CAJ | 학술논문

基于2007年—2013年A股上市公司的7716个样本，检验了财务报告质量与公司过度投资的关系以及不同的债务期限结构对其的影响，实证结果表明：财务报告质量与公司过度投资呈负相关；债务期限结构与公司过度投资呈负相关；随着短期负债比率上升，财务报告质量与过度投资的负相关性减弱。根据以上发现，认为在A股上市公司中：高质量的财务报告和短期负债起到了治理过度投资行为的作用；财务报告质量与债务期限结构对过度投资的治理效用存在替代关系。
기우2007년—2013년A고상시공사적7716개양본，검험료재무보고질량여공사과도투자적관계이급불동적채무기한결구대기적영향，실증결과표명：재무보고질량여공사과도투자정부상관；채무기한결구여공사과도투자정부상관；수착단기부채비솔상승，재무보고질량여과도투자적부상관성감약。근거이상발현，인위재A고상시공사중：고질량적재무보고화단기부채기도료치리과도투자행위적작용；재무보고질량여채무기한결구대과도투자적치리효용존재체대관계。
Based on 7 716 samples of Chinese listed companies from 2007 to 2013, the article tests the relationship between financial report quality and over-investment and the effect of maturity structure on that relationship.The re-sults show that there is a significant negative association between financial report quality and over-investment, there is also a significant negative association between maturity structure and over-investment, the negative association between financial report quality and over-investment is weaker in samples whose maturity structure is higher.These results suggest that higher financial reporting quality or shorter maturity structure can relieve over-investment and fi-nancial reporting quality and maturity structure are mechanisms with some degree of substitution in reducing over-investment.