中文摘要：

会计信息质量和产品市场竞争作为公司内外部治理机制对投资效率都具有重要影响,但两者对投资效率的影响机理存在差异。笔者以2001—2014年沪深两市A股上市公司为样本,检验了会计信息质量和产品市场竞争对投资效率的影响机理。研究发现,在控制了其他影响因素之后,公司会计信息质量越高,投资效率越高;产品市场竞争水平越高,公司投资效率越高;产品市场竞争程度越高,会计信息质量对投资效率的促进作用越弱,产品市场竞争与会计信息质量之间存在替代关系。进一步的分析发现,在抑制现金流被滥用导致的过度投资以及融资约束限制导致的投资不足两种非效率投资的过程中,产品市场竞争对高质量会计信息的替代作用也存在。

英文摘要：

As the internal and external governance mechanisms, accounting information quality and product market competition have important impacts on the investment efficiency,but there are differences in the mechanism. Based on a sample of A-share listed corporations from Shanghai and Shenzhen Stock Exchange for the period 2001-2014,this paper examines the mechanism of impacts of accounting information quality and product market competition on the investment efficiency. After controlling other influential factors,the result finds that the higher the quality of accounting information,the higher the investment efficiency,and the higher the level of product market competition,the higher the investment efficiency. Especially,the higher the degree of competition of the product market,the weaker effect of accounting information quality on the investment efficiency,and there is a substitution relationship between the product market competition and the quality of accounting information. Through further analysis this paper finds that in the two non-efficiency investment processes,over investment caused by cash flow abused and under investment caused by financing constraints,product market competition still plays the alternative role.