新会计准则与资源配置效率:基于双重差分模型的实证分析

The new accounting standard and the efficiency of resource allocation:An empirical analysis based on DID model

选取1997—2016年上市公司数据作为样本,使用投资效率作为资源配置效率指标,基于双重差分模型实证分析2006年新会计准则的实施对于资源配置效率的影响。研究表明:2006年新会计准则能够减少无效投资,提高资源配置效率;股权集中度越高,会计准则变迁对提升资源配置效率越无助;每年召开更多次数的董事会、管理层持股比例高、被“四大”审计、内控质量高、独董比例高或两职分离均有助于提升资源配置效率。

With the data of Listed Companies from 1997 to 2016,setting investment efficiency as an index of resource allocation efficiency,based on difference-in-differences model,this paper empirically analyzes the impact of the 2006 accounting standard on the efficiency of resource allocation.Research result shows that the 2006 accounting standard reduces the inefficient investment,improves the efficiency of resource allocation;the more the ownership concentrates,the less the accounting standard helps to improve the efficiency of resource allocation.The more times of the board of directors meeting,high proportion of managerial ownership,audited by the“PWC,DTT,KPMG,EY”,with high quality of internal control,high proportion of sole directors or separation of duties,are all helpful to improve the efficiency of resource allocation.