Listed Companies In China Influential Factors Of Investment Efficiency

Because the contradictory existence of conflict caused by "shareholder-manager" the proxy question as well as "creditor's rights-debt" and so on, and the enterprise free cash current capacity's existence, brought kinds of factor difficult to decide for the investment in enterprise each. After the financial Tsunami, the whole world faced with the economic resurgence environment, the country has released kinds of capital spending plan in the past 1-2 years, the new investment possibly brings blind constructions.In recent years, looking from the macroscopic aspect, our country investment rise in the fixed assets constant; looking from the microscopic aspect, the low efficiency of investment occurs repeatedly, that hinders our country enterprise development seriously. Under the company management structure and the imperfect capital market of our country at present, how conflict between main benefit bodies affect the enterprise value in the different financing way and the company management structure, our country's economists have not given an explicit reply from the theory and the practice. But our country faces a series of unprecedented economic restructuring, and establishes a set of market economy movement system that is quite suitable to the national condition of our country initially. The investment behavior of our country needs to be guided theoretically, and the investment decision also needs further standardization in scientific style. Therefore, the analysis of the way how the conflicts of interest between various benefits main bodies impact the enterprise value in non-efficiency investment and the non-efficiency investment influencing factor, have the extremely important theory value and the practice significance to optimize the investment decisions of our country.This paper theoretically analyzes the listed company's free cash flow of external financing, the internal mechanism of self-care issues, and combination of agency theory, asymmetric information theory. Analysis of several possible non-listed companies in China factors affecting the efficiency of investment, and made the following assumptions:On the basis of the assumption, this paper selected 2008-2009 China Shanghai-listed companies as samples to analyze the financial report, excluding in the financial and insurance industries; And excluded the existence of financial anomalies during this period, major changes options Samples, etc; Remove samples of new listings that year and the final test samples to determine 1761. Descriptive statistics and regression test showed that:First, To be listed has the non-efficiency investment behavior generally in 2008-2009 our country. May know according to the return examination's result,2008-2009 our country listed has the non-efficiency investment generally the behavior, displays to invest excessively has 536 samples and displays insufficient has 506 samples for the investment.Second, when the investment plan needs the fund uses the internal capital completely, the rich internal free cash flow easy to initiate the enterprise excessively to invest the behavior, the investment in enterprise and the cash flow assumes right now the relevance. According to invests and the investment excessively insufficient carries on the examination the result to be possible separately to know, our country To be listed non-efficiency investment behavior and the free cash current capacity have the very strong relevance, the sufficient free cash current capacity easy to create invests excessively, but the short free cash current capacity's enterprise very little will invest, even if by only will be presently worth for the project, because the enterprise cash flow short possibly will also not carry on the investment, from this will possibly create enterprise's investment insufficiency.Third, if listed companies carries on the exterior financing, in other condition certain situation, it may increases the debt financing proportion, because manage suppress the operator in the investment decision the excessive investment which opportunism causes, namely invests the degree and the debt proportion inverse correlation excessively. When enterprise assets ratio of debt to net worth rise certain extent, enterprise's excessive investment and free cash flow relevance enhancement. But when the enterprise carries on debt financing, listed companies regularly has the debt redemption responsibility, the free cash flow's scale also correspondingly is lower than the internal financing enterprise, and this time, because the enterprise lacks the free cash current capacity to tend to does not invest or the few investments, this has caused the insufficiency investment.Fourth, general manager of listed companies the age may be related the non-efficiency investment behavior, the age is higher, easier to suppress invests excessively, but suppresses the level not to be remarkable. The major stockholder nature for the state-owned holding, may cause to be listed to invest the behavior excessively, but, the major stockholder nature is not the primary factor which causes invests excessively. Regarding investment insufficient similarly, general manager age is the influencing factor which to be listed invests is insufficient, but is not the main influencing factor. Regarding the major stockholder for the state-owned to be listed, the major stockholder nature the influence which is insufficient regarding the investment is not the primary factor. Based on the normative analysis and empirical research on the basis of these results, and analysis of relevant policies and proposals put forward:First, using debt financing to investment in enterprise's function, enhances the use efficiency of the fund fully.Second, causes to be listed stockholder's rights structure rationalization diligently, weakens the major stockholder to the corporate investment influence.Third, strengthen the management of the investment decision-making level and the quality of their training. Improve equity incentive mechanism to improve managers executives and shareholders agreement,and give full play to the enthusiasm of managers.