摘 要
会计信息质量作为资本市场健康运行的重要基石，对资源配置效率具有深远影响。本研究基于中国资本市场的特殊背景，探讨会计信息质量如何通过降低信息不对称、优化投资者决策来提升资源配置效率，并进一步分析其作用机制与边界条件。研究采用2010年至2020年间沪深A股上市公司的面板数据，结合多元回归分析与工具变量法，控制内生性问题，以确保结果的稳健性。研究表明，高质量的会计信息能够显著改善资本市场的资源配置效率，尤其在机构投资者持股比例较高和法律环境较完善的公司中表现更为突出。此外，研究发现信息披露透明度和审计质量在这一过程中起到重要的中介作用。本文的创新点在于首次将法律环境与投资者结构纳入统一框架进行分析，并通过细分行业特征验证了会计信息质量影响的异质性。研究的主要贡献在于为完善会计准则体系提供了理论支持，同时为监管机构优化市场治理结构、提升资源配置效率提供了政策建议。
关键词：会计信息质量 资源配置效率 信息披露透明度
Abstract
The quality of accounting information serves as a critical cornerstone for the healthy operation of capital markets and has profound implications for resource allocation efficiency. This study, grounded in the unique context of China's capital market, investigates how high-quality accounting information enhances resource allocation efficiency by reducing information asymmetry and optimizing investor decision-making, while further analyzing its underlying mechanisms and boundary conditions. Using panel data from Shanghai and Shenzhen A-share listed companies between 2010 and 2020, the study employs multiple regression analysis combined with instrumental variable methods to address endogeneity issues, ensuring the robustness of the results. The findings indicate that high-quality accounting information significantly improves resource allocation efficiency in capital markets, with more pronounced effects observed in firms with higher institutional investor ownership and better legal environments. Additionally, the study reveals that disclosure transparency and audit quality play important mediating roles in this process. A key innovation of this research lies in its integration of legal environment and investor structure into a unified analytical fr amework, along with an examination of the heterogeneity of accounting information quality impacts across different industry characteristics. The primary contribution of this study is its provision of theoretical support for refining accounting standards systems, as well as policy recommendations for regulatory authorities to optimize market governance structures and enhance resource allocation efficiency.
Keyword:Accounting Information Quality Resource Allocation Efficiency Information Disclosure Transparency
目 录
1绪论 1
1.1研究背景与意义 1
1.2国内外研究现状综述 1
1.3研究方法与技术路线 2
2会计信息质量的理论基础与衡量标准 2
2.1会计信息质量的基本概念 2
2.2会计信息质量的核心特征分析 3
2.3会计信息质量的衡量指标体系 3
2.4提高会计信息质量的关键因素 4
3资本市场资源配置效率的影响机制分析 4
3.1资本市场资源配置效率的定义与内涵 4
3.2会计信息质量对资源配置效率的作用路径 4
3.3信息不对称对资源配置效率的影响 5
3.4会计信息质量提升资源配置效率的实证框架 5
4会计信息质量与资本市场资源配置效率的实证研究 5
4.1实证研究的设计与数据来源 5
4.2模型构建与变量选择 6
4.3实证结果分析与讨论 6
结论 7
参考文献 8
致谢 9
