摘要
会计稳健性是一项备受争议的会计信息质量要求,考虑到我国企业普遍受融资约束影响的背景,本文以2007-2015年A股上市公司为样本,实证检验了会计稳健性、融资约束及投资效率之间的关系。研究发现:(1)会计稳健性对投资过度和投资不足均具有抑制作用,融资约束会抑制投资过度而加剧投资不足;(2)融资约束加强了会计稳健性对投资过度的抑制作用,二者在一定程度上存在协同效应;(3)融资约束加强了会计稳健性对投资不足的抑制作用,会计稳健性表现出治理效应。本文揭示了会计稳健性与融资约束的交互作用对投资效率的影响机制,从而提供了改善投资效率的有效途径,证明了会计稳健性存在的必要性,有利于为企业的决策提供理论指引。
Accounting conservatism is a controversial accounting principle.This paper empirically tests the relationship among accounting conservatism,financial constraints and investment efficiency.The research shows that,(1)accounting conservatism has inhibitory effect on over-investment and under-investment,and financial constraints has inhibitory effect on over-investment and aggravated effect on under-investment;(2)financial constraints reinforces the inhibitory effect of accounting conservatism on over-investment,to some extent,they have synergy effect;(3)financial constraints reinforces the inhibitory effect of accounting conservatism on under-investment,and accounting conservatism play a role of governmance effect.This paper reveals the influence mechanism of the interaction effect,studies the effective way to improve the investment efficiency,and helps to provide theoretical guidance for enterprise decision-making.
出处
《会计研究》
CSSCI
北大核心
2017年第9期35-40,共6页
Accounting Research
