文章基本信息

标题：A study of the impact of information disclosure quality on the efficiency of corporate investment—Based on civil engineering listed companies
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作者：Liying Zhang
期刊名称：E3S Web of Conferences
印刷版ISSN：2267-1242
电子版ISSN：2267-1242
出版年度：2020
卷号：198
页码：3032-3035
DOI：10.1051/e3sconf/202019803032
出版社：EDP Sciences
摘要：Most of the existing studies on the impact of disclosure quality of listed companies on the investment efficiency of enterprises are based on the static level, and the article investigates the evolution of disclosure quality on the investment efficiency of enterprises from the dynamic level by dividing the life cycle of enterprises. Taking the data of Shenzhen civil engineering companies from 2013-2017 as the research sample, it uses multiple regression analysis to empirically test the impact of disclosure quality of listed companies on the investment efficiency of enterprises at different life cycle stages. The results show that when no distinction is made between life cycle stages, high quality disclosure can significantly inhibit the inefficient investment behavior of firms; in the growth and maturity samples, high quality disclosure can significantly inhibit underinvestment and overinvestment; in the recessionary samples, high quality disclosure can significantly inhibit underinvestment and has no significant effect on overinvestment.