Monetary Policy,Earnings Management And Investment Efficiency

Effective investment is an important micro foundation of macroeconomic growth,and also directly determines the efficiency of macroeconomic resources allocation and the output performance of micro enterprises.From a macro perspective,the investment behavior of enterprises is largely influenced by macroeconomic policies.Monetary policy as an important means of national macro-control,influences enterprises' investment behavior by changing the cost of money supply through monetary channels on the one hand,and affects enterprises' financing through credit channels on the other hand,which indirectly affects enterprises' investment.From the micro perspective,the financial report as an important medium of company of foreign information,the disclosure of accounting information is a certain influence on the investment efficiency of the enterprise level.However,in order to meet the requirements for listing and attract investors for financing,enterprises use earnings management to whitewash accounting information and financial statements,thus affecting investment efficiency.Therefore,this paper will bring monetary policy,earnings management and investment efficiency into the same framework for research,in order to provide theoretical support for understanding corporate earnings management behavior,improving corporate investment efficiency,and formulating and implementing monetary policy in the future.In this paper,relevant literature on investment efficiency,earnings management and investment efficiency,monetary policy and investment efficiency are sorted out and analyzed.Based on the theory of monetary policy transmission,principal-agent theory and information asymmetry theory,this paper puts forward relevant hypotheses in combination with the property rights of listed companies in China.And then select the Shanghai and Shenzhen stock exchange in 2009-2018 a-share listed companies as the main research object,this paper empirically analyzes the impact of monetary policy on investment efficiency,the relationship between earnings management and investment efficiency,the impact of earnings management on enterprise investment efficiency under different monetary policies and the difference of the relationship under different property rights.Finally,through the analysis of empirical results to draw researchconclusions,put forward relevant policy recommendations.The findings of this paper are as follows:(1)loose monetary policy will reduce the efficiency of enterprise investment,while tight monetary policy will improve the efficiency of enterprise investment;Compared with non-state-owned enterprises,the investment efficiency of state-owned enterprises is more sensitive to the tightness of monetary policy.(2)earnings management has a negative impact on enterprise investment efficiency,the greater the degree of earnings management,the lower the investment efficiency;Compared with state-owned enterprises,earnings management of non-state-owned enterprises has a greater negative impact on investment efficiency.(3)when monetary policy tends to tighten,the negative impact of earnings management on investment efficiency is strengthened;Compared with state-owned enterprises,earnings management of non-state-owned enterprises has a greater negative impact on investment efficiency when monetary policy tends to tighten.