作者：张晓裴
摘要/Abstract
稳健的会计信息有助于公司辨别投资机会，降低信息不对称(LaFond and Watts,2007)，并且具有抑制经理人机会主义行为的治理作用(Watts,2003)，能够有效地优化投资行为，提高稀缺资源利用效率。因此，本文从会计信息的估值作用、契约有用性出发，以会计稳健性为切入点，研究了会计稳健性与公司投资行为之间的关系，并且结合我国的制度背景和公司治理结构对此问题进行深入的分析，得出以下结论：稳健的会计信息能够起到优化公司投资的作用，而且在市场化程度高的地方，或者独立董事比例高的企业中，稳健性优化投资的作用更明显。
Conservative accounting information helps an enterprise identify good or bad investment opportunities, reduce information asymmetry (LaFond and Watts, 2007) and curb the opportunism behavior (Watts, 2003). Conservatism is able to efficiently optimize enterprises' investment and promote the usage efficiency of scarce resources. Therefore, this paper studies the relationship between conservatism and enterprises' investment and has a deeper analysis on the relationship in terms of institutional background and corporate governance structure, respectively. This paper reaches the following conclusions:Conservatism is able to optimize enterprises' investment. In addition, in regions with more developed market economy, or in enterprises which have a higher proportion of independent directors, the optimization effect of conservatism on investment optimization is more obvious.