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以中国上市公司为研究样本,采用Khan和Watts(2007)构建的公司层面盈余稳健性度量方法,实证考察了盈余稳健性对企业过度投资行为的影响。实证结果表明,盈余稳健性能够显著抑制中国上市公司的过度投资行为,并降低过度投资行为对自由现金流量或经营活动现金流量的敏感度,从而提高投资效率。因此,中国会计稳健性原则的发展对资源配置效率提高起到了正向促进作用。
Taking the Chinese listed companies as a sample, this paper adopts the measure of company-level earnings robustness constructed by Khan and Watts (2007) to examine the impact of earnings robustness on overinvestment behavior of enterprises. Empirical results show that the robustness of earnings can significantly inhibit the over-investment behavior of listed companies in China and reduce the sensitivity of over-investment behavior to free cash flow or cash flow of operating activities so as to improve investment efficiency. Therefore, the development of the principle of accounting conservatism in China has played a positive role in promoting the efficiency of resource allocation.