Research On The Influence Of Information Disclosure Quality On Enterprise Investment Efficiency

Since the reform and opening up,China has made remarkable achievements in economic development.At the same time,however,there have been inefficiencies caused by extensive economic growth.China has entered the New Normal,improving the quality and efficiency of economic development has become an important task for future social and economic development.As the most important microeconomic entity in China,the investment efficiency of enterprises is not only crucial to themselves,but also has a profound impact on the economic development of the whole country.However,in the real economic society,due to the existence of asymmetric information,enterprises tend to underinvest or overinvest,which will lead to the mismatch of social resources,and thus have a negative impact on the operational efficiency of the whole macro-economy,so it is necessary to further research on investment efficiency issues.In this context,this paper studies the impact of information disclosure quality on the investment efficiency of enterprises.This paper explores the impact of information disclosure quality on investment efficiency from two aspects: theoretical and empirical.The content is divided into six parts: The first part introduces the background and significance of the research,and then after reviewing the literature of the predecessors,the research ideas and methods of this paper are proposed;the second part is about the theory of information disclosure quality and investment efficiency,mainly introduces the concept and measurement methods of various information disclosure quality and investment efficiency,then explains the importance of information disclosure quality and the classic of enterprise investment.Finally,it introduces the theoretical basis of information disclosure quality affecting investment efficiency,which paves the way for the following mechanism analysis;the third part is based on the theoretical basis of the previous theory,using the inductive deductive method to analyze the mechanism,first elaborate common factors affecting investment efficiency,then from the analysis of these influencing factors,it is concluded that financing constraints and agency costs are the key variables affecting investment efficiency.Finally,it is deduced how the quality of information disclosure affects investment efficiency through these two paths and proposes corresponding assumptions.The fourth part describes the status of information disclosure and investment efficiency of Shenzhen Stock Exchange from various angles.The fifth part is empirical research,which mainly proves the hypothesis of this paper.The last part is the main conclusions of this paper and related policy recommendations.The results of this paper show that high-quality overall information disclosure,financial information disclosure and non-financial information disclosure can significantly improve the investment efficiency of enterprises.The former two can alleviate the lack of investment and inhibit excessive investment,but non-financial information disclosure quality can only alleviate the lack of investment,and has no governance effect on over-investment;financing constraint is the mediator variable of the overall information disclosure quality,financial information disclosure quality and non-financial information disclosure quality affecting the investment efficiency of enterprises.Agency cost only starts from the former two,the intermediary role does not play a mediating role in the quality of non-financial information disclosure.The innovations of this paper may include: First,the overall information disclosure quality,financial information disclosure quality and non-financial information disclosure quality are included in the same system,and the impact of information disclosure quality on investment efficiency is more comprehensively studied.Second,many scholars use the OLS method to estimate the investment efficiency.This paper considers that the explanatory variables of the model contain the lag period of the explanatory variables,and use the GMM method to estimate the investment efficiency.Thirdly,the mediating effect of financing constraints and agency costs is tested by empirical test.