【作者】 韩静； 杨晓星； 吴芃；

【机构】 东南大学经济管理学院；

【摘要】 本文以2008年-2011年的沪深A股4010家企业为研究对象,研究会计稳健性对投资效率的影响,以及管理者背景特征对二者的关系的影响。实证结果发现,在其他条件相同的情况下,会计稳健性会抑制企业的过度投资,加剧企业的投资不足;国有企业的会计稳健性加剧(抑制)投资不足(过度)的程度要弱于非国有企业。进一步研究发现,国有企业的管理者团队的平均年龄、性别、任期及其异质性、教育背景、专业背景异质性显著影响着会计稳健性与非效率投资的关系,非国有企业的管理者团队的性别、任期及其异质性、教育背景、专业背景异质性显著影响着会计稳健性与非效率投资的关系。更多还原

【Abstract】 This article chooses Shanghai and Shenzhen Ashares’4010 enterprises from year 2008 to 2011 as samples and researches accounting conservatism’s influence in the investment efficiency as well as the interaction influence of managers’ background characteristics in the relationship of two.The results shows that:in the case of other conditions are the same,the accounting conservatism will inhibit over-investment and exacerbate under-investment; the extent of state-owned enterprise’ accounting robustness aggravates (inhibits) over investment (under investment) is weaker than non-state-owned enterprise.Further study found:The average age,gender,tenure and its heterogeneity,educational background,professional background heterogeneity of the team managers of state-owned enterprises significantly affect the relationship of accounting conservatism and non-efficiency investments.The gender,tenure and its heterogeneity,educational background,professional background heterogeneity of the team managers of non-state-owned enterprises affect the relationship of accounting conservatism and non-efficiency investments更多还原