摘要
通过以2021—2023年我国A股商贸流通上市公司为样本,以融资成本为中介变量,创新性地引入资金收益率、资金周转率、资本结构杠杆率等控制变量,系统揭示了盈余质量与投资效率之间的内在作用机制。研究发现:企业盈余质量与投资效率呈显著正相关关系,融资成本与投资效率呈现高度负相关。进一步分析发现,控制变量通过显著影响盈余质量和融资成本水平间接调节着投资效率的边际变化。该研究为完善企业盈余管理策略,提升投资效率提供了重要的借鉴。
By taking the A-share commercial circulation listed companies in China from 2021 to 2023 as samples,taking financing cost as the mediating variable,and innovatively introducing control variables such as capital return rate,capital turnover rate,and capital structure leverage ratio,the study systematically reveals the internal mechanism between earnings quality and investment efficiency.The research finds that there is a significant positive correlation between the earnings quality of enterprises and investment efficiency,and financing cost has a highly negative correlation with investment efficiency.Further analysis reveals that the control variables indirectly regulate the marginal changes in investment efficiency through significantly influencing earnings quality and financing cost levels.The study provides important references for improving enterprise earnings management strategies and enhancing investment efficiency.
作者
葛新旗
杨延风
GE Xinqi;YANG Yanfeng
出处
《商业经济》
2026年第1期77-81,共5页
Business & Economy
基金
广东省教育科学规划课题(高等教育专项):资源依赖视角下职业教育产教融合高质量发展内涵困境与创新路径(2023GXJK025)
高质量产教融合助力新质生产力发展中的人才支撑研究(2024GXJK029)
面向新质生产力发展的职业教育高质量技能型人才培养体系研究(2024GXJK098)
新时代人工智能赋能广东职业教育高质量人才培养研究:内在逻辑与推进路径(2024GXJK099)
广东创新科技职业学院校级质量工程项目(JGKT202301)。
关键词
盈余质量
融资成本
投资效率
中介效应
earnings quality
financing costs
investment efficiency
mediating effect
