سال انتشار:

2021

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عنوان انگلیسی مقاله:

Monetary policy tightening, accounting information comparability, and underinvestment: Evidence from China

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ترجمه فارسی عنوان مقاله:

تشدید سیاست پولی، قابلیت مقایسه اطلاعات حسابداری، و سرمایه گذاری کم: شواهدی از چین

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منبع:

ScienceDirect- Elsevier- Economic Analysis and Policy, 70 (2021) 123-147: doi:10:1016/j:eap:2021:02:005

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نویسنده:

Zhonghai Yang a, Yang Lu b, Wenhao Tan c,∗

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چکیده انگلیسی:

Based on a macro and micro cross view, we empirically test the interactions among monetary policy, accounting information comparability, and investment efficiency with a sample of A-share listed firms in China from 2005 to 2019. We find that tightening monetary policy will aggravate underinvestment behavior, such as inefficient investment, while improvement in accounting information comparability can effectively mitigate the negative impact of tightening monetary policy on underinvestment, so as to improve firm investment efficiency. Further study shows that, in a period of monetary policy tightening, firms with high agency costs and high financing constraints can significantly reduce underinvestment by improving the comparability of accounting information, thus improving the investment efficiency of firms. After distinguishing the type of firm ownership (state-owned enterprises vs. private enterprises), we find that firms can reduce the effect of insufficient investment during a period of monetary tightening by improving the comparability of accounting information, which is more significant in the sample of private enterprises (PEs).
keywords: قابلیت حسابداری اطلاعات حسابداری | بهره وری سرمایه گذاری | سیاست های پولی | Accounting information comparability | Investment efficiency | Monetary policy

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قیمت: رایگان

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توضیحات اضافی:

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