业绩期望差距、审计师行业专长与投资效率

A Relationship between Performance Expectation Gap,Auditor's Professional Specialty and Efficiency of Investment

文章从业绩反馈视角阐述影响企业投资效率的因素,从审计质量视角探究提高企业投资效率的路径。根据企业行为理论和业绩反馈理论,以2012—2018年A股上市公司为样本,理论分析和实证检验了业绩期望差距对企业投资效率的影响,并进一步研究审计师行业专长的调节作用。研究发现:历史业绩期望差距与企业投资效率负相关,历史业绩期望差距会加剧企业的过度投资;行业业绩期望差距与企业投资效率负相关,行业业绩期望差距会加剧企业的过度投资;审计师行业专长可以缓解业绩期望差距导致的企业过度投资行为。

This paper expounds the factors affecting the investment efficiency of enterprises from the perspective of performance feedback and probes into the way of how to improve the investment efficiency of enterprises from the perspective of audit quality. Based on the corporate behavior theory and the performance feedback theory, a-share listed companies from 2012 to 2018 taken as samples to make a theoretical analysis and empirical tests of the impact of the performance expectation gap on the investment efficiency of enterprises, and then further studies the regulating role of the auditor’s professional specialty. The results show that the gap of the historical performance expectation is negatively correlated with the investment efficiency of enterprises, which indicates that the gap of the historical performance expectation aggravates the enterprises’ over-investment;and the gap of the industry performance expectation is negatively correlated with the investment efficiency of enterprises, which shows that the gap of the industry performance expectation aggravates the enterprises’ over-investment, thus, the auditor’s professional specialty can relieve the corporate overinvestment caused by the performance expectation gap.