盈余信息质量、债务期限结构与投资效率

Earnings Information Quality,Debt Maturity and Investment Efficiency

以沪深交易所2010-2014年4 775个A股上市公司为样本,实证研究盈余信息质量与债务期限结构及其交互作用对投资效率的影响。研究表明,盈余信息质量较高的公司表现出较高的投资效率,盈余信息质量通过减少投资不足和抑制投资过度进而提高投资效率;短期债务比例较高的公司表现出较高的投资效率,具体表现为较高的短期债务比例显著抑制了投资过度,但对投资不足不会产生显著的影响;交互检验的结果显示,盈余信息质量与债务期限结构对投资效率的影响作用存在一定的替代效应:公司短期债务比例越低,盈余信息质量对投资效率的影响作用特别对投资过度的抑制作用越大。

This paper uses 4,775 listed firms in A shares from 2010 to 2014 to test the impact of earnings information quality and debt maturity and their interaction on investment efficiency. The results show that firms with higher earnings information quality show higher investment efficiency, earnings information quality enhances investment efficiency by re- ducing underinvestment and inhibiting overinvestment; firms with higher proportion of short-term debt show higher in- vestment efficiency, firms with higher proportion of short-term debt significantly inhibit the excessive investment but have no impact on underinvestment; interactive result shows that there is a certain substitution effect between earnings informa- tion quality and short-term debt on investment efficiency： firms with lower short-term debt ratio, earnings information quality gives stronger impact on investment efficiency.