{"title":"Enhancing investment efficiency through improved information disclosure","authors":"Liang Pan, Yong Yang","doi":"10.1016/j.frl.2025.107103","DOIUrl":null,"url":null,"abstract":"<div><div>This study investigates the effect of information disclosure on the investment efficiency of China's A-share listed companies over the period 2018–2022. Our results demonstrate that enhancing the quality of information disclosure leads to a substantial improvement in investment efficiency. By reducing information asymmetry and acting as a signaling mechanism, adequate information disclosure encourages greater investor propensity and investment scale, ultimately promoting investment efficiency. Additionally, we find that improving information disclosure quality mitigates the cost of financing constraints, thereby alleviating financial pressures associated with underinvestment.</div></div>","PeriodicalId":12167,"journal":{"name":"Finance Research Letters","volume":"77 ","pages":"Article 107103"},"PeriodicalIF":7.4000,"publicationDate":"2025-02-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Finance Research Letters","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S1544612325003666","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
引用次数: 0
Abstract
This study investigates the effect of information disclosure on the investment efficiency of China's A-share listed companies over the period 2018–2022. Our results demonstrate that enhancing the quality of information disclosure leads to a substantial improvement in investment efficiency. By reducing information asymmetry and acting as a signaling mechanism, adequate information disclosure encourages greater investor propensity and investment scale, ultimately promoting investment efficiency. Additionally, we find that improving information disclosure quality mitigates the cost of financing constraints, thereby alleviating financial pressures associated with underinvestment.
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Finance Research Letters welcomes submissions across all areas of finance, aiming for rapid publication of significant new findings. The journal particularly encourages papers that provide insight into the replicability of established results, examine the cross-national applicability of previous findings, challenge existing methodologies, or demonstrate methodological contingencies.
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