会计信息质量对投资效率的影响研究

发布时间：2018-01-11 00:17

本文关键词：会计信息质量对投资效率的影响研究　出处：《天津财经大学》2012年博士论文　论文类型：学位论文

【摘要】：近年来,我国学术界出现了两个似乎不相关的研究热点：一个是上市公司投资效率的研究,另一个是上市公司会计信息有用性研究。这两个主题是否关联,能否纳入到一个分析框架进行有效的研究,带着对这些问题的思索和研究,促成了论文的选题和成文。论文将会计信息和投资效率纳入到一个统一的分析框架,研究会计信息质量对投资效率的作用机理和影响后果,一方面有望从会计信息视角探索优化投资行为和改进投资效率的路径和措施,另一方面以投资效率为平台,为会计信息的有用性提供新的经验证据。论文主要采用规范和实证相结合的研究方法,运用规范研究方法解析会计信息质量对投资效率的作用机理,使用实证研究方法分别从会计信息的可靠性、及时性、持续性、稳健性及综合质量五个方面检验其对投资效率的影响后果。论文在文献综述、相关基础理论回顾、制度背景分析及现状描述的基础上建立理论分析框架和理论模型,从理论分析结果中引申出实证含义,然后利用我国上市公司的财务会计数据进行统计分析和检验,最后得出结论。具体的研究逻辑可依次划分为三大部分：第一部分是研究起点,包括文献综述、相关基础理论回顾(理论起点)及制度背景、现状描述(现实起点) 第二部分是理论分析,又分两个阶段。第一阶段是阐述会计信息质量对投资效率影响的理论分析框架,按照三条逻辑路线组织：①高质量会计信息→缓解逆向选择问题→降低融资成本→减少投资不足→提高投资效率；②高质量会计信息→减少代理问题→规范项目选择→抑制投资过度(或减少投资不足)→提高投资效率；③高质量会计信息→增强预期和识别投资机会能力→抑制盲目投资→提高投资效率。第二阶段是第一阶段内容的提炼和数理化,建立了基于会计信息的投资效率模型,以更严谨的语言和更缜密的逻辑深入考察会计信息质量对投资效率的影响。第三部分是实证分析,将会计信息质量分解成可靠性、持续性、稳健性、及时性四个维度,以第一部分的内容作为制度背景,以第二部分的理论分析结果作为实证假设,分别从可靠性、及时性、持续性、稳健性及综合质量五个方面,利用双因素固定效应面板模型,实证检验其对投资效率的影响。其中,投资效率的量化测度采用了两种类型的随机边界模型,会计信息可靠性、及时性、持续性、稳健性及综合质量分别采用不同的模型进行了量化衡量。论文的研究在研究视角、研究方法、研究结论三个方面作出了创新性探索。在研究视角上,打破了现有规范研究仅从融资约束或代理问题的单一角度来考察会计信息对投资效率影响的研究路径,有机地将融资约束、代理问题及投资机会识别同时纳入到会计信息对投资效率作用机理的分析当中；突破了现有实证研究仅从会计信息质量的单一维度检验其对投资效率影响的研究范式,全面地从会计信息质量的不同维度(可靠性、及时性、持续性、稳健性及综合质量)分别实证检验了其对投资效率的影响。在研究方法上,克服了现有规范研究不严谨的局限,借鉴博弈论中的信号发送模型,通过资本市场的信息定价机制,构建了基于会计信息的投资效率模型。在研究结论上,提出了会计信息是通过影响融资成本、项目选择及投资机会识别三种方式来最终影响投资效率的观点；得出了会计信息是借助资本市场机制和公司治理机制间接发挥提高投资效率重大作用的结论；认为高质量的会计信息能够缓解融资约束、规范项目选择、增强投资机会识别能力,从而既能够减少融资约束企业的投资不足,也能够抑制代理问题严重和盲目投资企业的投资过度,提高会计信息质量是治理非效率投资行为的重要途径和措施；发现我国会计信息的可靠性、及时性、持续性、稳健性及综合质量对投资效率都有显著正的影响,会计信息具有经济后果；论文对会计信息质量的量化测度显示,我国会计信息的可靠性、及时性、持续性、稳健性及综合质量都在逐年改善。论文的研究在理论上为会计信息质量与投资行为关系研究建立了一个分析框架,并进一步为会计信息对投资效率的作用机理构建了一个数理模型,为我国会计信息有用性提供了新的经验证据；在实践上为我国上市公司优化投资行为和提高投资效率提供一种切实可行的路径和措施,为监管部门监管企业投资行为提供理论指引,为政策制定部门制定和完善投资政策提供政策支持。
[Abstract]:In recent years, China's academic circles appeared in two seemingly unrelated research: one is the research on the investment efficiency of listed companies, the other one is to study the usefulness of accounting information of listed companies. These two themes are associated, whether incorporated into an analytical framework for effective research, with these the problem of thought and research, and contributed to the thesis written.
The accounting information and the efficiency of investment into a unified analysis framework, research on the mechanism of the quality of accounting information on investment efficiency and influence, from the perspective of accounting information, on the one hand to explore the path and measures to optimize the investment and improve the investment efficiency, on the other hand the efficiency of investment as a platform, the usefulness of accounting information provide new empirical evidence.
The research method mainly adopts the combination of normative and empirical research methods, using the standard mechanism analysis of accounting information quality on investment efficiency, the use of empirical research methods from the reliability of accounting information, timeliness, continuity, stability and comprehensive five aspects of quality inspection and its impact on investment efficiency consequences. Based on the review of the literature. Review the related basic theory, basic analysis and description on the background of the system to establish a theoretical analysis framework and theoretical model, derived from empirical implication of the results of theoretical analysis, and then use the financial data of Listed Companies in China for statistical analysis and testing, finally draw the conclusion. The concrete research logic could be divided into three parts:
The first part is the starting point of the study, including the literature review, the review of the relevant basic theories (the theoretical starting point) and the institutional background, the present situation description (the realistic starting point).
The second part is the theoretical analysis, it is divided into two stages. The first stage is to explain the influence of the quality of accounting information on investment efficiency analysis framework, according to the three routes: the organization of high quality accounting information to alleviate the adverse selection problem and reduce the cost of financing to reduce insufficient investment, improve the efficiency of investment; the quality of accounting information. Reduce agency problems, standardize project selection, preventing excessive investment (or reduced investment) to improve the efficiency of investment; the quality of accounting information, and the identification of investment opportunities expected to enhance capability to curb blind investment, improve the investment efficiency. The second stage is the first stage of refining and mathematical content, establishes the investment efficiency model of accounting information based on the language in a more rigorous and more rigorous logic in-depth study of accounting information quality on investment efficiency.
The third part is the empirical analysis, the quality of accounting information is decomposed into continuity, reliability, robustness, timeliness of the four dimensions, to the first part of the system as the background, the second part of the theoretical analysis results as the empirical hypothesis, from the reliability, timeliness, continuity, stability and comprehensive quality of five aspects, using two factor fixed effect panel data model, empirical test of its impact on investment efficiency. The quantitative measurement of investment efficiency using stochastic frontier model, two types of accounting information, reliability, timeliness, persistence, stability and comprehensive quality of different models were measured.
The research in the research perspective, research methods, the three aspects of the research conclusion has made innovative exploration. In the research perspective, research has broken the existing path of normative research only from a single point of financing constraints or agency problems to investigate the influence of accounting information on investment efficiency, combining the financial constraints, agency problems and investment opportunities at the same time into the recognition of accounting information for the analysis of the efficiency of investment mechanism; break through the existing research paradigm of empirical research only test its impact on investment efficiency from the single dimension of the quality of accounting information, comprehensively from different dimensions of the quality of accounting information (reliability, timeliness, continuity, stability and comprehensive quality test) respectively. The impact of the efficiency of investment. In the research method, overcomes the limitations of normative research is not rigorous, reference signal transmission model of the game theory, through The information of capital market pricing mechanism, construction investment efficiency model based on accounting information. In conclusion, the accounting information is affected by the cost of financing, project selection and investment opportunities to identify three ways to affect the efficiency of investment; the accounting information is playing important role in improving the efficiency of investment indirectly by means of capital the market mechanism and the mechanism of corporate governance conclusion; think that the quality of accounting information can alleviate the financing constraints, standardize project selection, enhance the ability to identify investment opportunities, which not only can reduce the shortage of financing constraints on investment, also can restrain the serious agency problems and blind investment enterprises over investment, improve the quality of accounting information is an important way and measure governance of inefficient investment behavior; found that the reliability of the accounting information of our country timely, sustained, robust and comprehensive quality Quantity has a significant positive impact on investment efficiency, accounting information has economic consequences. The quantitative measurement of accounting information quality shows that the reliability, timeliness, sustainability, robustness and comprehensive quality of accounting information in China are improving year by year.
The research in theory for the quality of accounting information and investment behavior to build an analytical framework for further studies, and the mechanism of accounting information on the efficiency of investment to build a mathematical model, provides new empirical evidence for the usefulness of accounting information in our country; in practice for listed companies to optimize investment the behavior and provide a feasible path and measures to improve the efficiency of investment, provide theoretical guidance for the supervision department supervision of enterprise investment behavior, establish and perfect the investment policy and provide policy support for policy makers.

【学位授予单位】：天津财经大学
【学位级别】：博士
【学位授予年份】：2012
【分类号】：F275;F832.51;F224

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