会计信息质量、债务期限结构与投资效率——基于中国上市公司的实证研究

Accounting Information Quality,Debt Maturity and Investment Efficiency——An Empirical Study of Chinese Listed Companies

文章基于信息不对称、代理成本理论,以中国全部A股2007-2013年上市公司的财务数据为研究样本,分析会计信息质量、债务期限结构与投资效率三者之间的相关关系。研究结果表明,会计信息质量能够减少企业的过度投资行为,短期债务能够减少企业的投资不足与过度投资的行为,提高企业的投资效率。同时,在具有较高短期债务的公司中,会计信息质量与投资效率的正相关性会被削弱,这种削弱关系主要表现在存在过度投资行为的公司中。

Based on the theories of asymmetric information and agency cost, taking all the listed companies＇ financial data from 2007 to 2013 in the A shares as research samples, this paper analyzes the correlations of accounting information quality, debt maturity and investment efficiency. It is showed that accounting information quality can reduce overinvestment in the enterprise and short-term debt can decrease both underinvestment and overinvestment in the enterprise, which are conducive to improve investment efficiency. While the positive correlation of accounting information quality and investment efficiency is undermined in the enterprise holding relatively high-level short-term debt, which mainly happens in the enterprises with overinvestment.