会计准则变革的非效率投资治理效应研究——基于逆向选择与道德风险的视角

The Effect Analysis of Accounting Standards Evolution on Inefficient Investment:Based on the Perspective of Adverse Selection and Moral Hazards

外部资本定价扭曲与监督不足是导致企业非效率投资的诱因,我国会计准则的国际趋同能否通过信息环境的改善实现对企业非效率投资的治理是亟待研究的重要课题。选取2003—2011年我国上市公司数据,通过Richardson模型和FHP模型的综合使用,将样本分成"逆向选择和投资不足"以及"道德风险和投资过度"两种情况,观察我国会计准则国际趋同对两种企业非效率投资的治理效果。研究发现我国上市公司同时存在投资不足与投资过度现象且两种现象下均存在投资现金流敏感性,会计准则趋同后投资现金流敏感性显著下降。研究证实会计准则变革可以通过改善定价扭曲和逆向选择来缓解投资不足,通过改善监督不足和道德风险来抑制投资过度。

Accounting information is a key factor of enterprise investment efficiency. How does international convergence of accounting standards affect enterprise investment effficiency,and through what paths to affect.？ Which are the important issues to be studied and also is an important way to make scientific evaluation on the effectiveness of the international convergence of accounting standards？ This paper first discusses the relationship between accounting standards, accounting information and corporate inefficient investment, and distinguishes the underinvestment and the overinvestment, the moral risk and the adverse selection, and takes our listed companies from 2003 to 2011 as samples, then studies the effect and path that the reform of accounting standards impact on enterprise investment efficiency. We find that there are underinvestment and overinvestment in China＇s listed corporations at the same time. The reform of accounting standards could alleviate the underinvestment by decreasing adverse selection, and also restrain overinvestment by reducing the moral hazard.