中文摘要：

选取2006—2014年度沪深A股8972个公司年度数据作为样本,对机构投资者、会计稳健性与企业投资效率三者之间的关系进行研究,结果表明：会计稳健性显著地改善了企业投资效率;相比于交易型机构投资者,稳定型机构投资者促进会计稳健性改善企业投资效率的功效更强。研究结论验证了会计稳健性改善企业投资效率的定价与治理功能的对称性,并证实了机构投资者促进会计稳健性,进而改善企业投资效率的定价与治理功能的观点。

英文摘要：

Selecting the annual data of 8972 A-share listed companies in Shanghai and Shenzhen Stock Exchange from 2006 to2014 as research sample,this paper makes an exploration on the relationship among institutional investor,accounting conservatism and enterprise investment efficiency.The results show that accounting conservatism significantly improves enterprise investment efficiency.Compared to the transactional institutional investors,stable institutional investors can strongly promote accounting conservatism and improve enterprise investment efficiency.The results of the study prove the symmetry between the function of pricing and governance about accounting conservatism improving enterprise investment efficiency.The paper also examines the view of institutional investors to promote accounting conservatism and improve the pricing and governance about enterprise investment efficiency.