The Study Between Accounting Conservation And Listed Corporate Investment Behavior

Corporate investment behavior has always been a hot issue in finance research.Increasing investment is a major factor in enhancing the competitiveness and market share of enterprises in the industry.It is also an important force for boosting the country's export sales and GDP.Therefore,increasing the level of corporate investment is not only about the survival and development of enterprises,but also an important part of determining the development of national productivity.However,the reality in China tells us that blindly increasing enterprise investment can only result in the waste of resources and cause excess capacity in society.Therefore,scientifically and reasonably making investment decisions and planning investment levels are top priorities in the investment process of Chinese enterprises.At the same time,with the coming comes the problem of how to improve the investment efficiency of enterprises under the condition of increasing the investment level of enterprises.Separation of Ownership and Management Entrusting the agency problem posed to the manager has created an interest in the development of investment strategy opportunities.Overconfidence has become a key feature of managers' investment strategy.Moderate manager's overconfidence through the development of optimal investment strategy to promote enterprise reform and innovation,reduce financing costs and enhance corporate value.However,some studies show that manager's overconfidence will lead to sub-optimal corporate leverage,investment levels and investment strategy.Based on the theory of the life cycle,the author puts forward the hypothesis that the life cycle of the enterprise affects the investment behavior of enterprises,that is,the performance of the enterprises in different life stages is different,The third chapter of the writing to lay the theoretical contact;combing the theory of accounting conservatism affect the business investment motivation and on this basis put forward the assumption that accounting conservatism significantly affect the motivation of business investment,so as to provide research ideas for the fifth chapter of this article;Summarize the related theories that accounting conservatism affects the investment level of enterprises;and on this basis,put forward the research hypothesis that accounting conservatism has a significant impact on the level of investment in enterprises,and then provide the research direction for the creation of Chapter 6;Summarize accounting conservatism affect the investment efficiency of enterprises Based on which the author puts forward the research hypothesis that accounting conservatism has a significant impact on the efficiency of the firm's investment and thus provides theoretical support for the study in Chapter 7 of this paper.Chapter 3 starts with the theory of enterprise life cycle,and divides the lifecycle stage of the enterprise based on the cash flow of the enterprise financing activities,financing activities and investment activities,and studies the influence of the life cycle on the investment efficiency of enterprises through the fixed effect panel model,The empirical results show that the listed companies in China still have the investment level increase when the growth or investment opportunities decay,and thus reduce the investment efficiency of enterprises;meanwhile,the test of the robustness of this chapter is based on the nature of enterprise ownership,Efficiency,the empirical results show that although the state-owned property can ease the financing constraints of enterprises,it also leads to the inefficient investment of enterprises.In the fourth chapter,from the point of view of mathematical model,it is proved that managers' overconfidence is the concrete manifestation of the investment motivation of the enterprise.On the basis of using the static model and the dynamic discount model to calculate the accounting robustness index,combined with the fixed effect panel model,calculated accounting conservatism on the impact of corporate investment motivation.The empirical results show that the sound accounting of listed companies in China can alleviate the investment motivation of enterprises by restraining managers from over-predicting the growth of enterprises.Meanwhile,this chapter also joins the nature of corporate ownership to test the robustness of the empirical results.The empirical results show that the state-owned Holding enterprises reduce the inhibitory effect of accounting conservatism on managers' motivation to invest,which results in the investment efficiency of state-owned enterprises being lower than that of non-state-owned enterprises.Chapter 5,combined with the empirical results in Chapter 5,that accounting conservatism suppresses managers 'over-expectations of future growth and does not inhibit managers' use of cash flow,uses the stochastic difference equation to re-invent the potential cash flow from operations Based on the study,the effect of accounting conservatism on the level of corporate investment is studied based on the fixed-effect panel model.Empirical results show that the timely calculation of accounting conservatism is a recognition mechanism to encourage enterprises to find projects with better earnings and to detect projects with poorer operating performance in a timely manner so as to enhance comfortable investment.Given that innovative investment is an important component of the investment level of enterprises This chapter also uses the panel-logit model and the double-difference model(DID)to study the conditionality and difference of China's non-tradable share reform in promoting the quality of information disclosure of enterprises The empirical results show that the level of innovation and investment in state-owned enterprises represented by the mining industry is weaker than that of the non-state-owned enterprises represented by the manufacturing industry.Chapter 6 of this paper researches the investment efficiency of enterprises from the perspective of mathematical model.Based on this,we study the effect of firm accounting on investment efficiency by using the fixed-effect panel model.Empirical results show that accounting conservatism can indeed reduce the ineffectiveness of business investment.To improve the accounting conservatism contributes to the improvement of enterprise investment efficiency.In the meantime,in order to avoid repeated procrastination of the robustness testing process,this chapter takes the cross-listing of enterprises as another listing basis of the robustness test(because there are more ways for enterprises to cross-listing Access to resources,but also have more ways to be informed of corporate information),the empirical results show that the cross-listed companies' investment efficiency is more flexible than the non-cross-listed companies on the efficiency of accounting,so cross-listing information disclosure is better and the accounting more robust And investment efficiency is higher than non-cross listed companies.