产品市场竞争、会计信息质量与投资效率——2001—2014年中国A股市场的经验证据

发布时间：2018-11-28 13:29

【摘要】：会计信息质量和产品市场竞争作为公司内外部治理机制对投资效率都具有重要影响,但两者对投资效率的影响机理存在差异。笔者以2001—2014年沪深两市A股上市公司为样本,检验了会计信息质量和产品市场竞争对投资效率的影响机理。研究发现,在控制了其他影响因素之后,公司会计信息质量越高,投资效率越高;产品市场竞争水平越高,公司投资效率越高;产品市场竞争程度越高,会计信息质量对投资效率的促进作用越弱,产品市场竞争与会计信息质量之间存在替代关系。进一步的分析发现,在抑制现金流被滥用导致的过度投资以及融资约束限制导致的投资不足两种非效率投资的过程中,产品市场竞争对高质量会计信息的替代作用也存在。
[Abstract]:The quality of accounting information and the competition of product market have important influence on the investment efficiency as the internal and external governance mechanism of the company, but there are differences in the influence mechanism between them. Based on the sample of A-share listed companies in Shanghai and Shenzhen stock markets from 2001 to 2014, the author examines the influence mechanism of accounting information quality and product market competition on investment efficiency. It is found that after controlling other influencing factors, the higher the quality of accounting information, the higher the investment efficiency, the higher the competition level of product market, the higher the investment efficiency. The higher the level of product market competition, the weaker the promotion effect of accounting information quality on investment efficiency, and the substitute relationship exists between product market competition and accounting information quality. Further analysis shows that in the process of restraining the overinvestment caused by the abuse of cash flow and the insufficient investment due to the restriction of financing, the substitution role of product market competition for high quality accounting information also exists.
【作者单位】：浙江师范大学经管学院;
【基金】：国家社会科学基金项目“会计准则变迁与资源配置效率研究”(项目编号:14CJY005)
【分类号】：F275

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