Relationship Between Mutual Institutional Investors,Accounting Information Comparability and Inefficient Investment
This paper takes A-share listed enterprises in Shanghai and Shenzhen from 2016 to 2021 as samples for demonstration.It is found that mutual institutional investors can reduce the degree of inefficient investment.Accounting information comparability plays a complete intermediary role between mutual institutional investors and inefficient investment.Further analysis shows that common institutional investors can alleviate over-investment and under-investment of enterprises,and the intermediary of accounting information comparability is more significant in alleviating under-investment of enterprises.When the withdrawal threat of mutual institutional investors is stronger,the comparability of accounting information has a stronger inhibitory effect on inefficient investment.The findings provide a certain reference for improving the corporate governance system.
mutual institutional investorsaccounting information comparabilityinefficient investmentmediating effectexit threat
万方数据
维普
