最终控制人性质、会计信息质量与公司投资效率——来自中国上市公司的经验证据

结合Bushman和Smith的研究框架与我国新兴加转轨的制度背景,以我国沪深上市公司为研究样本,实证发现,会计信息质量与私人产权控股公司、国有资产管理部门和地方所属国有企业控股上市公司的投资过度显著负相关,且这种负相关性在它们间无明显差异;会计信息质量与私人产权控股投资不足显著负相关,但与国有资产管理部门、地方所属国有企业控股上市公司的中央直属国有企业控股上市公司的投资不足负相关性不显著。因此,本文的政策建议是加快完善我国上市公司财务报告和信息披露系统的市场基础设施建设,以更好地发挥会计信息在公司资本配置中的作用。

The Nature of Ultimate Ownership,Accounting Information Quality and Corporate Investment Efficiency:Empirical Evidence of China's Listed Companies

In this paper,we apply Bushman and Smith's framework(2001)to empirically analyze the data of China's listed companies in the context of emerging and transitional economy.There are some findings.(1)Accounting information quality is negatively correlated with overinvestment of private holding companies and the companies affiliated to state agency and local government,and the negative correlations are almost no difference among these companies.(2)Accounting information quality is negatively correlated with und...