An Empirical Study On The Behavior Of Over-investment Of The State Holding Listed Companies

Now, economic grows fast. This is the most important role of investmentbehavior, the line drive. Unlimited resources and sales needs, business investmentspending exceeds a certain "degree", the market economy will produce the"overheating" problem, this will be manifested as excessive investment.Over-investment behavior, will make the excess production capacity and profitabilityto decline, and these will appear in the main business of the enterprise. This will resultin a resource allocation unreasonable financial risk, can lead to a reduced ability ofthe economic growth of the formula, of course, human resource issues will alsoappear. As a special company of state-controlled listed companies, their investmentbehavior and non-state-owned holding its impact factor has what, and whether theimpact of non-state-controlled factors, this is a great deal of research significance.By the conclusions of the investment behavior of foreign scholars with reference to thetheory of domestic investment, targeting factors in the cause of excessive investment behavior,and perspective to consider and propose the underlying assumptions. Then use SPSS17.0andEXCEL2003statistical software, select the state-controlled listed companies in the2008-2010three-year financial report data, a regression model, the use of descriptive statistics, principalcomponent analysis and regression analysis test reached the following conclusions：（1）Free cash flow and over-investment, both in the same direction changes. That theformer quantity, which occur more frequently.（2）Obtained in the sample study, theinhibition of debt financing on the investment behavior, regardless of state-controlledor non-state-owned holding the same role.（3） Ownership concentration andover-investment, the same changes with the direction that the former is the higher thedegree, the more the number of the latter, and difficult to control.（4）The articlesincreased with reference to the additional two factors, product market competition andgovernment intervention. And for the first factor, with the explanatory variables in thesame direction changes; look at the latter with the explanatory variables, it does notmatter, that the change will not cause the occurrence of any act.