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论文编号：	5357
作者编号：	2120112385
上传时间：	2013/6/6 20:36:29
中文题目：	会计信息稳健性与企业投资效率关系研究
英文题目：	Research on the Relation between Accounting Information Conservatism and Enterprise Investment Efficiency
指导老师：	周晓苏
中文关键字：	会计稳健性，过度投资，投资不足
英文关键字：	Accounting Conservatism, Overinvestment, Underinvestment
中文摘要：	企业投资效率水平直接关系到企业的生存与发展。我国经济中存在着一定的资源浪费和资源错配问题。制造业、化工业等领域资金过剩，但一些民生服务领域却面临资金紧缺问题。上市公司募集资金配置效率低下。现实资本市场中，信息不对称、委托代理问题的存在制约着企业投资效率的提高，企业在一定程度上存在放弃净现值大于0项目，或投资于净现值小于0项目的非效率投资活动。就会计信息的重要质量特征之一——稳健性与企业投资效率之间的关系，前人的研究结论不尽相同，本文就二者之间的关系进行研究，以期提供会计稳健性治理作用的经验证据。基于契约理论、信息不对称理论、委托代理理论和前人的相关研究成果，本文对企业投资效率与会计信息稳健性之间关系进行研究，考察会计信息稳健性能否能够抑制企业过度投资、缓解投资不足，改善企业投资效率。文章选取2007年至2011年我国A股非金融保险行业上市公司作为研究样本，运用Richardson模型度量公司年度非效率投资水平，将C-Score模型的三个工具变量引入应计/现金流模型计量公司年度会计稳健性水平。研究结果发现会计稳健性能够抑制企业过度投资，该抑制作用部分通过缓解股东与管理层之间的委托代理问题实现；同时会计稳健性能够缓解企业投资不足，稳健性缓解投资不足的作用部分通过降低企业面临的融资约束程度实现。
英文摘要：	Investing efficiency plays an important role in the survival and development of t enterprises. Resources wastage and mismatch exist in Chinese economy to some degree. Surplus funds were invested in manufacturing, chemical and many other industries. However, many public service industries are facing with serious capital shortage problem. Capital allocation efficiency is proved to be rather low among listed firms. Information asymmetric and principal-agent problem in the realistic capital market restrict the improvement of enterprise investing efficiency. To some extent, there are inefficient investing activities among enterprises, they give up projects with positive NPV (Net Present Value) but invest to projects with negative NPV. Prior researches hold different opinions on the relation between enterprise investing efficiency and accounting information conservatism, which is one of the accounting information quality characteristics. This thesis can provide empirical evidence on the governance function of accounting conservatism. Based on contracting theory, asymmetric information, principal-agent theory and some existing research, this essay focuses on the relationship between enterprise investing efficiency and accounting information conservatism. It probes on whether accounting conservatism can inhibit the overinvestment and alleviate the underinvestment, thus improving the investing efficiency of companies. We choose the A-share listed Chinese companies between 2007 and 2011 in industries other than finance and insurance as our research sample. This essay uses the Richardson Model to measure companies’ inefficient investing level and introduces the three instrumental variables of C-Score Model to Ball and Shivakumar（2005）Accrual/ Cash flow method to calculate the firm-year accounting conservatism. Empirical research results indicate that: accounting conservatism prohibits the firm from overinvesting partly by reducing the agency cost between shareholders and managers; Accounting conservatism soothes underinvestment problem of the firm partly by improving the firm’ financing situation.
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