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1、ABSTRACTInrecentyears,withthevigorousdevelopmentofcapitalmarkets,stategovernmentregulatorsandtheoristsarebeginningtorealizethatthequalityoffinancialreportingisnotonlythekeytothedevelopmentandsupervisionofaccountingstandards,butalsoanimportanttopicoftheoreticalresearch
2、.Moreimportantly,whetheritwillaffectthecapitalmarketresourceallocationdecisionsandhowdoesitimpact,allofthesewillprovidemoremeaningfulhelpforhowtounderstandtheimportanceofaccountinginformationformanagementresponsibilityofmanagersandinvestors.Basedonthecontextofsuchanec
3、onomicenvironment,peoplegraduallyrealizedthattheremightbesuchareason,whichisthat，，，qualityoffinancialreportingmayhavedifferenteffectsontheefficiencyofinvestment,thisarticlehavebeentestedstate-ownedlistedcompaniesandprivatelistedcompaniesrespectively,expectingtoconclud
4、ethat,inprivatelistedcompanies,thequalityoffinancialreportingmoresignificantimpactontheefficiencyofinvestment.Inordertoenhancecomparabilitywithpreviousstudies,thisarticleusestheperformanceofJonesmodel,anddeducedaccrualscorporateprofitsthroughthismodel,computingtheabso
5、lutevalueofthisindicator,then,usestheabsolutevalueoftheindexasanalternativevariabletomeasurethequalityoffinancialreporting.Secondly,thisarticleusesdisclosureoflistedcompanies1financialreportingqualityratingstomeasurethequalityoffinancialreportingforapprovalexternal,wh
6、ichisusedby"InformationDisclosureShenzhenStockExchangeappraisalapproach".Finally,wealsousetheaccrualsquality,whichisderivedbyDechowandDichev(2002)，introducesthebasictheoryofthisarticleandputforwardthehypothesisoftiiearticle;Section4describestheresearchdesign;Section5p
7、resentsmainlyempiricalstudy;Section6concludesresearchfindingspolicyrecommendationsandfurtherprospects.Keywords:QualityofFinancialReporting,Investmentefficiency,Overinvestment,Underinvestmentin目录绪论研究背景与意义研宄背景研宄意义研宄思路与框架研宄思路研宄框架研究方法与积极探索文献综述投资效率的国内外研究现状国外研宄现状国内研宄现状财务报告质
8、量对投资效率影响的研究现状分析国内外发展趋势与评述财务报告质量对投资效率影响的理论分析与研宄假设财务报告质量与投资效率的概念界定财务报告质量影响投资效率的作用机理基于委托代理理论的分析基于信息不对称理论分析不同产权性质的条件下，财务报告质量影响投资
