Audit Quality,Financing Constraints And Investment Efficiency

Corporate investment can increase corporate value and accelerate corporate economic development.However,according to existing research,due to the increasingly serious problem of entrusted agency and information asymmetry in the market,China's listed companies generally suffer from inefficiencies of over-investment and under-investment.At the same time,it is not conducive to the healthy development of enterprises.Therefore,how to mitigate agency conflicts and information asymmetry,and reduce the resulting inefficient investment behavior,has become an important issue that Chinese listed companies urgently need to study.In theory,high-quality audits can verify accounting information and deliver true and reliable information to the market,improve the quality of accounting information,reduce information asymmetry and reduce agency costs,thereby improving the efficiency of enterprise resource allocation.Based on reading a lot of relevant literature at home and abroad,this article starts with the information transmission effect of audit quality,first studies the relationship between audit quality and the investment efficiency of enterprises,and then studies the path of audit quality on investment efficiency,and discusses financing Whether the constraints play an intermediary role in audit quality and corporate investment efficiency,that is,whether the company can pass true and reliable corporate financial information to investors through high-quality audits,and establish a good corporate image while alleviating agency conflicts and information The asymmetry of the economy will further ease the financing constraints of listed companies and ultimately improve investment efficiency.In this paper,a total of 6350 samples of 1270 A-share listed companies from 2013 to 2017 are selected as the research object.The logarithmic audit costs and financial restatement indicators are used to measure the level of enterprise audit quality.The KZ index is used as the degree of corporate financing constraints Substitute index,the absolute value of the residual error calculated by the Richardson model is used to measure the investment efficiency of the enterprise,the intermediary effect test model and the multiple regression analysis method are used to study the topic of this article,and the corresponding suggestions are proposed for the empirical results.The research results show that:(1)China's A-share listed companies generally have inefficient investment behaviors,and audit quality is significantly positively related to investment efficiency.(2)High audit quality can effectively alleviate the financing constraints faced by enterprises.(3)Financing constraints play a part of the intermediary role in the process of audit quality affecting investment efficiency.