摘要
会计稳健性作为企业财务决策的重要影响因素，近年来受到广泛关注。本研究基于中国上市公司2010年至2020年的面板数据，探讨会计稳健性对企业投资决策的影响机制及其经济后果。研究旨在揭示会计稳健性如何通过信息质量与风险规避的作用路径影响企业的投资行为，并进一步分析其在不同公司治理环境下的异质性表现。采用固定效应模型和工具变量法控制内生性问题，研究发现会计稳健性显著降低了企业的过度投资和投资不足现象，从而优化了资源配置效率。此外，在公司治理水平较低或外部融资约束较高的情境下，会计稳健性的积极作用更为突出。这一结论表明，会计稳健性不仅能够提升财务信息的可靠性，还能通过缓解信息不对称和代理冲突改善企业投资效率。本研究的创新点在于结合微观层面的公司治理特征，深入剖析了会计稳健性作用的条件依赖性，并为相关政策制定提供了理论支持与经验证据，强调了提升会计信息质量对促进企业长期可持续发展的重要性。
关键词：会计稳健性；企业投资决策；信息质量；公司治理；资源配置效率
Abstract
Accounting conservatism, as a critical factor influencing corporate financial decisions, has garnered significant attention in recent years. This study investigates the impact mechanism and economic consequences of accounting conservatism on corporate investment decisions using panel data from Chinese listed companies between 2010 and 2020. It aims to uncover how accounting conservatism affects corporate investment behavior through the pathways of information quality improvement and risk aversion, while further analyzing its heterogeneous performance under different corporate governance environments. By employing fixed-effects models and instrumental variable approaches to address endogeneity issues, the findings reveal that accounting conservatism significantly reduces both overinvestment and underinvestment, thereby enhancing the efficiency of resource allocation. Moreover, its positive effects are more pronounced in contexts with lower levels of corporate governance or higher external financing constraints. These results indicate that accounting conservatism not only enhances the reliability of financial information but also improves investment efficiency by alleviating information asymmetry and agency conflicts. The novelty of this study lies in its integration of micro-level corporate governance characteristics to provide an in-depth analysis of the condition-dependent nature of accounting conservatism's effects, offering theoretical support and empirical evidence for relevant policy formulation. This underscores the importance of improving accounting information quality for promoting long-term sustainable corporate development.
Keywords：Accounting Conservatism; Corporate Investment Decisions; Information Quality; Corporate Governance; Resource Allocation Efficiency
目 录
摘要 I
Abstract II
一、绪论 1
(一) 会计稳健性与企业投资决策的研究背景 1
(二) 研究会计稳健性对企业投资决策的意义 1
(三) 国内外研究现状综述 2
二、会计稳健性的理论基础与衡量方法 2
(一) 会计稳健性的概念与内涵 2
(二) 会计稳健性的衡量指标体系 3
(三) 会计稳健性对企业行为的影响机制 3
三、会计稳健性对投资效率的影响分析 4
(一) 投资效率的定义与衡量标准 4
(二) 会计稳健性对过度投资的抑制作用 4
(三) 会计稳健性对投资不足的缓解作用 5
(四) 实证模型构建与变量选择 5
四、会计稳健性与企业投资决策的实证研究 6
(一) 样本选择与数据来源 6
(二) 实证结果分析与讨论 6
(三) 调节因素对会计稳健性影响的检验 7
结 论 8
参考文献 9
