摘要
文章以2005年至2010年间的非金融上市公司为样本,对中国产品市场竞争、财务报告质量与投资现金流敏感性之间的关系进行实证研究。研究结果发现:财务报告质量与投资现金流敏感性负相关,高质量的财务报告提高了投资效率;行业竞争与财务信息披露之间既具有互补效应又具有替代效应;行业管制降低了财务报告质量对非效率投资的正面作用;处于行业竞争劣势的企业中财务报告对投资现金流敏感性的作用更强。
On the basis of non-financial listed companies＇ empirical data from 2005 to 2010, this paper investigates the relationship among product market competition, accounting information quality and investment-cash flow sensitivity. The results show that accounting information quality haves negative influence on investment-cash flow sensitivity, higher ac- counting information quality improves the investment efficiency. The relationship between product market competition and accounting information quality has both complementary and substitution effect. Industrial regulation reduces AQ＇ s positive role on non-efficient investments. In competitive disadvantage corporations, the negative influence is more significant.
出处
《经济与管理研究》
CSSCI
北大核心
2012年第8期90-99,共10页
Research on Economics and Management
基金
国家自然科学基金项目(70962005)
国家社会科学基金项目(11XGL002)
教育部新世纪优秀人才支持计划(NCET-08-0919)
教育部人文社会科学研究项目(09YJA630103)
石河子大学211工程重点学科建设项目
关键词
财务报告质量
投资现金流敏感性
产品市场竞争
行业管制
Accounting Information Quality
Investment-Cash Flow Sensitivity
Product Market Competition
Industrial Regulation
