会计稳健性、内部控制与投资效率——来自我国A股市场的经验证据

Accounting Conservatism,Internal Control and Investment Efficiency——An Empirical Research from China's A- Share Market

基于2010～2013年的A股数据，从内部控制视角实证检验了会计稳健性对投资效率的影响。研究发现，会计稳健性能够有效抑制非效率投资，且该抑制作用在高内部控制质量组更为显著；在对非效率投资的作用上，会计稳健性与内部控制质量为互补关系；在适度稳健组中，会计稳健性与内部控制质量的互补程度要高于低稳健组，而在过度稳健组中，会计稳健性与内部控制质量呈现替代关系。

Based on A-Share data from 2010 to 2013, and from perspective of internal control,this paper empirically investigated the effects of accounting conservatism on investment efficiency. Results have shown that, firstly, accounting conservatism can effectively pro- hibit investment inefficiency. Secondly, this prohibiting effects of accounting conservatism on inefficiency investment is much higher in higher internal control quality samples than that of lower internal control quality samples, and accounting conservatism and internal control quality are complementary with each other in prohibiting inefficiency investment. Thirdly, this complementary relationship between ac- counting conservatism and internal control quality is much higher in proper accounting conservatism level samples than that of lower accounting conservatism samples, however, there is a substitute relationship between accounting conservatism and internal control quality in over accounting conservatism samples in prohibiting inefficiency investment.