【摘要】：投資活動是企業(yè)一項非常重要的價值活動,在完美世界里,企業(yè)投資效率取決于企業(yè)投資項目凈現值的正負,相應的,企業(yè)投資支出總額也僅由其面臨的投資機會集決定,與其他因素無關。但是,在現實世界里,由于委托代理問題及信息不對稱問題的存在,企業(yè)的投資效率會受到不同程度的影響,導致投資過度或投資不足,降低企業(yè)的價值、損害股東的利益、影響企業(yè)的長遠發(fā)展。近年來,我國上市企業(yè)普遍存在非效率投資行為,嚴重損害了股東利益和宏觀經濟的健康發(fā)展。高質量的會計信息能夠緩解資本市場上的信息不對稱問題,減少逆向選擇,同時也能在公司治理中發(fā)揮監(jiān)督、評價的功能,緩和企業(yè)的委托代理沖突。雖然,高質量的會計信息對企業(yè)非效率投資有抑制作用,但是盈余管理能夠通過加大代理成本和信息不對稱扭曲會計信息,進而對企業(yè)的投資效率造成影響。可見,企業(yè)會計信息質量、盈余管理與投資效率對資本市場的有效運轉起著重要作用,為了了解他們之間的相互關系,本文研究了會計信息質量對投資效率的影響以及會計信息質量與盈余管理的交互作用對投資效率的影響。本文選取的研究方法為定性分析與定量分析,首先基于經濟環(huán)境、制度環(huán)境對我國會計信息質量與投資狀況進行定性分析,然后對會計信息質量、盈余管理、投資效率從理論角度進行分析,進而提出研究假設。在進行假設檢驗的過程中本文以2013~2014年滬深A股上市企業(yè)為研究對象,數據來源為RESSET金融數據庫,從中篩選出1306個樣本數據。首先,運用DD模型及因子分析法對會計信息質量進行評價,然后運用Jones模型、Richardson模型分別對盈余管理和投資效率進行測度。最后對數據進行描述性分析、相關性分析及回歸分析,檢驗會計信息質量、盈余管理及投資效率之間的關系。本文使用Excel 2010軟件對數據進行整理,Stata 14.0統(tǒng)計分析軟件對數據進行分析。本文研究發(fā)現:(1)我國非金融上市公司普遍存在投資過度現象;(2)上市企業(yè)的會計信息質量與企業(yè)投資效率之間存在顯著負相關性,提高會計信息質量能夠有效的緩解投資過度及投資不足;(3)會計信息質量與企業(yè)盈余管理的交互作用,能夠增強對企業(yè)投資過度的解釋能力;(4)企業(yè)的盈余管理與企業(yè)投資不足之間的相關性較弱,說明盈余管理不是造成企業(yè)投資不足的主要原因。(5)我國企業(yè)投資狀況總體較好,但是投資過度行為普遍存在,相比投資不足,我國的投資過度狀況更應該得到關注。
[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.
【學位授予單位】：江蘇科技大學
【學位級別】：碩士
【學位授予年份】：2016
【分類號】：F275
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本文編號：2185376