Financial Reporting Quality and Investment Efficiency of Private Firms in Emerging Markets
Financial Reporting Quality and Investment Efficiency of Private Firms in Emerging Markets
复制标题
新兴市场私营企业的财务报告质量和投资效率
DOI：
10.2308/accr-10040
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发表时间：
2011-07-01
影响因子：
4.1
通讯作者：
Wang, Xin
中科院分区：
文献类型：
--
作者：
Chen, Feng;Hope, Ole-Kristian;Wang, Xin
以往的研究表明，财务报告质量（FRQ）是积极相关的投资效率为美国大型上市公司。我们研究的作用，FRQ在私营企业从新兴市场，现有的研究表明，FRQ将不利于缓解投资效率低下的设置。早期的研究表明，私营企业的财务报告质量较低，可能是因为市场对公共信息的需求较低。先前的研究还表明，在投资者保护程度低、金融体系以银行为导向、税收和财务报告规则更加一致的国家，财务报告质量较低。使用世界银行的企业层面数据，我们的经验证据表明，财务报告质量积极影响投资效率。我们进一步发现，财务报告质量和投资效率之间的关系是增加银行融资和减少激励，以尽量减少税收目的的收益。在文献中，经常有人断言税收最小化激励措施和收入的信息作用之间存在这种联系。我们在这方面提供了明确的证据。
Prior research shows that financial reporting quality (FRQ) is positively related to investment efficiency for large U.S. publicly traded companies. We examine the role of FRQ in private firms from emerging markets, a setting in which extant research suggests that FRQ would be less conducive to the mitigation of investment inefficiencies. Earlier studies show that private firms have lower FRQ, presumably because of lower market demand for public information. Prior research also shows that FRQ is lower in countries with low investor protection, bank-oriented financial systems, and stronger conformity between tax and financial reporting rules. Using firm-level data from the World Bank, our empirical evidence suggests that FRQ positively affects investment efficiency. We further find that the relation between FRQ and investment efficiency is increasing in bank financing and decreasing in incentives to minimize earnings for tax purposes. Such a connection between tax-minimization incentives and the informational role of earnings has often been asserted in the literature. We provide explicit evidence in this regard.