媒体关注、会计信息质量与非效率投资——基于战略性新兴产业视角

Media Attention,Accounting Information Quality and Inefficient Investment from the Perspective of Strategic Emerging Industries

战略性新兴产业是中国促进产业优化升级和经济转型的关键力量,创新发展战略性新兴产业是我国又一重大战略举措,然而非效率投资问题一直普遍存在并制约着战略性新兴产业的发展,由委托代理理论、信息不对称理论和议程设置理论可知,媒体关注和会计信息质量确实会对战略性新兴产业非效率投资产生显著影响,所以以2015-2018年战略性新兴产业作为实证研究样本,旨在缓解战略性新兴产业发展动力不足的问题,促进战略性新兴产业的可持续发展,同时解释媒体关注和对战略性新兴产业非效率投资产生影响的具体路径和作用机理以及会计信息质量发挥的中介作用。通过研究发现:媒体关注确实可以显著抑制非效率投资;具体路径为正面媒体报道能有效缓解战略性新兴产业投资不足;而负面媒体报道反而抑制了战略性新兴产业的过度投资。且会计信息质量在媒体关注对战略性新兴产业非效率投资产生的影响中发挥了中介作用。

Strategic emerging industries is the Chinese key forces to promote industrial upgrading and economic transformation,innovation and development of strategic emerging industry is another major strategic measures in our country.However,the investment efficiency question has been widespread and restricts the development of strategic emerging industries.From the principal-agent theory,asymmetric information theory and the agenda-setting theory,the media attention and the quality of accounting information have a significant impact on the efficiency of investment in strategic emerging industries.The study takes strategic emerging industry from 2015 to 2018 as the empirical research sample,so as to ease the insufficient power of strategic emerging industry development,promote the sustainable development,and explain the specific path and mechanism of media attention and impact on inefficient investment in strategic emerging industries and the intermediary role of accounting information quality.The results show that media attention can significantly inhibit inefficient investment.The specific path is that positive media reports can effectively alleviate the shortage of investment,and negative media coverage has curbed over-investment in strategic emerging industries.And the quality of accounting information plays an intermediary role in the impact of media attention on the inefficient investment in strategic emerging industries.