Capital Structure,Accounting Information Quality And Non-efficiency Investment

Investment is one of the “troikas” that have driven China's GDP growth.According to the 2017 National Economic and Social Development Statistical Communique(announced by the National Bureau of Statistics),the contribution of investment to the national economy is 32.10%,second only to the proportion of consumption(58.8%).As the microscopic subject of economic development,corporate investment is a key factor in creating company value and stimulating economic growth.Therefore,investment plays an important role in economic development.Accounting information as a window of communication between internal management and external stakeholders,the quality of the information will seriously increase the degree of information asymmetry between the two sides.At present,the quality of accounting information in our country is worrisome.The phenomenon of financial fraud in listed companies is almost endless.The “Yinguang Xia”,a serious inflated profit from the centuries,“QiongMinyuan”,which inflated profits and capital reserves at the same time,and the recent financial falsification cases,such as “the first stock of the GEM Board” WanFuSike(SZ300268)Inflated operating income of RMB 740 million and operating profit of RMB 180 million in three years(2008 to 2011)resulted in an inflated net profit of RMB 160 million;in 2016,Xintai Electric(SZ300372)Suspected IPO(Initial Public Offering)fraudulent issuance and illegal disclosure of information disclosure became "the first stock delisting of the GEM." Financial irregularities have led to a low quality of accounting information,which has wasted resources,harmed the vital interests of many investors,and hindered the sustained and healthy development of China's capital market.From the above analysis,from the perspective of financial information,it is of great significance to study how to guide the flow of funds,and then play the role of accounting information,and the effect of capital peaks and peaks.This article is divided into five parts.The first part puts forward the research theme,uses the stone of the hill,sorts out the domestic and foreign literature,and looks for the historical trajectory of the research;the second part analyzes the connotation of the keyword and the measurement of variables,and discusses related theories and hypotheses.Provide theoretical support for empirical research;Sections 3 and 4 are empirical studies;for empirical analysis,we plan to adopt financial data of listed companies in the Shanghai and Shenzhen A-share manufacturing industries for the past three years(2013-2015),and select the data model.Measure variables and construct regression models.At the same time,consider different situations under the capital structure,namely free cash flow and financing constraints,and discuss the relationship between accounting information quality and non-efficiency investment.The fifth part is the research conclusions and policy recommendations.After empirical analysis,accounting There is indeed a governance effect in information quality.Improving the quality of accounting information can compensate for the lack of investment and also help to suppress excessive investment.The more free cash flow,the more it helps to suppress excessive investment;the greater the financial constraints,The more conducive it is to reducing underinvestment.Based on the above analysis results,combining the financial quality that is currently not optimistic,in order to improve the quality of accounting information,and to play its role in guiding investment in a reasonable manner,a preliminary financial perspective is proposed.