Research On Marketization Process,Accounting Conservatism And Investment Efficiency

Investment has long been the focus of attention in the industry,among which inefficient investment can greatly affect the efficiency of capital utilization of listed companies and the effective and healthy development of capital market.It is a common and prominent problem in domestic listed companies.So far,many scholars and experts have studied many factors affecting inefficient investment and achieved considerable results,but most of them only focus on the impact of internal factors such as cash flow and ownership structure on inefficient investment of listed companies,while little research has been done on the impact of institutional environment on investment decisions of listed companies.In this regard,this paper studies the process of marketization and accounting conservatism on investment efficiency.This paper combines the external institutional environment and the stability of internal accounting information,and regards the degree of marketization as a factor to measure the macro-market environment,studies the relationship between the process of marketization and the accounting conservatism and the investment efficiency of enterprises,and comprehensively investigates its impact on the investment efficiency of listed companies.Taking the efficiency of enterprise investment as the research object,this paper screens A-share listed companies in China,Shanghai and Shenzhen from 2013 to 2017,extracts research samples,and makes in-depth analysis combining theory and empirical research.Firstly,four famous theories are used to analyze the causes of inefficient investment.Secondly,the process of marketization and the mechanism of accounting conservatism on enterprise investment efficiency are analyzed step by step.Finally,an empirical study is carried out through descriptive statistical analysis,correlation test,multiple linear regression analysis and robustness test.This paper draws the following conclusions:(1)The process of marketization is positively correlated with the investment efficiency of enterprises,which can restrain the Over-investment of listed companies and improve the situation of underinvestment.(2)There is also a positive correlation between accounting conservatism and investment efficiency in China,which can reduce overinvestment and improve underinvestment.(3)The process of marketization can strengthen the governance role of accounting conservatism on enterprise investment efficiency.The quality of accounting information will be more stable with the improvement of the process of marketization.Both of them can promote the efficiency of enterprise investment.This study is helpful to understand the importance of the real economic environment to the investment behavior of listed companies,and to guide the investment behavior of listed companies more effectively.