法律环境、审计质量与公司投资效率——来自我国上市公司的经验证据

结合我国现阶段的制度背景，本文以我国2004—2006年A股上市公司为研究样本，在控制样本自选择偏误的基础上，检验了法律环境、审计质量与公司投资效率后发现：我国上市公司审计质量和公司投资不足显著负相关，即高质量的审计能够有效减少上市公司的投资不足，提高公司投资效率；同时，在我国较好的法律环境地区，高质量审计能够有效减少上市公司投资不足和抑制上市公司的投资过度，从而提高公司投资效率。

Legal Environments, Auditing Quality and Corporate Investment Efficiency

Combined with the background of present systems of China, Using the data of Chinese listed companies of A share in the period of 2004-2006, this paper examines the relations of legal environments, auditing quality and corporate investment efficiency. It is founded that auditing quality are negatively associated with corporate underinvestment. That is, audit quality can be effectively reduced under-investment in Chinese listed companies to raise investment efficiency; In addition, in our region of better legal environment, audit quality of listed companies can effectively reduce the underinvestment and curb overinvestment, thereby enhancing investment efficiency.