Environmental Uncertainty, Accounting Conservatism and Investment Efficiency: Evidence from China

• 발행기관: 강원대학교 경영경제연구소
• 저자명: Nan Hui Won-Sun Oh
• 간행물 정보: 『아태비즈니스연구』제12권 제4호, 63~86쪽, 전체 24쪽
• 주제분류: 인문학 > 문학
• 파일형태: PDF
• 발행일자: 2021.12.31

영문 초록

Purpose - The purpose of this study is to explore the impact of the application of accounting conservatism on the investment efficiency of listed companies in China under the background of the current rising environmental uncertainty. Design/methodology/approach - This study collected 14,934 observations of A-share listed companies in Shanghai and Shenzhen from 2013 to 2020, and analyzed the data by means of moderating effect test and multiple regression analysis. Findings - The results show that environmental uncertainty deteriorates the company s investment efficiency. The higher the level of environmental uncertainty, the more prone to over-investment and under-investment. Accounting conservatism plays moderating role between environmental uncertainty and investment efficiency. Among them, the moderating effect of conditional conservatism is to alleviate under-investment of the company under high financing constraints and the over-investment, while it intensifies the under-investment under low financing constraints. The moderating effect of unconditional conservatism is to alleviate the under-investment. Research implications or Originality - This study finds out the internal mechanism of accounting conservatism affecting investment efficiency, which not only helps to understand about the value of accounting conservatism standards, but also helps to improve the investment efficiency of listed companies.

목차

Ⅰ. Introduction

Ⅱ. Theoretical Basis and Literature Review

Ⅲ. Research Design and Variables

Ⅳ. Research Design and Variables

Ⅴ. Conclusion

키워드

Conditional Conservatism Environmental Uncertainty Over-investment Unconditional Conservatism Under-investment