【作者(必填)】Zhao, LJ (Zhao, Lianjing)[ 1 ] ; Li, P (Li, Ping)[ 1 ]

【文题(必填)】Can Higher Earnings Quality Improve Investment Efficiency?-Based on Financing Constraints and Agency Costs


【年份(必填)】 2011

【全文链接或数据库名称(选填)】
具体信息：
题目：Can Higher Earnings Quality Improve Investment Efficiency?-Based on Financing Constraints and Agency Costs
作者:Zhao, LJ (Zhao, Lianjing)[ 1 ] ; Li, P (Li, Ping)[ 1 ]
书籍团体作者:EBM Org Comm
INTERNATIONAL CONFERENCE ON ENGINEERING AND BUSINESS MANAGEMENT (EBM2011), VOLS 1-6
页: 2094-2097
出版年: 2011
会议名称
会议: 2nd International Conference on Engineering and Business Management
会议地点: Wuhan, PEOPLES R CHINA
会议日期: MAR 22-24, 2011
会议赞助商:Wuhan Univ; Zhejiang Univ; Chung Hua Univ; James Madison Univ; Sci Res Publishing; Engn Informat Inst; Chongqing VIP Informat Co Ltd
摘要
This paper tests the hypotheses that higher earnings quality can improve investment efficiency by reducing information asymmetry and migrating agency conflicts. Using a large sample of Chinese listed agricultural companies over the period of 1997-2009, this paper provides evidence about the influence of earnings quality on the firm's investment efficiency. Our results show that higher earnings quality can improve investment efficiency. Earnings quality can mitigate underinvestment by reducing cost of financing and influencing firm's investment decision when terms of financing constraints are considered. We also find that, when terms of free cash flow are considered, financial reporting can't curb investment for firms that are more likely to over-invest by reducing agency costs.
关键词
作者关键词:earnings quality; investment efficiency; financing constraints; agency costs
KeyWords Plus:FREE CASH FLOW