【摘要】 以2011-2014年我国沪深A股非金融上市公司为研究对象,采用残差度量模型衡量公司投资效率,以Jones模型、DD模型及Mc Nichols和Stubben模型反映会计信息质量,利用流动负债率作为债务期限结构的代理变量研究会计信息质量、债务期限结构与企业投资效率之间的关系。实证研究发现提高会计信息质量有利于解决我国上市公司投资过度和投资不足问题,提高投资效率;而缩短债务期限仅能够抑制公司投资过度行为。同时在抑制过度投资方面,高质量会计信息和短期债务两者呈替代关系,短期债务占比高的公司会计信息质量对投资效率的影响小。更多还原

【Abstract】 This paper,conducted with a sample of Chinese A-share non-financial listed companies in the Shanghai Stock Exchanges and the Shenzhen Stock Exchanges during the period 2011- 2014,examines the role of accounting information quality and debt maturity in investment efficiency. It adopts the residual measurement model to calculate investment efficiency and uses the Jones model,DD model,Mc Nichols and Stubben model to measure accounting information quality,and employs the current debt ratio as the proxy variable of debt maturity structure. It finds that accounting information quality can improve investment efficiency,reducing both over-investment and under-investment problems. Lower debt maturity can only mitigate the over-investment problems. Furthermore,accounting information quality and debt maturity are mechanisms with some degree of substitution in alleviating over-investment problems: firms with higher( lower) use of short-term debt,exhibit lower( higher) effects of accounting information quality on investment efficiency.更多还原