摘 要
会计信息质量与企业投资决策效率之间的关系是现代财务管理研究的重要课题。在经济全球化和市场竞争加剧的背景下，高质量的会计信息对于优化资源配置、提高企业投资决策效率具有重要意义。本研究旨在探讨会计信息质量对企业投资决策效率的影响机制，通过构建理论模型并运用实证分析方法进行验证。基于2010 - 2020年中国A股上市公司的面板数据，采用多元回归分析法，以盈余管理程度、信息披露质量等作为会计信息质量的衡量指标，以托宾Q值、资本支出等作为投资决策效率的代理变量，研究发现高质量的会计信息能够显著提升企业投资决策效率，降低过度投资和投资不足现象的发生概率。进一步分析表明，会计信息质量对不同产权性质、不同规模企业的投资决策效率影响存在异质性，对于民营企业和中小规模企业的作用更为明显。本研究创新性地将会计信息质量与企业投资决策效率相联系，拓展了现有文献的研究视角，为完善企业内部治理结构、提高会计信息透明度提供了理论依据和实践指导，有助于监管部门制定相关政策，促进资本市场健康发展。
关键词：会计信息质量 企业投资决策效率 盈余管理
Abstract
The relationship between accounting information quality and corporate investment decision efficiency is a significant topic in modern financial management research. In the context of economic globalization and intensified market competition, high-quality accounting information plays a crucial role in optimizing resource allocation and enhancing corporate investment decision efficiency. This study aims to explore the impact mechanism of accounting information quality on corporate investment decision efficiency by constructing a theoretical model and employing empirical analysis methods for validation. Based on panel data from Chinese A-share listed companies from 2010 to 2020, multiple regression analysis was used, with earnings management degree and information disclosure quality serving as indicators of accounting information quality, and Tobin's Q value and capital expenditure acting as proxy variables for investment decision efficiency. The findings indicate that high-quality accounting information significantly improves corporate investment decision efficiency and reduces the probability of overinvestment and underinvestment. Further analysis reveals heterogeneity in the impact of accounting information quality on investment decision efficiency across firms with different ownership structures and sizes, showing more pronounced effects on private enterprises and small-to-medium-sized enterprises. This study innovatively links accounting information quality with corporate investment decision efficiency, expanding the existing literature’s perspective and providing theoretical foundations and practical guidance for improving internal governance structures and enhancing accounting transparency. It also aids regulatory authorities in formulating relevant policies to promote the healthy development of capital markets.
Keyword:Accounting Information Quality Enterprise Investment Decision Efficiency Earnings Management
目 录
引言 1
1会计信息质量的内涵与衡量 1
1.1会计信息质量定义与特征 1
1.2会计信息质量的衡量指标 2
1.3会计信息质量的影响因素 2
2企业投资决策效率分析 3
2.1投资决策效率的概念界定 3
2.2投资决策效率的评价方法 3
2.3影响投资决策效率的因素 4
3会计信息质量对企业投资决策的影响机制 4
3.1信息透明度与投资决策 5
3.2会计信息准确性的作用 5
3.3会计信息及时性的影响 6
4实证研究：会计信息质量与投资决策效率的关系 6
4.1研究假设与模型构建 6
4.2数据来源与样本选择 7
4.3实证结果与分析讨论 7
结论 8
参考文献 9
致谢 10
会计信息质量与企业投资决策效率之间的关系是现代财务管理研究的重要课题。在经济全球化和市场竞争加剧的背景下，高质量的会计信息对于优化资源配置、提高企业投资决策效率具有重要意义。本研究旨在探讨会计信息质量对企业投资决策效率的影响机制，通过构建理论模型并运用实证分析方法进行验证。基于2010 - 2020年中国A股上市公司的面板数据，采用多元回归分析法，以盈余管理程度、信息披露质量等作为会计信息质量的衡量指标，以托宾Q值、资本支出等作为投资决策效率的代理变量，研究发现高质量的会计信息能够显著提升企业投资决策效率，降低过度投资和投资不足现象的发生概率。进一步分析表明，会计信息质量对不同产权性质、不同规模企业的投资决策效率影响存在异质性，对于民营企业和中小规模企业的作用更为明显。本研究创新性地将会计信息质量与企业投资决策效率相联系，拓展了现有文献的研究视角，为完善企业内部治理结构、提高会计信息透明度提供了理论依据和实践指导，有助于监管部门制定相关政策，促进资本市场健康发展。
关键词：会计信息质量 企业投资决策效率 盈余管理
Abstract
The relationship between accounting information quality and corporate investment decision efficiency is a significant topic in modern financial management research. In the context of economic globalization and intensified market competition, high-quality accounting information plays a crucial role in optimizing resource allocation and enhancing corporate investment decision efficiency. This study aims to explore the impact mechanism of accounting information quality on corporate investment decision efficiency by constructing a theoretical model and employing empirical analysis methods for validation. Based on panel data from Chinese A-share listed companies from 2010 to 2020, multiple regression analysis was used, with earnings management degree and information disclosure quality serving as indicators of accounting information quality, and Tobin's Q value and capital expenditure acting as proxy variables for investment decision efficiency. The findings indicate that high-quality accounting information significantly improves corporate investment decision efficiency and reduces the probability of overinvestment and underinvestment. Further analysis reveals heterogeneity in the impact of accounting information quality on investment decision efficiency across firms with different ownership structures and sizes, showing more pronounced effects on private enterprises and small-to-medium-sized enterprises. This study innovatively links accounting information quality with corporate investment decision efficiency, expanding the existing literature’s perspective and providing theoretical foundations and practical guidance for improving internal governance structures and enhancing accounting transparency. It also aids regulatory authorities in formulating relevant policies to promote the healthy development of capital markets.
Keyword:Accounting Information Quality Enterprise Investment Decision Efficiency Earnings Management
目 录
引言 1
1会计信息质量的内涵与衡量 1
1.1会计信息质量定义与特征 1
1.2会计信息质量的衡量指标 2
1.3会计信息质量的影响因素 2
2企业投资决策效率分析 3
2.1投资决策效率的概念界定 3
2.2投资决策效率的评价方法 3
2.3影响投资决策效率的因素 4
3会计信息质量对企业投资决策的影响机制 4
3.1信息透明度与投资决策 5
3.2会计信息准确性的作用 5
3.3会计信息及时性的影响 6
4实证研究：会计信息质量与投资决策效率的关系 6
4.1研究假设与模型构建 6
4.2数据来源与样本选择 7
4.3实证结果与分析讨论 7
结论 8
参考文献 9
致谢 10
