An Empirical Study Of The Impact Of Financial Statement Comparability And Property Rigths On Investment Efficiency

Accounting information is a social public product,and its function depends to a great extent on whether it can meet the needs of the expected information users and whether it conforms to the relevant regulations of the accounting system.Whether different enterprises adopt uniform accounting standards and the degree of compliance with accounting standards will have a direct impact on the comparability of corporate financial systems.The research on the comparability of accounting information has started from a long time ago,but it is difficult to measure the comparability of accounting information at the micro level,and most of them study the harmonious development of accounting from the macro level.In 2011,De Franco,Kothari and Verdi first proposed the measurement model of the microcosmic level of the accounting information comparability,which made the empirical research on the micro level of the accounting information comparability began to rise.According to Arkerlof 's information asymmetry theory,the reason of information asymmetry is that the goods can not be properly distinguished from the good or bad of the goods.The main function of the comparability of accounting information is that it can identify the differences between different economic events.This makes the accounting information comparability have a good effect on alleviating the information asymmetry.Investors need to compare different projects in making investment decisions,so the characteristics of the comparability of accounting information will be It has an important impact on the decision-making process of investors.Investment is a very important economic behavior.It will affect the utilization of resources in the enterprise,and the resources are scarce for the whole society.The efficiency of resource allocation reflects the rationality of the utilization of resources,and it is largely influenced by the information asymmetry and the problem of principal-agent.The comparability of accounting information can promote the effective play of the accounting information governance and the pricing function,thus promoting the promotion of the efficiency of the company's investment.Therefore,this paper will study whether the accounting information comparability can effectively improve the investment efficiency.Therefore,under different property rights,there is a difference in the effect of comparability on the efficiency of investment.It will also be a major problem in this paper.Based on the reading and research of previous literatures,this paper takes 3369 samples of Shanghai and Shenzhen A shares as research objects to study the influence of comparability of accounting information on investment efficiency.Furthermore,the paper studies how the difference of property rights causes the difference of the effect of accounting information comparability on investment efficiency.The results show that the improvement of the comparability of accounting information will inhibit the inefficient investment behavior of enterprises.In particular,the improvement of comparability of accounting information can inhibit both overinvestment and underinvestment;compared with state-owned enterprises,the improvement of accounting information comparability can inhibit the inefficient investment behavior of enterprises.The comparability of accounting information in non-state-owned enterprises has a more significant inhibitory effect on non-efficient investment,and the difference of the effect is also reflected in overinvestment and underinvestment.This paper brings the property right nature into the study of the relationship between accounting information comparability and investment efficiency,further enriches the relevant literature on accounting information comparability,and adopts the improved model of Campbell et al.The asymmetric response of enterprises to good news and bad news is added,which makes the empirical research in this paper more convincing.The improvement of comparability of accounting information depends on the improvement of accounting standards and the effective implementation of accounting standards by enterprises.The conclusion that the comparability of accounting information can optimize the efficiency of social resource allocation will promote the government departments to realize the importance of perfecting accounting standards and strengthening the supervision of enterprises to implement accounting standards.The difference in the effect of comparability of accounting information between state-owned enterprises and non-state-owned enterprises on investment efficiency reflects the importance of deepening the reform of state-owned enterprises in China.