盈余质量与企业投资现金流敏感度分析

Surplus Quality and Corporate Investment-Cash Flow Sensitivity

本文借鉴Biddle和Hilary(2006)衡量投资-现金流敏感度的方法,具体考察了中国上市公司盈余质量与企业投资-现金流敏感度之间的关系,发现高质量会计信息通过减少管理者和股东之间的信息不对称提高了投资效率,对于代理问题的发生有一定缓解作用;随着盈余质量的提高,内部现金流与企业投资之间的关系变弱,高质量会计信息降低了企业投资-现金流敏感度。

Using the Biddle and Hilary （2006）＇ s investment-cash flow sensitivity methodology, this paper investigates the relationship between surplus quality of Chinese listed firms and corporate investment-cash flow sensitivity. This study finds that the high quality accounting information is able to improve the investment efficiency through reducing the information asymmetry between the corporate management and the shareholders. In addition, it will abate the agent problem to some extent. With the enhancement of surplus quality, the relationship between internal cash flow and corporate investment will be weakened. The high quality accounting information reduces the corporate investment-cash flow sensitivity.