Study On The Relationship Between Managers's Characteristics,Accounting Information Transparency And Firm's Investment Efficiency

The individual characteristics of the management can influence the management's financial,investment,financing and operational decisions in a subtle way.The investment efficiency of the enterprise is an important micro element in the structural adjustment of the new economy.The direction and profitability of the investment activities are related to the long-term sustainable development of the enterprise.In standardizing the business activities of enterprises,information disclosure is regarded as a mandatory and normative external rule that requires enterprises to comply with,so as to improve the understanding of stakeholders on the real business situation of enterprises.In order to improve the efficiency of corporate investment,requiring management to improve the information disclosure transparency is able to effectively settle the two kinds of problem of asymmetric information,and in addition to restraining inefficient investment from the perspective of information disclosure,can the individual characteristics of the management be used as a more internal and conscious requirement to regulate the investment behavior of the management?If the internal self-consciousness and self-discipline or the managers' personal experience background are also effective ways to improve the investment efficiency of enterprises,then in the process of alleviating the inefficient investment of enterprises,is there a synergistic or complementary effect between the characteristics of the management and the disclosure of enterprise information?In order to better understand the cause of the inefficient investment,and explore a sound and systematic way to constrain management's inefficient investment,this paper hypothesizes three ways to alleviate the inefficient investment of enterprises.On this basis,this paper explores the influence of accounting information disclosure and management's personal characteristics on inefficient investment from the perspective of standardizing accounting information disclosure and management's personal characteristics.At the same time the article pay special attention to the accounting information disclosure and management personal characteristics interaction effect in improving the efficiency of corporate investment.In this way,it explores the interactive governance effect between the accounting information standard and the internal characteristics of the management,and provides reference for opening the"black box" of the enterprise operation,strengthening the supervision of the management's behavior,and improving the investment efficiency of the enterprise.Based on theoretical analysis,this paper conducted empirical research on the data of all a-share listed companies from 2007 to 2018.The paper finds that(1)the more transparent accounting information is,the more beneficial it is to reduce the enterprise's inefficient investment,which is consistent with the previous research results;(2)In terms of the characteristics of the management,the older the manager,the male the manager and the academic background of the manager are,the better it is to reduce the inefficient investment of the enterprise,while managers with a financial background make less efficient investments;(3)There is an interactive effect between the characteristics of managers and the transparency of accounting information on the impact of inefficient investment in enterprises.Among them,management's age and gender both play a complementary role in reducing the investment inefficiency with accounting information transparency,while the academic background of management plays a substitute role in reducing investment inefficiency with accounting information transparency.And there is no significant interaction between management's financial background and accounting information transparency on their effect on investment inefficiency.In the robustness test,the financial crisis years which may affect the investment activities of enterprises are excluded and more control variables are added to improve the robustness of the conclusions.Finally,on the basis of the above research,this paper tries to explain the reasons and mechanisms of the above conclusions in further research.Taking the financing constraint of enterprises as the intermediary,this paper explores the ways of manager's age to alleviate firm's investment inefficiency.This paper finds that although there exists the phenomenon of over-investment and under-investment in listed companies in China,under-investment is more common than over-investment,and the trend of under-investment is further spreading.In the three-step test of mediating effect,the paper finds that financing constraint plays a part of mediating role in alleviating the underinvestment of enterprises with the age of management.This suggests that the current underinvestment problem among Chinese companies is partly due to financing constraints.The reason why the aging of the management can reduce the underinvestment is that with the aging of the management,the accumulation of social capital,their own credibility and financing channels can help enterprises better access to capital market funds,and this kind of informal channel financing is difficult to be obtained by simply improving accounting information disclosure.Therefore,this can also explain why management age and accounting information transparency play complementary roles in reducing inefficient investment in enterprises.This conclusion also reflects the incomplete perfection of China's capital market and the important position and role of social capital in enterprise financing,as well as the social reality of Chinese acquaintances' social relations and relational networks.The above conclusions enrich and verify the causes of inefficient investment in enterprises,provide new ideas and schemes for improving the investment efficiency of enterprises from the perspectives of enterprises and social relations,and find the critical path to alleviate the inefficient investment of enterprises in the Chinese scenario.This paper,in line with the social reality,provides usefulideas for enterprises to strengthen invisible internal governance and restrain inefficient investment.At the social level,this paper provides inspiration for the management to strengthen their own comprehensive quality,improve the financing channels,and build the social and perfect financial system,so as to ensure the effectiveness of investment in the real economy and the development and improvement of the financial system.