Empirical Research On The Relationship Between Comparability Of Accounting Information And Investment Efficiency

Investment is an important economic activity.At the micro level,enterprises need to rely on effective investment activities to enhance the value of enterprises.At the macro level,investment activities are related to the allocation of social resources and have an important impact on the economic development of the whole country.Comparability of accounting information is a key characteristic requirement of accounting information,which can directly affect the cost of collecting and analyzing information.If the comparability in the financial information environment is low,enterprises will be unable to identify and choose good investment projects when making investment decisions,thus affecting the development of enterprise investment activities.Therefore,this paper will discuss the relationship between the comparability of accounting information and investment efficiency.In addition,under China's unique market economic system,the economic environment faced by state-owned holding companies and non-state-owned holding companies is different.Therefore,this paper will also explore whether there is a difference between the comparability of accounting information and the investment efficiency of a company after considering the ownership.This paper first reviews the relevant literature,using accounting information function theory,principal-agent theory and information asymmetry theory,analyzes the role of accounting information comparability on investment efficiency,and on this basis puts forward relevant assumptions.Using a-share enterprises listed on Shanghai and Shenzhen Stock Exchanges from 2008 to 2018 as research objects,this paper explores the relationship between accounting information comparability and over-investment and under-investment,as well as the difference in the impact of accounting information comparability of enterprises with different ownership on over-investment and under-investment.The empirical results show that the enhancement of the comparability of accounting information can reduce the degree of over-investment and under-investment.In addition,after distinguishing different ownership,it is found that compared with non-state-owned holding companies,the degree of accounting information comparability to inhibit over-investment is more significant in state-owned holding companies.Compared with state-owned holding companies,the degree of accounting information comparability to inhibit under-investment is more significant in non-state-owned holding companies.Finally,this paper puts forward some suggestions based on the results of empirical analysis.Firstly,to improve the accounting procedures and methods of accounting standards for business enterprises unification.Secondly,improve the accounting internal and external supervision system.Thirdly,constantly promote the reform of China's ownership system.Fourthly,we should strengthen the management and supervision of managers.