Accounting Information Comparability,Tax Avoidance And Investment Efficiency

The impact of the sudden COVID-19 epidemic on China's economy has attracted much attention.Experts pointed out that this major emergency will have a certain negative impact on China's short-term economic development,but for the medium and long-term economy,it will not have a substantial impact.The medium-and long-term economic development is inseparable from investment,but the current academic research and major cases of the capital market show that there are more inefficient investment problems in listed companies at present.It has caused serious damage to the promotion of the value of enterprises and the healthy operation of the capital market.Therefore,how to deal with the problem of inefficient investment and improve the investment efficiency of enterprises in the capital market is particularly important.The comparability of accounting information,as the information "barometer" of the capital market,is helpful for external information users to compare,analyze and predict the operating status and development prospects of enterprises,increase information transparency,optimize resource allocation and improve investment efficiency.Based on the sample data of non-financial A-share listed companies in China from 2008 to 2018,this paper empirically studies the relationship and influence path between accounting information comparability and investment efficiency.Through empirical research,it is found that the comparability of accounting information has a positive effect on the investment efficiency of enterprises,that is,the comparability of accounting information can significantly alleviate the problem of inefficiency and improve the investment efficiency of enterprises.Considering that the tax avoidance behavior of enterprises will aggravate the information asymmetry and agency problems to a certain extent,and then affect the investment efficiency of enterprises,this paper tests the intermediary effect of corporate tax avoidance in the relationship between accounting information comparability and investment efficiency.It is found that the corporate tax avoidance is the intermediary variable of the relationship between accounting information comparability and investment efficiency,that is,the comparability of accounting information can further improve the level of enterprise investment efficiency by inhibiting corporate tax avoidance.Therefore,in the process of policy formulation in the future,we should pay more attention to the comparability of accounting information,make the environmental information of capital market transparent and optimize the effective allocation of resources.