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本文以2003年~2014年深沪两市A股上市公司的数据为研究样本,以经济周期作为控制变量,进行总样本、分经济周期阶段样本和三大产业分样本研究会计稳健性对企业投资行为的影响。结果表明,在经济恢复和扩张时期,会计稳健性会在一定程度上抑制企业的过度投资;而在经济紧缩时期,会计稳健性会在一定程度上加剧企业的投资不足。通过分产业研究发现对于第二产业,无论处于经济发展的任何阶段,越高的会计稳健性,企业投资行为越受到约束;而第三产业样本研究显示,会计稳健性对企业投资行为作用较小。
This article takes the data of A-share listed companies in Shenzhen and Shanghai from 2003 to 2014 as the research sample, takes the economic cycle as the control variable, carries on the total sample, the sub-economic cycle stage sample and the three major industries sub-sample study accounting conservatism to the enterprise investment The impact of behavior. The results show that in the period of economic recovery and expansion, accounting conservatism will inhibit the overinvestment of enterprises to a certain extent, while in the period of economic contraction, accounting conservatism will aggravate the underinvestment of enterprises to a certain extent. Through the sub-industry research, it is found that for the secondary industry, no matter at any stage of economic development, the higher the accounting conservatism, the more constrained the investment behavior of the enterprise; and the tertiary industry sample study shows that the accounting conservatism has less effect on the investment behavior of enterprises .