The Impact Of Environmental Uncertainty On Inefficient Investment

Higher efficient investment behavior is an important ways to enhance the competitiveness of enterprises,but due to the constraints of various factors,the inefficient investment phenomenon is widely exists in Chinese enterprises.As an important basis for creating and enhancing enterprise value,investment is at the core of enterprise development strategy.It affects the realization of strategic goals of enterprises and whether enterprises can finally achieve high-quality development in the future.However,in reality,due to the international war,global economic integration,the complexity of economic market environment with the imbalance of regional and industrial economic development,Chinese enterprises generally have many problems such as excessive investment scale,low investment efficiency and prominent investment risks.At the same time,financial and accounting information play an important role when enterprise managers make investment decisions.How can the quality of current accounting information which is provided for suit the needs of enterprise managers,and help the enterprise managers to use those information correctly.Therefore,based on the impact of the recent epidemic and the Recent Ukraine war on China’s economic market.This essay used the perspective of accounting conservatism to explores how enterprises make their investment behavior used under the circumstance of high uncertainty of external environment,and provides theoretical reference for enhancing corporate value in the future.In this essay,the theoretical basis of information asymmetry theory,signal transmission theory,resource dependence theory and principal-agent theory is studied by summarizing the domestic and foreign researches on environmental uncertainty,accounting conservatism and inefficient investment.At the same time,referring to the existing research results of domestic and foreign scholars,this essay proposed three hypotheses for the specific research object,and use relevant control variables which is setting for analysis,and suit for the actual needs of econometric model and empirical research.In terms of the selection of research tools,this essay mainly used the Excel 2021 and Stata 16 for nearly ten years of a-share listed companies in our country sorts through the data analysis.The value of the selected data was described by descriptive statistics,the correlation between the main variables was tested,and after regression analysis based on the established model,this essay choose two different robust methods which is used to ensure the empirical conclusions are reliability.In view of the empirical conclusion.This essay draws the following conclusions: when the level of environmental uncertainty which is faced by enterprises is high,the inefficient investment situation of enterprises will be aggravated.With the improvement of accounting conservatism,the governance effect on enterprise over-investment will be more obvious,but it will worsen the situation of enterprise under-investment.The negative impact of environmental uncertainty on enterprise investment efficiency will decrease with the increase of accounting conservatism.Finally,according to the empirical research conclusions,this essay puts forward specific countermeasures and suggestions from the enterprise level and the system level to adjust the inefficient investment problems which is existing in enterprises.