The Research On The Improving Effect Of Accounting Information Quality On Enterprise Investment Insufficiency

The correctness of investment decisions and the effectiveness of investment behavior play an important role in the survival and development of enterprises.The investment efficiency of enterprises directly affects the long-term interests of enterprises.Theoretical research suggests that in mature capital markets,high-quality accounting information can improve the inefficient investment of enterprises by reducing financing constraints,reducing agency costs,and identifying investment opportunities.However,there are few empirical studies on the improvement effect of accounting information quality on the under-investment of enterprises.The accounting information quality indicators used are relatively simple,which makes the research results lack of robust ness and rationality,and is rarely considered the difference in the extent of the effect of insufficient investment in the quality of accounting information under the influence of different regulatory variables.Therefore,in China’s immature capital market,the improvement effect of accounting information quality on enterprise investment is still to be further studied and demonstrated.Based on the above facts,this paper uses the theory of principal-agent and information asymmetry to clarify the mechanism of accounting information quality to improve the investment of enterprises,and analyzes the status quo in detail with the actual situation in China.On this basis,relevant theoretical assumptions are proposed.In order to verify the above assumptio ns,this paper uses the financial data of 2,305 listed companies in the Shanghai and Shenzhen Stock Exchanges for 2013-2017.First,we measure the investment efficiency by constructing the Richardson investment expectation model,and choose the sample with insufficient investment.Secondly,the application of the modified cross-section Jones model measures the quality of accounting information of enterprises,and then builds a panel random effect model based on the addition of several control variables to empirically study the improvement effect;in order to study whether this improvement effect has nonlinearity under the influence of some adjustment variables,this paper continues to try constructing the panel threshold regression(PTR)model,and carries o ut the corresponding threshold effect test and threshold regression.The research results show that:(1)high-quality accounting information has significant improvement effect on enterprise under-investment;(2)the improvement effect is generally linear,but under the influence of certain types of regulatory variables,it has non-linear characteristics;(3)this improvement effect has strengths and weaknesses due to the different levels of free cash flow of enterprises.When the free cash flow of large-scale enterprises is less than a certain value,the improvement effect is weak.When the free cash flow of large-scale enterprises exceeds a certain value,the improvement effect is strengthened.Finally,on the basis of previous research,some conclusions are drawn,and effective policy recommendations are put forward to improve accounting information quality and improve the problem of under-investment to ensure the survival and development of enterprises.