财务信息披露质量、投资效率与公司价值的实证检验

Accounting Information Quality,Investment Efficiency and Corporation Value

本文以2010年—2015年期间的非金融上市公司为样本,以公司投资效率作为中间变量,将投资效率、公司价值与财务信息披露质量纳入同一框架来研究三者之间的关系。结果发现:非效率投资与公司价值负相关,说明上市公司的过度投资或投资不足越严重,公司价值越低,而财务信息披露质量的提高对降低信息不对称和代理成本具有显著作用,所以,财务信息披露质量的提高有助于改善过度投资或投资不足与公司价值之间的负相关关系。

On the basis of non-financial listed companies＇ empirical data from 2010 to 2015,this paper investigates the relationship among accounting information quality,investment efficiency and corporation value. The results show thatfinancial information disclosure quality can improve the value of the company; inefficiency investment（ over-investment and under-investment） significantly negative related with firm value,which means more serious overinvestment（ underinvestment）,more lower firm value;and higher quality of financial information disclosure can improve negative relationship between overinvestment（ underinvestment） and company value.