【摘要】 稳健的会计政策有利于限制企业的过度投资,但也使得会计数字表现出系统性的低估,从而影响企业未来融资能力,可能导致企业投资不足。文章研究发现:稳健会计政策会降低企业的资本投资规模,但是对于过度投资的抑制作用不明显,反而在一定程度上造成投资不足。而且,在更为稳健的会计政策下,资本投资和无效投资对下降的投资机会的敏感度更高。更多还原

【Abstract】 Conservative accounting policies will benefit the limitation of overinvestment and result in the systematic underestimation of financial reports and underinvestment of listed companies.The paper finds that conservative accounting policies reduce the scales of capital investment,but have no significant effects on the limitation of overinvestment,leading to the underinvestment to some extent.Furthermore,with more conservative accounting policies,capital investment and inefficient investment are more sensitive to the reduction of investment opportunities.更多还原