Abstract This paper examines the relationship between accounting information quality and capital investment choice from the perspective of accounting information’s governance function. Measuring capital investment choice as the correlation of growth of operating income between company and industry, this paper investigates whether and to what extent companies focus on their core business. The results show that the higher the quality of publicly listed firms’ accounting information, the stronger that correlation, particularly when the corporate governance of the listed company is poor. The findings imply that accounting information quality can thus optimize the capital investment choice, which complements and strengthens the functioning of corporate governance. Hence, regulators should pay more attention to the market’s power to supervise the behavior of listed firms, improve the governance functions of accounting information and increase the efficiency of capital allocation.

中文翻译：

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会计信息质量，治理效率和资本投资选择

摘要本文从会计信息的治理功能角度探讨了会计信息质量与资本投资选择之间的关系。通过将资本投资选择作为公司与行业之间营业收入增长的相关性来衡量，本文研究了公司是否以及在何种程度上专注于其核心业务。结果表明，上市公司会计信息的质量越高，其相关性越强，特别是在上市公司的公司治理不佳时。结果表明，会计信息质量可以优化资本投资选择，从而补充和增强公司治理的功能。因此，