An Empirical Study Of Quality Of Accounting Information’s Influence On Over-investment Behavior Of Enterprises

In recent years, the overheated investment of China’s macroeconomic and the over-investment of micro enterprises has been a hot topic for academic discussion, and many scholars study the reasons of over-investment and governance issues fromdifferent aspects. The article study from the new perspective of accounting information quality, based on the theory of asymmetric information and principal-agent theory to explore the effects of over-investment in China, analysis of mechanism of accounting information control path of over-investment, and use of empirical data of Chinese listed companies for empirical test, the research has certain theoretical and practical significance.Firstly, The article defines the specific meaning of the quality of accounting information and corporate over-investment; Secondly, The article reviews and comments on the research of quality of accounting information、corporate over-investment in empirical research, as well as the correlativity, and determine the DD model for the variable measurement model of quality of accounting information, and determine the Richardson residual measurement model for the measurement of over-investment; Thirdly,The article analysis the causes of over-investment based on the principal-agent theory and asymmetric information theory, then explore the mechanism of high-quality accounting information governance over-investment behavior; Finally, analysis the actuality ofaccounting information quality and over-investment, then select the A-share listed manufacturing companies data in2008-2010for empirically testing the impact of the qualityof accounting information to over-investment behavior of enterprises, and research results show that the quality of accounting information and over-investment presents negative correlation significantly, and in the case of other conditions remain unchanged, the quality of accounting information and over-investment showed a stronger negative correlation for the excess free cash flow of the listed companies. Based on the above findings, the article proposes some policy suggestions to improve the quality of accounting information and inhibition the over-investment behavior.