Research On The Influence Of Financial Flexibility On Investment Efficiency From The Perspective Of Accounting Information Transparency

Investment decisions play an important role for enterprises to seize market opportunities and enhancing competitiveness.Investment efficiency of enterprises directly affects the optimization and upgrading of industrial structure and the transformation of economic driving forces.Low investment efficiency not only causes the waste of resources,but also greatly restricts the high-quality development of economy.How to improve the investment efficiency of enterprises has become the focus of attention from all walks of life.The complex and changeable market environment brings challenges and opportunities.Only by actively adapting to environmental changes and actively responding to environmental uncertainties,maintaining appropriate financial flexibility and timely seizing opportunities to meet challenges can enterprises continuously improve their competitiveness.At the same time,we should pay attention to the improvement of accounting information transparency,play its role of internal governance and supervision,improve enterprise operation efficiency,and increase the promotion role of financial flexibility on investment efficiency.Most of the existing studies respectively discuss the impact path of financial flexibility and accounting information transparency on investment efficiency,but do not put the three in the same framework,and few studies from the perspective of accounting information transparency to further explore how to strengthen the promotion effect of financial flexibility on investment efficiency.Based on this,this paper adopts the method of combining empirical and case studies,selects listed companies in China’s strategic emerging industries from 2014 to2020 as research samples,takes the correlation between financial flexibility and investment efficiency as a starting point,introduces accounting information transparency,and explores its moderating effect on the relationship between financial flexibility and investment efficiency.At the same time,taking TBEA as the research object,case analysis is carried out to supplement and verify the empirical part.The results show that :(1)enterprises with financial flexibility can effectively alleviate the lack of investment and improve the investment efficiency;The further increase of financial flexibility will also lead to over-investment and reduce investment efficiency.(2)The transparency of accounting information plays a moderating role in the influence mechanism of financial flexibility and investment efficiency,that is,the transparency of accounting information enhances the alleviation of financial flexibility to on under-investment,and at the same time it can restrain over-investment caused by the increase of financial flexibility.The conclusion is helpful to verify the influence of financial flexibility on investment efficiency from the perspective of accounting information transparency,and provide theoretical basis for enterprises to improve investment efficiency.Finally,based on the empirical and case analysis results,some suggestions are put forward,such as maintaining reasonable financial flexibility,improving the transparency of accounting information,and strengthening the guidance and supervision of corporate behavior,so as to improve the investment efficiency of enterprises.