Accounting Information Quality And Investment Efficiency From The Perspective Of Heterogeneous Institutional Investors

Investment activity is the core content of financial management of listed companies, is also one of the major business activities of listed companies,efficient investment activity is the basis of the listed company to create value maximization,and as China’s capital market is not yet mature,agency issues and information Asymmetry widespread,seriously affected the efficiency of listed companies to invest in China. Many scholars theorists and physical world on Chinese listed companies on factors that affect the efficiency of investment,a lot of research,and achieved fruitful research results.In recent years,along with the strong support of "extraordinary development of institutional investors" policies, the development of institutional investors was expanding rapidly,and become one of the most important external governance mechanism in the field of corporate governance,and to some extent,with the controlling shareholders formed a counterbalance,this explains the involvement of institutional investors in corporate governance in the help to overcome "dominance" negative phenomena existing in China’s listed companies,plays an active role in the governance of listed companies to participate in,and for institutes Effect of investors in listed companies to invest in efficiency is very low.At the same time,the quality of accounting information of listed companies as a direct impact of investment efficiency factor, the quality of accounting information of listed companies have a serious impact on the level of investment efficiency.Thus this paper from the new perspective of institutional investors,study the relationship between the quality of accounting information and investment efficiency.The purpose of this paper is to explore the different nature of institutional investors on the basis of the quality of accounting information and joint action on,whether there are differences in the efficiency of investment.Firstly,this paper respectively defines the related concepts covered in this article,carding and reviewed the related research both at home and abroad carding and reviewed relevant research at home and abroad,then a detailed review of the double agent theory,asymmetric information theory and investment theory,according to the practice of most of the scholars,famous scholars from abroad Brickley(1988) from institutional investors and portfolio companies in addition to normal investment relationship,whether there is an existing(potential) business relationships angle of view,the institutional investors are divided into two categories:one is pressure resistance type,the other is pressure sensitive type,and thus are of different effects of different types of institutional investors, investment efficiency.In 2010-2013 Shanghai and Shenzhen A-share listed company’s data for the study sample,we use the method of descriptive statistics,correlation analysis and multiple regression analysis,empirical heterogeneous institutional investors,accounting information quality and efficiency of investment the relationship between the three.The empirical results show that it is a positive correlation between the quality of accounting information of listed companies and investment efficiency;It is a positive relationship between the listed company’s overall stake of institutional investors and investment efficiency, Meanwhile, the paper investigated the difference between types of institutional investors,the empirical results show that the pressure resistance type institutional investors holding the higher proportion of investment,will strengthen the quality of accounting information to guide investment efficiency;And when the proportion of pressure sensitive institutional investors of listed companies is higher, will weaken the quality of accounting information to guide investment efficiency.Finally,according to the results of empirical research,this paper from how to improve the quality of accounting information,how to promote the development of institutional investors to grow the size and how to improve the heterogeneous institutional investors the balanced development of the three aspects put forward relevant suggestions.