会计信息质量对资本市场资源配置效率影响研究

发布时间：2018-03-22 17:43

本文选题：资本市场　切入点：会计信息质量　出处：《哈尔滨商业大学》2013年硕士论文　论文类型：学位论文

【摘要】：当前经济学和财务学研究领域的一个重要问题,就是如何提高资源的配置效率,将有限的资本最大程度上配置到最合适的企业或投资项目上。资源配置效率的提高,不仅能够提高企业的竞争力,也能为企业未来现金流量的持续增长提供重要的支撑,进而实现整个社会资源的合理利用。我国学者对资源配置效率的研究在近几年不断增多,但大部分还是停留在资本结构、公司治理、经理人利益的角度,对会计信息质量与资源配置效率相关关系的研究文献仍相对较少。由于我国的经济体制与国际上其他国家相比,仍具有一定的特殊性,加之我国目前正处于经济转型的高速发展阶段,对企业会计信息质量如何影响资源配置效率的研究就更加重要。高质量的会计信息可以向公司外部信息使用者准确提供企业有关资产价值或未来发展情况,减少资本市场上企业价值被高估和低估的可能,抑制投资过度和投资不足,防止企业股价过分波动,提高资源配置效率。论文对国内外会计信息质量与资源配置效率的相关研究成果进行了回顾和总结。通过对会计信息质量、资本配置效率的含义、度量方法及两者之间的关系分析,依据委托代理等理论,对影响资源配置效率的因素深入分析,并选取深圳证券交易所上市公司数据为样本,实证研究会计信息质量与资源配置效率的相关性。得出随着会计信息质量的提高,企业投资过度的降低幅度会更大,高质量会计信息对企业投资过度的抑制作用更显著。基于上述结论,论文提出了提高会计信息质量若干途径的政策建议：合理定位政府角色和政府行为；完善会计信息质量管理制度；完善资本市场相关管理制度；完善企业管理人员的监督管理机制。
[Abstract]:At present, an important problem in the field of economics and finance is how to improve the efficiency of resource allocation and allocate the limited capital to the most suitable enterprise or investment project. It can not only improve the competitiveness of enterprises, but also provide important support for the sustained growth of cash flow in the future, and then realize the rational use of the whole social resources. The research on resource allocation efficiency of Chinese scholars has been increasing in recent years. But most of them remain in the perspective of capital structure, corporate governance and managers' interests, and the research literature on the relationship between the quality of accounting information and the efficiency of resource allocation is still relatively few. Because of the economic system of our country compared with other countries in the world, There are still some particularities, in addition, our country is currently in the stage of rapid development of economic transformation. It is more important to study how the quality of enterprise accounting information affects the efficiency of resource allocation. High-quality accounting information can accurately provide the value of enterprise assets or future development to external information users. Reducing the possibility of overvaluation and undervaluation in the capital market, restraining overinvestment and underinvestment, preventing the excessive fluctuation of the stock price of the enterprise, and improving the efficiency of resource allocation. This paper reviews and summarizes the related research results of accounting information quality and resource allocation efficiency at home and abroad. Through the analysis of the meaning of accounting information quality, capital allocation efficiency, measurement methods and the relationship between them, Based on the principal-agent theory, the factors that affect the efficiency of resource allocation are deeply analyzed, and the data of listed companies in Shenzhen Stock Exchange are selected as samples. Empirical study on the correlation between accounting information quality and resource allocation efficiency. It is concluded that with the improvement of accounting information quality, the extent of excessive investment reduction will be greater. The effect of high quality accounting information on enterprises' excessive investment is more obvious. Based on the above conclusions, the paper puts forward some policy suggestions for improving the quality of accounting information: rationally positioning the role and behavior of government; Perfect accounting information quality management system; perfect capital market related management system; perfect enterprise management personnel supervision and management mechanism.
【学位授予单位】：哈尔滨商业大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F832.51

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