會計穩健性是一項備受爭議的會計信息質量要求,考慮到我國企業普遍受融資約束影響的背景,本文以2007-2015年A股上市公司為樣本,實證檢驗了會計穩健性、融資約束及投資效率之間的關系。研究發現:(1)會計穩健性對投資過度和投資不足均具有抑制作用,融資約束會抑制投資過度而加劇投資不足;(2)融資約束加強了會計穩健性對投資過度的抑制作用,二者在一定程度上存在協同效應;(3)融資約束加強了會計穩健性對投資不足的抑制作用,會計穩健性表現出治理效應。本文揭示了會計穩健性與融資約束的交互作用對投資效率的影響機制,從而提供了改善投資效率的有效途徑,證明了會計穩健性存在的必要性,有利于為企業的決策提供理論指引。

Accounting conservatism is a controversial accounting principle.This paper empirically tests the relationship among accounting conservatism,financial constraints and investment efficiency.The research shows that,(1)accounting conservatism has inhibitory effect on over-investment and under-investment,and financial constraints has inhibitory effect on over-investment and aggravated effect on under-investment;(2)financial constraints reinforces the inhibitory effect of accounting conservatism on over-investment,to some extent,they have synergy effect;(3)financial constraints reinforces the inhibitory effect of accounting conservatism on under-investment,and accounting conservatism play a role of governmance effect.This paper reveals the influence mechanism of the interaction effect,studies the effective way to improve the investment efficiency,and helps to provide theoretical guidance for enterprise decision-making.