不同制度环境下财务报告质量对企业投资的影响分析

Effect of Financial Reporting Quality on Corporation Investment under Different Institutional Environment

采用2008-2010年中国A股上市公司的非平衡面板数据,对财务报告质量与企业投资的关系进行分析:当企业过度投资时,财务报告质量越高,企业总投资额越少;当企业投资不足时,财务报告质量越高,企业总投资额越多;财务报告质量与企业投资之间的这种关系显著存在于制度环境较差的地区。研究结果表明,高质量的财务报告发挥了显著的治理作用,并能成为弱投资者保护机制的一种替代机制。

Using unbalanced panel data from corporations listed in China A-- share Market for the years 2008- 2010, the study investigates the relationship between financial reporting quality and corporation investment. Results show that the higher financial reporting quality relates to lower （higher） corporation total investment when corporations are in over--investment （under--investment）. Moreover, such relationships between financial reporting quality and corporation investment are stronger in area with bad institutional environment. The research results indicate that the high quality of financial reporting not only plays a role of governance, but also can become an alternative mechanism to replace weaker investor protection mechanisms.