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股权结构、会计稳健性与资本投资效率论文
Abstract
China's capital market system is not perfect, the company does investment in this imperfect
environment.Companies have widespread inefficient investment because of asymmetric
information and agency problem,they are overinvestment and underinvestment.Accounting
conservatism is one of the characteristics of accounting information quality,and it has governance
functions.Accounting conservatism is effective in alleviating asymmetric information and agency
problems, which can improve inefficient investment.One says accounting conservatism requires
timely confirm investment losses, managers don’t radical investment to protect their fame.Others
say it is adequate and timely disclosure of accounting information,hence it reduces information
asymmetry to remit underinvestment. In recent years the scholars at home and abroad face
widespread non-efficiency investment,for they increasingly concerned about economic
consequence of accounting conservatism.It reflects that accounting conservatism is an important
governance mechanism.As Chinese pecial system and marketing background cause ownership
structure that is only one big share and the absence of owners.While contract parties’agency
problems and asymmetric information easily lead to inefficient investment.Many scholars believe
that ownership structure is a very important internal governance structure of the company.so it can
effect the play of the governance mechanism.
This article uses asymmetric information, principal-agent theory and corporate governance
theory as a theoretical support.Drawing on research methods and findings of the related literature
at home and abroad,begin with our unique ownership structure,then analyse what is the impact to
accounting con
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