E3S Web Conf.
Volume 198, 20202020 10th Chinese Geosynthetics Conference & International Symposium on Civil Engineering and Geosynthetics (ISCEG 2020)
|Number of page(s)||4|
|Section||Exploration and Innovation of Construction Engineering Technology|
|Published online||26 October 2020|
A study of the impact of information disclosure quality on the efficiency of corporate investment—Based on civil engineering listed companies
Department of Accounting, Beijing jiaotong University, 100089, Beijing, China
* Corresponding author: firstname.lastname@example.org
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.
© The Authors, published by EDP Sciences 2020
This is an Open Access article distributed under the terms of the Creative Commons Attribution License 4.0, which permits unrestricted use, distribution, and reproduction in any medium, provided the original work is properly cited.
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