会计信息质量、盈余管理与企业投资效率关系的研究
发布时间：2018-08-16 07:54
【摘要】：投资活动是企业一项非常重要的价值活动,在完美世界里,企业投资效率取决于企业投资项目净现值的正负,相应的,企业投资支出总额也仅由其面临的投资机会集决定,与其他因素无关。但是,在现实世界里,由于委托代理问题及信息不对称问题的存在,企业的投资效率会受到不同程度的影响,导致投资过度或投资不足,降低企业的价值、损害股东的利益、影响企业的长远发展。近年来,我国上市企业普遍存在非效率投资行为,严重损害了股东利益和宏观经济的健康发展。高质量的会计信息能够缓解资本市场上的信息不对称问题,减少逆向选择,同时也能在公司治理中发挥监督、评价的功能,缓和企业的委托代理冲突。虽然,高质量的会计信息对企业非效率投资有抑制作用,但是盈余管理能够通过加大代理成本和信息不对称扭曲会计信息,进而对企业的投资效率造成影响。可见,企业会计信息质量、盈余管理与投资效率对资本市场的有效运转起着重要作用,为了了解他们之间的相互关系,本文研究了会计信息质量对投资效率的影响以及会计信息质量与盈余管理的交互作用对投资效率的影响。本文选取的研究方法为定性分析与定量分析,首先基于经济环境、制度环境对我国会计信息质量与投资状况进行定性分析,然后对会计信息质量、盈余管理、投资效率从理论角度进行分析,进而提出研究假设。在进行假设检验的过程中本文以2013~2014年沪深A股上市企业为研究对象,数据来源为RESSET金融数据库,从中筛选出1306个样本数据。首先,运用DD模型及因子分析法对会计信息质量进行评价,然后运用Jones模型、Richardson模型分别对盈余管理和投资效率进行测度。最后对数据进行描述性分析、相关性分析及回归分析,检验会计信息质量、盈余管理及投资效率之间的关系。本文使用Excel 2010软件对数据进行整理,Stata 14.0统计分析软件对数据进行分析。本文研究发现:(1)我国非金融上市公司普遍存在投资过度现象;(2)上市企业的会计信息质量与企业投资效率之间存在显著负相关性,提高会计信息质量能够有效的缓解投资过度及投资不足;(3)会计信息质量与企业盈余管理的交互作用,能够增强对企业投资过度的解释能力;(4)企业的盈余管理与企业投资不足之间的相关性较弱,说明盈余管理不是造成企业投资不足的主要原因。(5)我国企业投资状况总体较好,但是投资过度行为普遍存在,相比投资不足,我国的投资过度状况更应该得到关注。
[Abstract]:Investment activity is a very important value activity for an enterprise. In a perfect world, the investment efficiency of the enterprise depends on the positive or negative net present value of the enterprise investment project. Accordingly, the total investment expenditure of the enterprise is only determined by the set of investment opportunities it faces. It has nothing to do with other factors. However, in the real world, due to the existence of principal-agent problem and information asymmetry problem, the investment efficiency of enterprises will be affected to varying degrees, resulting in excessive investment or underinvestment, reducing the value of enterprises and harming the interests of shareholders. Affect the long-term development of enterprises. In recent years, China's listed enterprises generally have inefficient investment behavior, which seriously damages the interests of shareholders and the healthy development of macroeconomic. High quality accounting information can alleviate the problem of asymmetric information in the capital market, reduce adverse selection, at the same time, it can also play the role of supervision and evaluation in corporate governance, and ease the principal-agent conflict of enterprises. Although high quality accounting information can inhibit the inefficient investment of enterprises, earnings management can distort accounting information by increasing agency cost and asymmetric information, which will have an impact on the investment efficiency of enterprises. It can be seen that the quality of accounting information, earnings management and investment efficiency play an important role in the effective operation of the capital market. This paper studies the influence of accounting information quality on investment efficiency and the interaction between accounting information quality and earnings management on investment efficiency. The research methods selected in this paper are qualitative analysis and quantitative analysis. Firstly, based on the economic environment and institutional environment, the quality of accounting information and the investment situation in China are qualitatively analyzed, then the quality of accounting information and earnings management are analyzed. Investment efficiency is analyzed from the angle of theory, and then the research hypothesis is put forward. In the course of hypothesis testing, 1306 samples were selected from the Shanghai and Shenzhen A-share listed enterprises from 2013 to 2014. The data were derived from RESSET financial database. Firstly, the quality of accounting information is evaluated by DD model and factor analysis method, and then the earnings management and investment efficiency are measured by Jones model and Richardson model. Finally, the relationship between accounting information quality, earnings management and investment efficiency is tested by descriptive analysis, correlation analysis and regression analysis. In this paper, Excel 2010 software is used to analyze the data. The results of this study are as follows: (1) overinvestment exists in non-financial listed companies in China, (2) there is a significant negative correlation between the quality of accounting information and the investment efficiency of listed companies. Improving the quality of accounting information can effectively alleviate the overinvestment and underinvestment; (3) the interaction between accounting information quality and earnings management, (4) the correlation between earnings management and underinvestment of enterprises is weak, which indicates that earnings management is not the main reason for the underinvestment of enterprises. (5) the investment situation of enterprises in China is generally good. However, excessive investment behavior is common and should be paid more attention to than insufficient investment.
【学位授予单位】：江苏科技大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F275
，
本文编号：2185376
[Abstract]:Investment activity is a very important value activity for an enterprise. In a perfect world, the investment efficiency of the enterprise depends on the positive or negative net present value of the enterprise investment project. Accordingly, the total investment expenditure of the enterprise is only determined by the set of investment opportunities it faces. It has nothing to do with other factors. However, in the real world, due to the existence of principal-agent problem and information asymmetry problem, the investment efficiency of enterprises will be affected to varying degrees, resulting in excessive investment or underinvestment, reducing the value of enterprises and harming the interests of shareholders. Affect the long-term development of enterprises. In recent years, China's listed enterprises generally have inefficient investment behavior, which seriously damages the interests of shareholders and the healthy development of macroeconomic. High quality accounting information can alleviate the problem of asymmetric information in the capital market, reduce adverse selection, at the same time, it can also play the role of supervision and evaluation in corporate governance, and ease the principal-agent conflict of enterprises. Although high quality accounting information can inhibit the inefficient investment of enterprises, earnings management can distort accounting information by increasing agency cost and asymmetric information, which will have an impact on the investment efficiency of enterprises. It can be seen that the quality of accounting information, earnings management and investment efficiency play an important role in the effective operation of the capital market. This paper studies the influence of accounting information quality on investment efficiency and the interaction between accounting information quality and earnings management on investment efficiency. The research methods selected in this paper are qualitative analysis and quantitative analysis. Firstly, based on the economic environment and institutional environment, the quality of accounting information and the investment situation in China are qualitatively analyzed, then the quality of accounting information and earnings management are analyzed. Investment efficiency is analyzed from the angle of theory, and then the research hypothesis is put forward. In the course of hypothesis testing, 1306 samples were selected from the Shanghai and Shenzhen A-share listed enterprises from 2013 to 2014. The data were derived from RESSET financial database. Firstly, the quality of accounting information is evaluated by DD model and factor analysis method, and then the earnings management and investment efficiency are measured by Jones model and Richardson model. Finally, the relationship between accounting information quality, earnings management and investment efficiency is tested by descriptive analysis, correlation analysis and regression analysis. In this paper, Excel 2010 software is used to analyze the data. The results of this study are as follows: (1) overinvestment exists in non-financial listed companies in China, (2) there is a significant negative correlation between the quality of accounting information and the investment efficiency of listed companies. Improving the quality of accounting information can effectively alleviate the overinvestment and underinvestment; (3) the interaction between accounting information quality and earnings management, (4) the correlation between earnings management and underinvestment of enterprises is weak, which indicates that earnings management is not the main reason for the underinvestment of enterprises. (5) the investment situation of enterprises in China is generally good. However, excessive investment behavior is common and should be paid more attention to than insufficient investment.
【学位授予单位】：江苏科技大学
【学位级别】：硕士
【学位授予年份】：2016
【分类号】：F275
，
本文编号：2185376
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