Studies Of The Machinery Manufacturing Accounting Conservatism And The Efficiency Of Investment

Investment decision-making is the foundation of enterprise sustainable development, is also a very important financial decision, the future development of the enterprise in the interests of the shareholders, creditors capital security, even social resource allocation function has great influence.Investment decision-making level at the same time is also affected by enterprise internal and external many factors, among them, the principal-agent conflicts, information asymmetry problem, managers a series of problems such as irrational behavior impact on investment decisions is relatively common, usually leads to excessive or insufficient investment, investment all belong to the investment efficiency.The efficiency of investment can reduce the enterprise value, so the study of how to inhibit the efficiency of investment is of great significance.Accounting conservatism as one of the basic principles of the accounting information quality requirements, to restrict the principal-agent and the problem of asymmetric information has played a key role, on this basis, the paper discusses the accounting can robustness to positive effect to the investment efficiency, reduce the efficiency of investment behavior.Although our country is the world’s first manufacturing power, but due to backward technology, low utilization rate of resources causes manufacturing industry "big but not strong".Especially as a "heart" of manufacturing machinery manufacturing industry, the strength of it will directly affect the entire national economy and defense modernization of material technology base, fortunately in March 2015, prime minister Li Keqiang, the two sessions on "made in China 2025", for the manufacturing industry development has injected new strength.This is the first specialized on manufacturing industry development planning, not only helps the by manufacturing big teams attempt machinery manufacturing growth also brings new challenges to China’s economy.Based on literature review at home and abroad on the basis of the first overall situation on our country’s manufacturing industry are discussed in this paper, and then to the accounting conservatism and the efficiency of investment and the relationship between the two has carried on the theoretical analysis and put forward the hypothesis, then according to the hypothesis model for empirical test, This article USES the C-score model to measure and accounting conservatism in Richardson’s expected investment model to measure and the efficiency of investment and then establish the linear regression model.Empirical analysis part, mainly adopted descriptive statistics analysis, correlation analysis, multiple linear regression analysis.Finally, The conclusion is:the excessive investment enterprises, manufacturing accounting robustness for excessive investment behavior has a certain role, for this kind of restriction function, non-state-owned enterprises more efficient;For lack of investment enterprises, manufacturing accounting conservatism will intensify inadequate investment behavior, for this kind of intensified, state-owned enterprises is more serious.Due to the excessive investment in manufacturing in China phenomenon is more serious than inadequate investment, accounting conservatism plays a positive role to alleviate over-investment, so overall, accounting conservatism is helpful to the healthy development of the enterprise.