Financial Management And The Quality Of Accounting Information And The Efficiency Of Investment

Investment is an important decision of enterprise management,and its efficiency is bound to affect the long-term development of the enterprise,but generally speaking our country state-owned listed companies have low efficiency of investment.Previous research analyze the path of low efficiency of corporate investment,from agency conflict and asymmetric information,and draw the conclusion of consistency.From the perspective of financial governance and its comprehensive influence,the paper explores the influence of the investment efficiency on the problem of low efficiency,and has made some achievements.Current "financial management and the quality of accounting information","the quality of accounting information and investment efficiency","financial management and investment efficiency" of study is more,but together with these three to research enterprise,s management behavior of less.Financial management of the introduction of this variable later research on the investment efficiency and the effect of accounting information quality.The improvement of accounting information quality to the efficiency of investment will increase or decrease because of financial management this factor to join? Don’t know.Therefore before the people,this paper studies,in the summary and development about the quality of accounting information,investment efficiency,financial management,on the basis of relevant theories,based on the state-owned listed companies in 2011-2015 years of experience data,use empirical analysis method such as descriptive statistical analysis,correlation analysis,and regression analysis,mainly studies the following three questions:(1)What the quality of accounting information of the enterprise will effect the investment behavior? What the relative contribution of the both have?(2)How will the different dimension of financial governance effect on enterprise investment efficiency?(3)After introduced financial management of this factor after three dimensions indicators,what kind of influence will the accounting information be on enterprises investment behavior,the quality of accounting information has the role of the efficiency of investment,whether because of the financial management this factor to join the three dimensions of indexes of increase or decrease?The research results indicate that:(1)The quality of accounting information can help to improve the enterprise’s investment level,the higher the quality of accounting information can guide enterprises to choose investment projects,further improve the investment efficiency.(2)Enterprise investment decision is affected by the financial management level.The distribution,namely,the higher the proportion of the first big shareholder holds,the efficiency of enterprise investment issues more prominent;Rate of assets and liabilities of financial control,in the appropriate numerical range,asset-liability ratio is high,the efficiency of enterprise investment behavior can ease;Financial supervision aspect,the ratio of independent director’s influence on investment,can not play its proper regulatory functions.(3)After the introduction of financial management factors,improve the quality of accounting information has dramatically reduce or enhance the function of the investment efficiency.That when the first big shareholder control the company,high quality of accounting information to improve the function of the investment.In a certain range,asset-liability ratio is high,the quality of accounting information to improve the function of the investment increase.Ratio of independent director in the high quality of accounting information to improve the function of the investment,can not have the supervision of the desired function.Throughout three dimension of financial governance index,the enterprise financial control dimensions--asset-liability ratio index,in the role of accounting information for investment,play the most obvious role in promoting the investment efficiency.