Research On Financial Sharing And Corporate Investment Efficiency

In 2005,ZTE established the first financial sharing service center in China,and the sharing service has been developed in China for nearly 18 years.The initial financial sharing mode is in the exploratory stage,which has not been successfully verified.More enterprises are encouraged to study and explore the sharing mode,and today more and more large enterprises begin to establish financial sharing centers.According to the ZTE New Cloud SSC database by the end of 2020,the number of companies that have established sharing service centers in China has exceeded 1,000.And from 2011,the State-owned Assets Supervision and Administration Commission issued the Notice on Strengthening the Financial Informational of Central Enterprises [State-owned Assets Development Evaluation [2011] 99],Call for "qualified enterprises should explore the development of centralized accounting and sharing accounting services at the group level." In 2021,the National Development and Reform Commission and other departments promulgated the "Several Opinions on promoting the healthy and sustainable Development of platform economy" [Development and Reform High-tech[2021] 1872],emphasizing the encouragement of platform enterprises to carry out model innovation.It can be seen that the financial sharing model has been supported and valued by national policies.The traditional financial sharing mode focuses on organization and process,and the financial work is operated by assembly line,and the standardized work is handled centrally.With the development of information technology,the emerging financial sharing mode develops into an integrated platform mode of information system based on industrial Internet.However,it cannot be denied that the financial sharing platform always takes data as the core,and with the continuous expansion of the financial sharing boundary,the information contained also extends from the original financial information to business management information.This enables different departments to share and interuse data and information,which can help enterprises improve the integration efficiency of internal and external resources,broaden the depth and breadth of enterprise information acquisition,and reduce the degree of information uncertainty and asymmetry.In addition,the establishment of this mode can integrate information sharing within the enterprise,further strengthen the information circulation between shareholders and managers,and alleviate the agency problems between them.Studies have shown that enterprise investment efficiency suffers from information asymmetry(Myer and Majluf,1984)and agency problems(Jensen,1986;Conyon and Murphy,2000),information is a very important guiding effect on enterprise investment direction and investment efficiency(Yu Xiaohong et al.,2017).Therefore,theoretically speaking,the construction of financial sharing can improve and optimize the external governance environment and internal management level of enterprises,so as to restrain or alleviate the long-term phenomenon of over-investment and under-investment of enterprises.Based on this,this paper selects all A-share listed companies from 2009 to 2021 as samples to empirically test the relationship between financial sharing and investment efficiency.The results show that financial sharing can improve the efficiency of enterprise investment,restrain over-investment and alleviate under-investment.In addition,from the perspective of accounting information quality and agency cost,this paper selects corresponding indicators as paths to test how financial sharing affects the investment efficiency of enterprises.Through empirical testing,the research finds that financial sharing can improve the quality of accounting information,reduce agency cost,and thus improve investment efficiency and reduce over-investment and underinvestment.In addition,this paper also finds that in high-tech enterprises,digital transformation implementation,non-state-owned enterprises,non-Big four accounting firms audit enterprises and diversified enterprises,financial sharing plays a significant role in improving enterprise investment efficiency,and can more effectively restrain enterprise over-investment and alleviate enterprise under-investment.