摘要
基于2015—2021年中国A股农业上市公司数据,通过实证分析探讨会计稳健性发展在非效率投资中所呈现出的作用,以及加入融资约束后对二者间关系的调节效应。研究表明:在农业上市公司中,会计稳健性对企业投资过度呈负向影响,即抑制作用,对企业投资不足负向影响,即缓解作用,对企业非效率投资有明显改善效果;从调节效应看,融资约束越强,会计稳健性对投资过度的抑制作用越弱,对投资不足的缓解作用也越弱,均呈正向调节;该研究丰富了会计稳健性及非效率投资的相关研究,对企业有效避免非效率投资奠定理论基础。
Using the data of Chinese A-share agricultural listed companies from 2015-2021,the role presented by the development of accounting robustness in investment efficiency and the moderating effect on the relationship between the two after adding financing constraints were empirically analyzed.The study shows that among listed agricultural companies,accounting robustness has a negative impact on corporate overinvestment,i.e.,inhibitory effect;it also has a negative impact on corporate underinvestment,i.e.,mitigating effect,and has an obvious improvement effect on corporate inefficient investment.In terms of the moderating effect,the stronger the financing constraint,the weaker the inhibiting effect of accounting robustness on overinvestment,which is positively moderated;and the stronger the financing constraint,the weaker the mitigating effect of accounting robustness on underinvestment,which is positively moderated.The study enriches the research related to accounting robustness and inefficient investment,and lays a theoretical foundation for enterprises to effectively avoid inefficient investment.
作者
周佳敏
王保忠
ZHOU Jiamin;WANG Baozhong(School of Management,Xi′an Polytechnic University,Xi′an 710600,China)
出处
《武汉理工大学学报（信息与管理工程版）》
CAS
2023年第6期942-948,共7页
Journal of Wuhan University of Technology：Information & Management Engineering
基金
陕西省教育厅重点基地项目(20JZ059)
陕西省高等教育学会2021年度高等教育科学研究项目(XGH21144).
关键词
会计稳健性
融资约束
过度投资
投资不足
调节效应
accounting robustness
financing constraints
overinvestment
underinvestment
moderating effects
