关键审计事项、信息环境改善与企业投资效率

在高质量发展成为全面建设社会主义现代化国家首要任务的背景下，企业投资效率问题受到社会各界高度关注。本文以关键审计事项段为研究对象，探究了关键审计事项披露能否通过改善信息环境来提高企业投资效率。研究发现，关键审计事项披露能够向市场提供增量信息，这会影响资本市场信息中介的行为以及企业的信息质量，继而提高企业的投资效率。异质性检验发现，这一影响主要体现在管理层低过度自信、分析师关注程度高、机构者持股比例高的公司。文本分析发现，关键审计事项对投资相关事项、企业层面事项等披露内容越详细、可理解性越强、精确性越高，对企业投资效率的提升作用越显著。

Key Audit Matters, Improvement of Information Environment and Enterprise Investment Efficiency

Under the background of high-quality development becoming the primary task of comprehensively building a modern socialist country, the issue of enterprise investment efficiency has received high attention from all sectors of society. This paper takes key audit matters as the research object to explore whether the disclosure of key audit matters can improve the investment efficiency of enterprises by improving the information environment. It is found that the disclosure of key audit matters can provide incremental information to the market, which will affect the behavior of information intermediaries in the capital market and the information quality of enterprises, and then improve the investment efficiency of enterprises. The heterogeneity test found that this impact is mainly reflected in the companies with low overconfidence of management, higher attention of analysts and high shareholding ratio of institutions. The text analysis found that the disclosure of investment related matters and enterprise level matters in key audit matters, the more detailed, and the understandable and accurate the item section of the text are, the more significant the investment efficiency of enterprises will be improved.