摘要
信息共享机制的建设是国民经济发展的重要支撑点。本文以2009—2018年全国500强上市企业为考察对象,依据《企业会计信息化工作规范》,构建双重差分模型,从融资方式角度切入,研究了信息共享对企业投资效率的影响,并探讨了这一影响的作用路径。研究发现,信息共享可以有效抑制企业的非效率投资行为;同时还发现,信息共享通过债务融资方式显著抑制企业非效率投资行为,但对股权融资方式的影响并不显著,这说明了信息共享对企业非效率投资抑制作用的主要路径是债务融资方式。进一步研究表明,在企业内部控制水平较低、信息透明度较差的环境中,信息共享通过债务融资方式抑制企业非效率投资的可能性也更明显。本研究充分肯定了信息共享抑制非效率投资的积极治理效应,并将信息共享这一重要外部治理机制纳入企业投资效率的研究框架中,对企业治理和国家信息共享改革亦具有一定的参考价值。
The construction of information sharing mechanism is an important supporting point for the development of the national economy.Taking the listed companies of the National Top 500 Companies as the investigation objects,this paper constructs a difference-in-differences model to study the impacts of information sharing on the investment efficiency of enterprises from the perspective of financing methods according to The Work Specifications for Business Accounting Informationization.It also studies the acting path of the impact.The research results show that information sharing can effectively inhibit the inefficient investment of enterprises.At the same time,it is found that information sharing can significantly inhibit the inefficient investment of enterprises through debt financing,but no significant impact on equity financing,indicating that the main path of the inhibiting effect of information sharing on corporate inefficient investment is debt financing.The results of further study show that in the environment of low level of internal control and poor information transparency,the possibility of information sharing inhibiting corporate inefficient investment through debt financing is more significant.This study fully confirms the active governance effect of information sharing on the inhibiting of inefficient investments,and incorporates information sharing-an important external governance mechanism-into the research framework of corporate investment efficiency,which has certain reference value for corporate governance and national information sharing reform.
作者
叶松勤
黄瑾
廖飞梅
YE Song-qin;HUANG Jin;LIAO Fei-mei(Jiangxi Normal University,Nanchang 330022;Northeast University of Finance and Economics,Dalian 116025,China)
出处
《江西财经大学学报》
CSSCI
北大核心
2020年第4期40-52,共13页
Journal of Jiangxi University of Finance and Economics
基金
国家社会科学基金项目“国企政策性负担、财务信息透明度与政府优惠资源配置效率”(16BGL047)。
关键词
信息共享
融资方式
投资效率
information sharing
financing mode
investment efficiency
