment estimation method of the system,and a similar conclusion is drawn.This paper also does four robust tests for regression,with no significant effect on the results.The regression results of the data before and after the winsorising are also compared.It indicates that when researching the company’s financial data,it is better to utilize the winsorised method to process the data. |