| As an important part of enterprise economy,investment activity plays an important role in the development process,and the investment efficiency is closely watched by the academic circle.But the current related studies have shown that widely exists in the listed companies of China than the phenomenon of investment efficiency,embodied in excessive investment,and insufficient investment,the company's investment decisions often and resources or real actual needs do not match,seriously hindered the healthy growth of the enterprise.And management power is an important factor that affects non-efficiency investment.To be specific,the company's management and its shareholders,because of the two rights separation and has been being agent management power will become acute conflict between them,the motivation of the pursuit of personal interests,increase management may not be conducive to enterprise investment decision.Directly on the other hand,the company's management to follow up the process of investment activities,can have the most complete,real from them is in a position of information superiority,and management to the expansion of power,increase the possibility of its realization of individual interests,opportunism behavior or lazy behavior,investment,in turn,appear the phenomenon of excessive or insufficient investment.Accounting conservatism as an important financial reporting attribute has a unique effect,it can relieve the company on the degree of information asymmetry between various stakeholders,reduce the agency cost of company,inhibit therefore bring adverse impact.From the current research results,scholars have paid less attention to the governance effect of accounting conservatism on the non-efficiency investment behavior of corporate management.Based on the above research background,based on the principal-agent theory,asymmetric information theory,management theory based on the analysis of power,Shanghai and shenzhen a-share listed companies in China were selected as the analysis on the relevant data in2012-2016 samples,by the methods of integral variable,C-Score model,Richardson model respectively,accounting conservatism,the efficiency of management powerinvestment measured empirically with the listed company management power for the investment behavior of the concrete influence efficiency,and verify the accounting robustness for the relationship between the presence of relief.In this paper,we find that there is a significant positive correlation between the management power of the company and the non-efficiency investment behavior.That when the hands of corporate management has too much power,increases their self-interest behavior,and so cannot be the most reasonable configuration enterprise resources effectively,increase enterprise's investment phenomenon of excessive or insufficient investment,weaken the effectiveness of investment,is not conducive to the value of the company.Secondly,there is a significant negative correlation between accounting conservatism and non-efficiency investment behavior of enterprises.Accounting conservatism can reduce the degree of agency cost and information asymmetry.On the one hand,it restricts the opportunism behavior of management,strengthens its supervision,and inhibits excessive investment.On the other hand,it can significantly reduce the financing cost of the company,and thus play an active role in improving the insufficiency of investment in enterprises.Thirdly,accounting conservatism can alleviate the non-efficiency investment behavior caused by management power in the company,which mainly reflects the improvement of under-investment behavior caused by management power.Accounting conservatism by ease financing constraint problem,reduce the cost of management of investment behavior,reduce the private costs,prevent management by taking advantage of their office and not as a phenomenon,thus improve enterprise's investment shortage problem.This paper combine the management power and accounting conservatism research influence on the efficiency of investment creatively,broaden the research Angle of view of the efficiency of investment,to improve the mechanism of the corporate power,restrain and standardize the management behavior,improve enterprise investment effectiveness,increase enterprise value provides a new train of thought.And based on the research conclusion of this paper,the listed companies of our country put forward some related Suggestions:(1)appropriate to streamline theboard size,avoid both part-time and raise the proportion of independent directors,and perfect related laws regulations,enhance the restriction and supervision for power management.(2)reasonable establishment of compensation incentive system to improve management enthusiasm and reduce non-efficiency investment behaviors.(3)correct understanding of the positive role of accounting conservatism in economic activities,and make the best use of accounting policies suitable for enterprises to improve investment efficiency. |
