财务报表可比性对企业投资效率的影响及作用机制

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中图分类号：F275文献标识码：A D0I：10.7535/j.issn.1671-1653.2025.05.003

Impact and Underlying Mechanisms of Financial Statement Comparability on Corporate Investment Efficiency

WANG Ya′nan ，WANG Mengyao

（Schoolof EconomicsandManagement，Hebei UniversityofScienceandTechnology，ShijiazhuangO5oo18，China）

Abstract： An eficient capital market，capable of rapidly and accurately processing information， serves as a crucial foundation for promoting the healthy development of Chinese capital market and achieving optimal resource allcation efficiency and maximized benefits. This study empirically analyzed the impact of financial statement comparability on corporate investment efficiency and its underlying mechanisms，using A-share listed companies in the Shanghai and Shenzhen stock markets from 2013 to 2022 as the research object. The findings reveal that enhancing financial statement comparability significantly improves corporate investment efficiency. Moreover，the higher the degree of information asymmetry，the more pronounced the improvement in inefficient investment. Additionally，the increase in financial statement comparability exerts a mediating effect on the improvement of corporate investment eficiency by reducing agency costs. Finally，the effect of financial statement comparability on the improvement of enterprise investment efficiency comparability is significantly different under different property rights，and the positive promotion effect on the investment efficiency of state-owned enterprises is stronger.

Keywords：financial statement comparability；investment eficiency；information asymmetry; agency cost

一、引言

党的二十届三中全会明确提出，高水平社会主义市场经济体制是实现中国式现代化的关键支撑，因此要强化市场机制的功能，着力营造更加公平且充满活力的市场环境，以此推动资源达成最优配置[1。（剩余12108字）