摘要
从融资约束的角度,研究了盈余质量信息对资本配置效率的影响路径。研究结果表明,盈余质量降低了企业融资约束的程度,进而有效改善了企业的投资不足问题;机构投资者持股增强了盈余质量对融资约束的缓解作用,盈余质量也促进了企业长期资产负债率水平的提高,有助于企业获得稳定的信贷支持。这些都可以有效地缓解企业投资不足问题,改进资本配置效率。
This paper studies the intermediation effect of financing constraints in accounting information to improve insufficient investment.The results show that earnings quality level lower the financial constraints,and thereby improve the insufficient investment in the enterprise effectively.The author finds that institutional investors holding enhanced this effect.Moreover,earnings quality also contribute to the long-term asset-liability ratio of enterprise,which help them have access to a stable credit support.
出处
《山西财经大学学报》
CSSCI
北大核心
2011年第5期100-108,共9页
Journal of Shanxi University of Finance and Economics
基金
国家自然科学基金资助项目(70872106)
中国人民大学研究生科学研究基金项目(10XNH078)
关键词
盈余质量
融资约束
资本配置效率
投资不足
earnings quality
financial constraints
efficiency of capital allocation
under-investment