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MBA毕业论文_管背景特征_会计信息可比性与投资效率研究PDF

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I 摘要 在当前的经济形势中,努力提高投资效率,降低非效率投资从而提高投资质 量,对于助推经济高质量发展十分必要。已有研究表明,我国上市公司非效率投 资现象广泛存在。因此,如何降低或减少无效投资,提高投资效率,成为实现我 国经济高质量发展急需解决的问题。通过对文献的梳理,我们发现信息不对称问 题和两权分离下的委托代理问题是造成非效率投资的重要原因。会计信息作为投 资者最为直接、最为关键的信息来源,高质量的会计信息能够有效缓解信息不对 称问题和委托代理问题,进而直接作用于投资者的投资行为及投资效率。本文选 取会计信息可比性作为会计信息质量特征的代理变量,研究了会计信息可比性对 投资效率的影响。高管作为公司生产经营的主要管理者和直接负责人,对公司的 重大投资决策和会计信息质量都具有十分重要的影响,因此,文章进一步研究了 高管背景特征对会计信息可比性和投资效率二者关系的调节作用。 本文选取2013-2018年沪深两市A股上市公司为样本,以委托代理理论、高 层梯队理论和会计信息职能理论等理论为基础,借鉴DeFrancoetal.(2011)的方 法测度了会计信息可比性,采用Richardson(2006)模型测度了投资效率,通过构建 多元回归模型,首先,实证检验了会计信息可比性与投资效率的关系,更进一步, 区分投资过度和投资不足,探索会计信息可比性对投资过度和投资不足的作用。 其次,区分产权性质,研究了可比性对投资效率的影响在不同产权性质的公司中 是否存在差异。最后引入高管背景特征,研究高管背景特征对会计信息可比性和 投资效率关系的调节效应。 根据本文的研究结果,得出以下研究结论:第一,会计信息可比性与投资效 率负相关,与投资过度、投资不足均为负相关关系;第二,会计信息可比性对投 资效率的抑制作用在非国有公司中更加显著。第三,加入高管背景特征作为调节 变量发现,高管年龄减弱了会计信息可比性对投资效率的抑制作用;高管学历可 以增强可比性对投资效率的抑制作用;高管性别比例、高管海外背景在会计信息 可比性和投资效率的关系中调节效应不显著;高管金融背景对可比性和投资效率 的关系存在正向调节作用。最后根据研究结论,得到如下启示:第一,重视公司 的投资活动,提升投资效率,充分发挥投资活动对高质量发展的作用;第二,提 高对会计信息可比性的重视程度,积极发挥会计信息可比性在资源配置和公司治 理中的作用;第三,重视高管队伍建设,打造高效的管理团队。 摘要 II 关键词:会计信息可比性;投资效率;高管背景特征 Abstract III Abstract Itisnecessarytoimprovetheefficiencyofinvestmentandcutdowninefficient investmenttoimprovethequalityofinvestmentandboostthehigh-qualitydevelopment ofeconomycurrently.Itisshownthatalotofinefficientinvestmentamonglisted companiesinChinainsomestudies.Therefore,howtocutinvalidinvestmentand improveinvestmentefficiencyhasbecomeanurgentproblemtoachievehigh-quality economicdevelopmentinChina.Itissuggestedthattheimportantreasonsforinefficient investmentaretheinformationasymmetryandprincipal-agentaccordingtothepapers abouttheproblem.Asthemostdirectandcriticalinformationforinvestors,high-quality accountinginformationcaneffectivelyalleviatetheproblemsabovetodirectlyaffect theinvestmentbehaviorandefficiency.Thispaperselectsthecomparabilityof accountinginformationastheproxyvariableofaccountinginformationquality characteristics,andstudiestheinfluenceofaccountinginformationcomparabilityon investmentefficiency.Asthemainmanageranddirectpersoninchargeofthe company'sproductionandoperation,seniorexecutiveshaveaveryimportantimpacton thecompany'smajorinvestmentdecisionsandthequalityofaccountinginformation. Therefore,thispaperfurtherstudiestheimpactfromseniorexecutives'backgroundon therelationshipbetweenaccountinginformationcomparabilityandinvestment efficiency. Basedonthetheoryofprincipal-agent,seniorechelonandaccountinginformation function,thispaperselectsA-sharelistedcompaniesinShanghaiandShenzhenstock marketsfrom2013to2018assamplesanddrawslessonsfromDeFrancoetal.(2011) measuredthecomparabilityofaccountinginformation,andusesRichardson(2006) modeltomeasuretheinvestmentefficiency.Throughtheconstructionofmultiple regressionmodel,firstofall,empiricaltestoftherelationshipbetweenthe comparabilityofaccountinginformationandinvestmentefficiency,further,distinguish betweenoverinvestmentandunderinvestment,andexploretheroleofaccounting informationcomparabilityinoverinvestmentandunderinvestment.Secondly,it distinguishesthenatureofpropertyrightsandstudieswhethertherearedifferencesin theimpactofcomparabilityoninvestmentefficiencyamongcompanieswithdifferent propertyrights.Finally,thepaperintroducesthebackgroundcharacteristicsofsenior Abstract IV managerstostudytheeffectofthebackgroundcharacteristicsontherelationship betweenthecomparabilityofaccountinginformationandinvestmentefficiency. Thefollowingconclusionsaredrawnaccordingtotheresearchofthispaper.First, theaccountinginformationcomparabilityisnegativelyrelatedtoinvestment efficiency,overinvestmentandunderinvestment.Second,thesuppressionofaccounting informationcomparabilityoninvestmentefficiencyismoresignificantin non-state-ownedcompanies.Third,Itissuggestedthattheexecutiveagereducesthe suppressionofaccountinginformationcomparabilityoninvestmentefficiencyafter addingexecutivebackgroundcharacteristicsasmoderatorvariables;Besides,the executiveeducationcouldincreasethesuppressionfromthecomparabilityon investmentefficiency.Theimpactfromexecutivegenderandexecutives'overseas backgroundontherelationshipbetweenaccountinginformationcomparabilityand investmentefficiencyisnotsignificant.Finally,therearesomeenlightenmentas below.First,weshouldattachimportancetotheinvestmentactivitiesofthecompanyto improvetheinvestmentefficiencyandinvestmentactivitiesusesfullyinhigh-quality development.Second,weshouldpaymoreattentiontothecomparabilityofaccounting informationandactivelyusethecomparabilityofaccountinginformationinresource allocationandcorporategovernance;Third,weshouldpaymoreimportancetothe constructionofseniormanagementteamtocreateanefficientmanagementteam. Keywords:comparabilityofaccountinginformation;Investment efficiency;Executivebackgroundcharacteristics 目录 V 目录 第1章引言...................................................................................................................1 1.1研究背景与研究意义..........................................................................................1 1.1.1研究背景......................................................................................................1 1.1.2研究意义......................................................................................................2 1.2文献综述..............................................................................................................3 1.2.1国外研究现状..............................................................................................3 1.2.2国内研究现状..............................................................................................5 1.2.3文献述评......................................................................................................7 1.3研究内容与研究方法..........................................................................................7 1.3.1研究内容.........................................................................................................7 1.3.2研究方法与技术路线图................................................................................8 1.4本文可能的创新之处........................................................................................10 第2章相关概念界定及理论基础.............................................................................12 2.1概念界定............................................................................................................12 2.1.1高管............................................................................................................12 2.1.2高管背景特征............................................................................................12 2.1.3会计信息可比性........................................................................................13 2.1.4投资效率....................................................................................................13 2.2理论基础............................................................................................................14 2.2.1委托代理理论.................................................................