Research On The Relationship Of The Quality Of Accounting Information And The Capital Allocation Efficiency

The efficiency of capital allocation is not only the core proposition of economic research,but also the extent to which capital can be configured in the right company or investment project, has become the current financial research a core issue. Higher efficiency of capital allocation is not only competition in the market the key to sustainable development, but also the company's growth and future of the main drivers of growth in cash flow an important base. In recent years, scholars are starting our attention to the efficiency of capital allocation, but most are from the perspective of corporate governance, such as capital structure, managers of private interest perspective, to study the efficiency of capital allocation, however, because our country is now in emerging and Transition few scholars of special economic system of accounting information quality and efficiency of capital allocation to study the correlation.Firstly, the quality of accounting information and capital allocation efficiency studies were reviewed and summarized. Secondly, the quality of accounting information described in detail, the meaning of the efficiency of capital allocation, and measurement methods, and analysis of the relationship between the two. Again, on the basis of this theoretical analysis, select the listed companies in Shanghai and Shenzhen stock data for the 2006-2007 sample, empirical study of accounting information quality and relevance of the efficiency of capital allocation. Evidence is found that by high quality accounting information and insufficient investment in listed companies and investment over a significant negative correlation; compared to non-financial constraints companies, investment accounting information quality and negative correlation between the lack of financing constraint in listed companies Based on the above findings, we propose several ways to improve the quality of accounting information policy recommendations at the end of the text summary, there are still points out the shortcomings of this study and further research.