经济政策不确定性、会计稳健性与公司投资效率——中国A股上市的民营企业为证据

Economic Policy Uncertainty,Accounting Conservatism and Company’s Investment Efficiency:Evidence from Private Enterprises Listed on A⁃share Market in China

以中国A股上市的民营企业2014—2018年度财务报告数据为研究对象,探讨了经济政策不确定性、会计稳健性对公司投资效率的影响。实证结果表明,经济政策不确定性加重公司非效率性投资;会计稳健性在公司投资活动中具有治理作用,能够有效缓解企业过度投资,提高投资效率,然而会计稳健性对缓解公司投资不足的作用不明显;会计稳健性是对经济政策不确定性的一种谨慎反应,可以抑制经济政策不确定对公司投资效率的负面影响。

Based on the 2014⁃2018 financial report data of Chinese A⁃share listed private enterprises,the impact of economic policy uncertainty and accounting conservatism on the company’s investment efficiency is discussed.The empirical results show as follows.The uncertainty of economic policy aggravates the inefficient investment of the company.The accounting conservatism plays a governance role in the investment activities of the company,which can effectively alleviate the over investment of the enterprise and improve the investment efficiency,but the accounting conservatism has no obvious effect on alleviating the insufficient investment of the company.The accounting conservatism is a cautious response to the uncertainty of economic policy,which can be restrained the negative effects of uncertain economic policies on the investment efficiency of companies.