Research On The Impact Of Information Disclosure Quality On Enterprise Investment Efficiency

Investment,as an important economic activity in the daily production and operation of enterprises,plays an important role in the development of enterprise management strategy.Investment decision-making is the starting point and core content of enterprise financial decision-making.Investment activity is the key to enhance enterprise value.At present,the research on the factors affecting the efficiency of enterprise investment has been a hot topic for scholars at home and abroad.In the real capital market,due to the widespread existence of information asymmetry and agency problems,the inefficiency of investment of Listed Companies in China is widespread.Inadequate investment and excessive investment will directly affect the value of enterprises and the future development prospects.Therefore,how to improve the efficiency of enterprise investment has become an urgent focus of enterprises.According to the existing literature research,high-quality information disclosure can not only alleviate the information asymmetry between investors and enterprises,but also effectively help investors to supervise and control companies and restrain the inefficient investment behavior of enterprises.According to the life cycle theory of enterprises,there are great differences in their business structure,scale and organizational form at different stages of development,so the impact of information disclosure quality on investment efficiency is different at different stages of life cycle.Therefore,this paper mainly through the study of A-share listed companies in Shenzhen,explores the mechanism between the quality of information disclosure and the efficiency of enterprise investment in different life cycle stages,enriches the economic consequences of the quality of information disclosure,broadens the dynamic influencing factors of the efficiency of enterprise investment,and provides a reference for the governance of inefficient investment and investors decision-making.This paper theoretically analyses the influence path of information disclosure quality on enterprise's inefficient investment.Based on information asymmetry,signal transmission and principal-agent theory,it systematically analyses how information disclosure quality affects enterprise's investment efficiency.According to the results of theoretical analysis,this paper selects the A-share listed companies in Shenzhen Stock Exchange from 2013 to 2017 as the research sample,and uses multiple regression analysis to empirically test the impact of information disclosure quality on investment efficiency in different life cycle stages.Firstly,it examines the governance effect of information disclosure quality on inefficient investment of enterprises,and then carries out grouping tests according to different stages of the life cycle of enterprises,and explores the impact of information disclosure quality on inefficient investment of enterprises in different stages of life cycle.Finally,according to the conclusions of the study,it puts forward corresponding countermeasures and suggestions to improve the quality of enterprise information disclosure and promote the efficiency of enterprise investment in different life cycle stages.