Accounting Information Comparability and Corporate Investment Efficiency

Abstract

Abstract:

The paper measures the accounting information comparability of Chinese listed companies from 2012 to 2014 and then examines the effect of accounting information comparability on corporate investment efficiency. The empirical results indicate:accounting information comparability is significantly negatively correlated with overinvestment and underinvestment. Therefore high comparability can provide the relevant information needed by information users, so as to restrain overinvestment and underinvestment behaviors. Further examination finds that with the increase of information transparency, the negative correlation between accounting information comparability and overinvestment behavior weakens, so information transparency and comparability is an alternative solution to restraining the overinvestment behavior. But for the underinvestment behavior, information transparency and comparability show substitution relationship only in the environment of high information transparency.

Key words: accounting information comparability, overinvestment, underinvestment, corporate information transparency

Yuan Zhizhu, Zhang Xiaoman. Accounting Information Comparability and Corporate Investment Efficiency[J]. , 2020, 32(4): 206-218.

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