本文關(guān)鍵詞：會計信息質(zhì)量對投資效率的影響研究　出處：《天津財經(jīng)大學(xué)》2012年博士論文　論文類型：學(xué)位論文

  更多相關(guān)文章： 會計信息質(zhì)量 投資效率 融資約束 代理成本 投資機(jī)會識別 投資過度 投資不足

【摘要】：近年來,我國學(xué)術(shù)界出現(xiàn)了兩個似乎不相關(guān)的研究熱點：一個是上市公司投資效率的研究,另一個是上市公司會計信息有用性研究。這兩個主題是否關(guān)聯(lián),能否納入到一個分析框架進(jìn)行有效的研究,帶著對這些問題的思索和研究,促成了論文的選題和成文。 論文將會計信息和投資效率納入到一個統(tǒng)一的分析框架,研究會計信息質(zhì)量對投資效率的作用機(jī)理和影響后果,一方面有望從會計信息視角探索優(yōu)化投資行為和改進(jìn)投資效率的路徑和措施,另一方面以投資效率為平臺,為會計信息的有用性提供新的經(jīng)驗證據(jù)。 論文主要采用規(guī)范和實證相結(jié)合的研究方法,運(yùn)用規(guī)范研究方法解析會計信息質(zhì)量對投資效率的作用機(jī)理,使用實證研究方法分別從會計信息的可靠性、及時性、持續(xù)性、穩(wěn)健性及綜合質(zhì)量五個方面檢驗其對投資效率的影響后果。論文在文獻(xiàn)綜述、相關(guān)基礎(chǔ)理論回顧、制度背景分析及現(xiàn)狀描述的基礎(chǔ)上建立理論分析框架和理論模型,從理論分析結(jié)果中引申出實證含義,然后利用我國上市公司的財務(wù)會計數(shù)據(jù)進(jìn)行統(tǒng)計分析和檢驗,最后得出結(jié)論。具體的研究邏輯可依次劃分為三大部分： 第一部分是研究起點,包括文獻(xiàn)綜述、相關(guān)基礎(chǔ)理論回顧(理論起點)及制度背景、現(xiàn)狀描述(現(xiàn)實起點) 第二部分是理論分析,又分兩個階段。第一階段是闡述會計信息質(zhì)量對投資效率影響的理論分析框架,按照三條邏輯路線組織：①高質(zhì)量會計信息→緩解逆向選擇問題→降低融資成本→減少投資不足→提高投資效率；②高質(zhì)量會計信息→減少代理問題→規(guī)范項目選擇→抑制投資過度(或減少投資不足)→提高投資效率；③高質(zhì)量會計信息→增強(qiáng)預(yù)期和識別投資機(jī)會能力→抑制盲目投資→提高投資效率。第二階段是第一階段內(nèi)容的提煉和數(shù)理化,建立了基于會計信息的投資效率模型,以更嚴(yán)謹(jǐn)?shù)恼Z言和更縝密的邏輯深入考察會計信息質(zhì)量對投資效率的影響。 第三部分是實證分析,將會計信息質(zhì)量分解成可靠性、持續(xù)性、穩(wěn)健性、及時性四個維度,以第一部分的內(nèi)容作為制度背景,以第二部分的理論分析結(jié)果作為實證假設(shè),分別從可靠性、及時性、持續(xù)性、穩(wěn)健性及綜合質(zhì)量五個方面,利用雙因素固定效應(yīng)面板模型,實證檢驗其對投資效率的影響。其中,投資效率的量化測度采用了兩種類型的隨機(jī)邊界模型,會計信息可靠性、及時性、持續(xù)性、穩(wěn)健性及綜合質(zhì)量分別采用不同的模型進(jìn)行了量化衡量。 論文的研究在研究視角、研究方法、研究結(jié)論三個方面作出了創(chuàng)新性探索。在研究視角上,打破了現(xiàn)有規(guī)范研究僅從融資約束或代理問題的單一角度來考察會計信息對投資效率影響的研究路徑,有機(jī)地將融資約束、代理問題及投資機(jī)會識別同時納入到會計信息對投資效率作用機(jī)理的分析當(dāng)中；突破了現(xiàn)有實證研究僅從會計信息質(zhì)量的單一維度檢驗其對投資效率影響的研究范式,全面地從會計信息質(zhì)量的不同維度(可靠性、及時性、持續(xù)性、穩(wěn)健性及綜合質(zhì)量)分別實證檢驗了其對投資效率的影響。在研究方法上,克服了現(xiàn)有規(guī)范研究不嚴(yán)謹(jǐn)?shù)木窒?借鑒博弈論中的信號發(fā)送模型,通過資本市場的信息定價機(jī)制,構(gòu)建了基于會計信息的投資效率模型。在研究結(jié)論上,提出了會計信息是通過影響融資成本、項目選擇及投資機(jī)會識別三種方式來最終影響投資效率的觀點；得出了會計信息是借助資本市場機(jī)制和公司治理機(jī)制間接發(fā)揮提高投資效率重大作用的結(jié)論；認(rèn)為高質(zhì)量的會計信息能夠緩解融資約束、規(guī)范項目選擇、增強(qiáng)投資機(jī)會識別能力,從而既能夠減少融資約束企業(yè)的投資不足,也能夠抑制代理問題嚴(yán)重和盲目投資企業(yè)的投資過度,提高會計信息質(zhì)量是治理非效率投資行為的重要途徑和措施；發(fā)現(xiàn)我國會計信息的可靠性、及時性、持續(xù)性、穩(wěn)健性及綜合質(zhì)量對投資效率都有顯著正的影響,會計信息具有經(jīng)濟(jì)后果；論文對會計信息質(zhì)量的量化測度顯示,我國會計信息的可靠性、及時性、持續(xù)性、穩(wěn)健性及綜合質(zhì)量都在逐年改善。 論文的研究在理論上為會計信息質(zhì)量與投資行為關(guān)系研究建立了一個分析框架,并進(jìn)一步為會計信息對投資效率的作用機(jī)理構(gòu)建了一個數(shù)理模型,為我國會計信息有用性提供了新的經(jīng)驗證據(jù)；在實踐上為我國上市公司優(yōu)化投資行為和提高投資效率提供一種切實可行的路徑和措施,為監(jiān)管部門監(jiān)管企業(yè)投資行為提供理論指引,為政策制定部門制定和完善投資政策提供政策支持。
[Abstract]:In recent years, China's academic circles appeared in two seemingly unrelated research: one is the research on the investment efficiency of listed companies, the other one is to study the usefulness of accounting information of listed companies. These two themes are associated, whether incorporated into an analytical framework for effective research, with these the problem of thought and research, and contributed to the thesis written.
The accounting information and the efficiency of investment into a unified analysis framework, research on the mechanism of the quality of accounting information on investment efficiency and influence, from the perspective of accounting information, on the one hand to explore the path and measures to optimize the investment and improve the investment efficiency, on the other hand the efficiency of investment as a platform, the usefulness of accounting information provide new empirical evidence.
The research method mainly adopts the combination of normative and empirical research methods, using the standard mechanism analysis of accounting information quality on investment efficiency, the use of empirical research methods from the reliability of accounting information, timeliness, continuity, stability and comprehensive five aspects of quality inspection and its impact on investment efficiency consequences. Based on the review of the literature. Review the related basic theory, basic analysis and description on the background of the system to establish a theoretical analysis framework and theoretical model, derived from empirical implication of the results of theoretical analysis, and then use the financial data of Listed Companies in China for statistical analysis and testing, finally draw the conclusion. The concrete research logic could be divided into three parts:
The first part is the starting point of the study, including the literature review, the review of the relevant basic theories (the theoretical starting point) and the institutional background, the present situation description (the realistic starting point).
The second part is the theoretical analysis, it is divided into two stages. The first stage is to explain the influence of the quality of accounting information on investment efficiency analysis framework, according to the three routes: the organization of high quality accounting information to alleviate the adverse selection problem and reduce the cost of financing to reduce insufficient investment, improve the efficiency of investment; the quality of accounting information. Reduce agency problems, standardize project selection, preventing excessive investment (or reduced investment) to improve the efficiency of investment; the quality of accounting information, and the identification of investment opportunities expected to enhance capability to curb blind investment, improve the investment efficiency. The second stage is the first stage of refining and mathematical content, establishes the investment efficiency model of accounting information based on the language in a more rigorous and more rigorous logic in-depth study of accounting information quality on investment efficiency.
The third part is the empirical analysis, the quality of accounting information is decomposed into continuity, reliability, robustness, timeliness of the four dimensions, to the first part of the system as the background, the second part of the theoretical analysis results as the empirical hypothesis, from the reliability, timeliness, continuity, stability and comprehensive quality of five aspects, using two factor fixed effect panel data model, empirical test of its impact on investment efficiency. The quantitative measurement of investment efficiency using stochastic frontier model, two types of accounting information, reliability, timeliness, persistence, stability and comprehensive quality of different models were measured.
The research in the research perspective, research methods, the three aspects of the research conclusion has made innovative exploration. In the research perspective, research has broken the existing path of normative research only from a single point of financing constraints or agency problems to investigate the influence of accounting information on investment efficiency, combining the financial constraints, agency problems and investment opportunities at the same time into the recognition of accounting information for the analysis of the efficiency of investment mechanism; break through the existing research paradigm of empirical research only test its impact on investment efficiency from the single dimension of the quality of accounting information, comprehensively from different dimensions of the quality of accounting information (reliability, timeliness, continuity, stability and comprehensive quality test) respectively. The impact of the efficiency of investment. In the research method, overcomes the limitations of normative research is not rigorous, reference signal transmission model of the game theory, through The information of capital market pricing mechanism, construction investment efficiency model based on accounting information. In conclusion, the accounting information is affected by the cost of financing, project selection and investment opportunities to identify three ways to affect the efficiency of investment; the accounting information is playing important role in improving the efficiency of investment indirectly by means of capital the market mechanism and the mechanism of corporate governance conclusion; think that the quality of accounting information can alleviate the financing constraints, standardize project selection, enhance the ability to identify investment opportunities, which not only can reduce the shortage of financing constraints on investment, also can restrain the serious agency problems and blind investment enterprises over investment, improve the quality of accounting information is an important way and measure governance of inefficient investment behavior; found that the reliability of the accounting information of our country timely, sustained, robust and comprehensive quality Quantity has a significant positive impact on investment efficiency, accounting information has economic consequences. The quantitative measurement of accounting information quality shows that the reliability, timeliness, sustainability, robustness and comprehensive quality of accounting information in China are improving year by year.
The research in theory for the quality of accounting information and investment behavior to build an analytical framework for further studies, and the mechanism of accounting information on the efficiency of investment to build a mathematical model, provides new empirical evidence for the usefulness of accounting information in our country; in practice for listed companies to optimize investment the behavior and provide a feasible path and measures to improve the efficiency of investment, provide theoretical guidance for the supervision department supervision of enterprise investment behavior, establish and perfect the investment policy and provide policy support for policy makers.

【學(xué)位授予單位】：天津財經(jīng)大學(xué)
【學(xué)位級別】：博士
【學(xué)位授予年份】：2012
【分類號】：F275;F832.51;F224

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