Accounting information quality,governance efficiency and capital investment choice

作     者：Jinbu Zhai Yutao Wang 

作者机构：School of Public FinanceCentral University of Finance and Economics School of AccountingCentral University of Finance and Economics 

出 版 物：《China Journal of Accounting Research》 (中国会计学刊（英文版）)

年 卷 期：2016年第9卷第4期

页      面：251-266页

学科分类：12[管理学] 02[经济学] 0202[经济学-应用经济学] 1202[管理学-工商管理] 0201[经济学-理论经济学] 020204[经济学-金融学（含∶保险学）] 

基　　金：supported by Zhongcai-Pengyuan Local Finance Investment and Funding Research Institute Program for Innovation Research in Central University of Finance and Economics the National Natural Science Foundation of China(Project No.71102124) Beijing Municipal Commission of Education "Pilot Reform of Accounting Discipline Clustering" 

主　　题：Accounting information quality Governance efficiency Capital investment choice 

摘      要：This paper examines the relationship between accounting information quality and capital investment choice from the perspective of accounting information s governance function.Measuring capital investment choice as the correlation of growth of operating income between company and industry,this paper investigates whether and to what extent companies focus on their core business.The results show that the higher the quality of publicly listed firms accounting information,the stronger that correlation,particularly when the corporate governance of the listed company is poor.The findings imply that accounting information quality can thus optimize the capital investment choice,which complements and strengthens the functioning of corporate governance.Hence,regulators should pay more attention to the market s power to supervise the behavior of listed firms,improve the governance functions of accounting information and increase the efficiency of capital allocation.