Research On The Impact Of Environmental Uncertainty On Enterprise Investment Efficiency

Investment activity is one of the important financial management activities in the daily operation of a company.How to make effective investment,prevent the occurrence of invalid investment,and improve investment efficiency has always been the primary issue that management needs to consider when conducting investment activities.Nowadays,the international economic situation is turbulent,domestic economic policies are constantly adjusted,and the environmental uncertainty faced by enterprises is gradually increasing.This undoubtedly increases the difficulty for management to make effective investment,thereby affecting the efficiency of corporate investment.Therefore,this article explores the investment efficiency of enterprises from the perspective of environmental uncertainty,and provides thoughts for enterprises to increase investment effectiveness and improve investment efficiency.In addition,corporate investment efficiency is not only affected by the external environment,but also interfered by the quality of internal accounting information.Accounting information comparability is one of the important characteristics of accounting information quality.While improving the information environment,it also enhances information users’access The dimension of information affects the effectiveness of investment activities and investment efficiency.Then whether the comparability of accounting information can play a regulatory role in the relationship between environmental uncertainty and corporate investment efficiency,and whether the regulatory role will be different with the difference of corporate property rights,these issues need to be further studied and resolved.Based on this,after combing and summarizing domestic and foreign literature,this paper analyzes the process of environmental uncertainty on the impact of corporate investment efficiency,combined with bounded rationality theory,principal-agent theory,and information asymmetry theory,and the comparability of accounting information to the process The impact and the difference in the impact of the comparability of accounting information under different property rights.Then,select a sample of all Shanghai and Shenzhen A-share listed companies from 2010 to 2019 after being eliminated,a total of 11037 groups,using multiple regression method to conduct empirical research,and draw the following main conclusions:(1)The greater the environmental uncertainty a company faces,the more serious the degree of over-investment;(2)the greater the environmental uncertainty the company faces,the more serious the degree of under-investment;(3)the comparability of accounting information can be effectively suppressed The impact of environmental uncertainty on enterprise overinvestment;(4)In state-owned enterprises,the comparability of accounting information has a stronger effect on corporate overinvestment than non-state-owned enterprises;(5)the comparability of accounting information can be effective Controlling the impact of environmental uncertainty on enterprise underinvestment;(6)In non-state-owned enterprises,the comparability of accounting information has a stronger effect on inhibiting environmental uncertainty on enterprise underinvestment than state-owned enterprises.Finally,this article puts forward relevant suggestions from the two levels of listed companies and the government to strengthen the ability of listed companies to respond to fluctuations in the external operating environment and improve internal governance mechanisms to enhance the comparability of accounting information.Provide feasible suggestions for the government to improve the information disclosure system and the capital market supervision system.