An empirical research on the relationship between financial reporting quality and investment efficiency

2019 Fiscal Year Final Research Report

• Project/Area Number: 17K04053
• Research Category: Grant-in-Aid for Scientific Research (C)
• Allocation Type: Multi-year Fund
• Section: 一般
• Research Field: Accounting
• Research Institution: Kobe University
• Principal Investigator: Enomoto Masahiro 神戸大学, 社会システムイノベーションセンター, 教授 (70313921)
• Project Period (FY): 2017-04-01 – 2020-03-31
• Keywords: 投資の効率性 / 利益の質 / コーポレート・ガバナンス

Outline of Final Research Achievements

This study has focused on the relationship between financial reporting quality and investment efficiency in Japan, Using long-term data from 1991 to 2014. While financial reporting quality is not related to investment efficiency for the data before 2002, but the relationship was observed after 2001. The results suggests that accounting information has become important due to corporate governance reform in the change in bank debt dependence, the cross-shareholding ratio (a proxy for Keiretsu), and the influence of the main bank. This study also has focused on the subsidiary listings as a characteristic of corporate governance in Japan and on the firm with the presence of a going concern footnote, which has a significant effect on corporate governance.

Free Research Field

財務会計

Academic Significance and Societal Importance of the Research Achievements

本研究の長期データを用いた分析の含意は，企業とステイクホルダー間における私的情報の公的情報の代替関係を示したことである。私的情報の交換が盛んであった2000年より前には，利益の質と投資の効率性に関係が見られていないが，近年においては財務報告の質が投資効率性に影響を与えていることを示唆している。これは銀行依存度の低下，系列，メインバンクの弱体化により，私的情報の重要性の低下を公的情報(財務報告制度)の有用性が増すことで補ったことを意味し，ディスクロージャー制度の充実が企業の実体的側面にも影響を与えることを示した意義がある。