摘要
以2007~2016年沪深A股民营上市公司为样本,实证检验了环境不确定性对非效率投资的影响以及会计稳健性对二者关系的调节作用。研究结果表明,环境不确定性越大,企业投资效率越低;而会计稳健性可以抑制环境不确定性对企业投资效率的负面影响。鉴于政治关联的建立被不少民营企业视为缓解融资约束的声誉策略,通过区分民营上市公司是否具有政治关联,进一步考察发现会计稳健性的抑制作用仅在无政治关联的企业中显著。
Based on the data of A-share private listed companies in China from 2007 to 2016,this paper exanines the impact of environment uncertainty and accounting conservatismon inefficient investment. The results show that： When environment uncertainty is great,the negative impact on investment efficiency is more signifivant. Accounting Conservatism improves the investment efficiency and can inhibit the negative impact of environmental uncertainty on the efficiency of enterprise investment. In addition,the paper through the distinction between private listed companies have a political relationship,further study found that the inhibition of accounting conservatism only in the political association is significant.
作者
王东清
刘静静
WANG Dong - qing, LIU Jing - jing(Business School, Central South University, Changsha 410083, Chin)
出处
《经济问题》
CSSCI
北大核心
2018年第3期125-128,F0003,共5页
On Economic Problems
关键词
环境不确定性
会计稳健性
非效率投资
政治关联
environmental uncertainty
accounting conservatism
inefficient investment
political relationship
