Empirical Research On The Earnings Management's Impact On Investment Efficiency

Investment activities are one of the important economic activities of enterprises.Efficient investment can not only promote the value of enterprises,but also guarantee the interests of shareholders and creditors to a certain extent.However,so how to improve enterprise's investment efficiency has become a hot spot of concern to all sectors of society.Based on the existing research,the higher the quality of accounting information,the more the enterprise investment's efficiency,but the earnings management behavior will reduce the quality of accounting information.Therefore,this paper further explores the impact of corporate earnings management on investment efficiency,and incorporates China's unique equity nature factors in the study to gain insight into earnings management's impact on investment efficiency with different equity properties.This paper first summarizes earnings management's impact on investment efficiency under different equity characteristics.On this basis,this paper determines the regression model of investment efficiency and earnings management,and adds the nature of equity as a regulatory variable,finally the empirical analysis of the listed 1355 companies motherboard in the 2012-2017 in China shows the following conclusions: Firstly,earnings management is positively correlated with non-efficiency investment,in other words,higher earnings management corresponds lower investment efficiency;Secondly,the earnings management is positively correlated with over-investment.Compared with non-state-owned enterprises,the positive correlation in state-owned enterprises is stronger(In other words,higher earnings management corresponds higher over-investment,and the impact of earnings management on over-investment in state-owned enterprises is more significant;Thirdly,earnings management is positively correlated with under-investment,and compared with state-owned enterprises,the positive correlation in non-state-owned enterprises is stronger(In other words,higher earnings management corresponds higher under-investment,And the impact of earnings management on non-state-owned enterprises on investment is more significant).Finally,based on the research conclusions,this paper puts forward corresponding suggestions to reduce corporate's earnings management behavior and improve enterprise's investment efficiency.