سال انتشار:
2021
عنوان انگلیسی مقاله:
Monetary policy tightening, accounting information comparability, and underinvestment: Evidence from China
ترجمه فارسی عنوان مقاله:
تشدید سیاست پولی، قابلیت مقایسه اطلاعات حسابداری، و سرمایه گذاری کم: شواهدی از چین
منبع:
ScienceDirect- Elsevier- Economic Analysis and Policy, 70 (2021) 123-147: doi:10:1016/j:eap:2021:02:005
نویسنده:
Zhonghai Yang a, Yang Lu b, Wenhao Tan c,∗
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
قیمت: رایگان
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