盈余质量对资本配置效率的影响及作用机理

本文以2004-2007年沪深两市的上市公司为研究样本,在Richardson、verdi研究的基础上,对中国现实制度背景下盈余质量和资本配置效率两者的关系进行了探讨.不同于国内外的现有研究,本文不仅检验了盈余质量是否影响上市公司的资本配置效率,还对盈余质量如何影响上市公司资本配置效率进行了检验.检验结果表明,盈余质量的改善一方面能直接提高上市公司的资本配置效率,另一方面则能够通过降低代理成本间接促进上市公司资本配置效率的提高.这一研究结论对理解盈余质量在上市公司资本配置效率中的作用,以及了解盈余质量与上市公司资本配置效率之间的中介传导机制和路径模式均具有较强的现实意义.

The Influence of Earnings Quality on Capital Allocation Efficiency and Action Mechanism

The study of capital allocation efficiency is the core topic of economics and finance. Based on the literature of Richardson and Verdi, we examine the impacts of earnings quality on capital allocation efficiency in China stock market. Through the investigation of China public listed corporations during the period of 2004 to 2007, we proved that: After controlling annual effect, industry effect and the effect of return on equity, we find that there is significant positive correlation between earnings quality and capital allocation efficiency. Moreover, we carry out further research to examine how earnings quality to improve capital allocation efficiency under China system background. The results show that: On the one hand, high earnings quality can improve capital allocation efficiency directly; On the other hand, through reducing agency costs, high earnings quality can improve capital allocation efficiency indirectly. The results of robustness test of the model demonstrate that the conclusion of this paper is to prove. All of the research conclusions showed that earnings quality was the key influencing factor of capital allocation efficiency. Different from the domestic and international research results, the innovations of this paper: Firstly, this paper tests whether earnings quality can improve capital allocation efficiency and how to improve it; Secondly, this paper points out there is a bilateral causality between earnings quality and agency cost and hereby modified mediator effect test procedure; Thirdly, according to the idea of statistics, this paper defines agency cost by first principal component of operating expense ratio and assets turnover. By comparison with western developed countries, low capital allocation efficiency was the biggest problem of China stock market. In order to improve our Chinese capital allocation efficiency, some measures should be taken: Firstly, we should strengthen information release, expand profession analysts group and develop institutional investors; Secondly, because of the significant mediator effect of agency cost, we also should perfect management compensation contract and take earnings quality as important foundation of the contract.