| Enterprise financial management is the process of financing, investing and allocating results, therefore, it can be seen that investment activity is an indispensable part of financial management in the process, and, it is also the important way for enterprise to seek value-added, under the perfect capital markets, changes of corporate capital structure can’t brings to enterprise increasing of value, the increase of enterprise value only depends on whether the investment project is good or bad, as a result, whether the efficiency of the enterprise investment is good or bad will affect the enterprise value,however, under the special capital market condition in China, the enterprise’s overall performance of investment efficiency is low, especially for state-owned enterprises which is affected by many factors, which is more serious, today, in the listed companies in our country, a large part of them are state-owned enterprises, so investigating the investment efficiency of state-owned enterprise is particularly important, this article mainly is to investigate the efficiency of the state-owned enterprise investment affected by the first big shareholder control in state-owned enterprises combining its own internal quality control at the same time, study whether state-owned enterprises can improve the quality of the internal control of state-owned enterprises to reduce the negative impact on the investment efficiency of state-owned enterprises brought by large shareholders control in order to achieve the purpose of improving the investment efficiency of state-owned enterprises, and ultimately increase the value of the state-owned enterprises.In this paper, the research content mainly includes six chapters, the first chapter is the introduction, this chapter mainly introduces the research background and research significance of this paper, and the innovation of this paper are introduced; at the same time The second chapter is literature review, this chapter is mainly to review the literature about investment efficiency of the domestic and the foreign,Chapter three includes the analysis of theoretical analysis part and research hypothesis part, this part mainly develops from the influence on the efficiency of investment in state-owned enterprises left by Internal control quality and the relationship between Big shareholder control and the investment efficiency of state-owned enterprises; Chapter four is the research design part, this part sets a test model based on theoretical analysis and related research hypotheses,this article selects two city of state-owned listed companies as research samples,the Shanghai and Shenzhen, from2008to2012,, and carries on the definition of related variables in the model; The fifth chapter is the empirical analysis part, according to the model and the data after filtering, test the proposed hypothesis and analysis, The last chapter is summary, according to the result of the empirical part of this part, arrive at the corresponding conclusion, at the same time put forward to corresponding policy and Suggestions and insufficiency of research in this paper.In this paper, the research results show that large shareholders control and the investment performance of state-owned listed companies reflects the nonlinear relationship, Good internal control quality can reduce the negative influence on investment efficiency of state-owned listed company left by the large shareholders control, and improve the investment efficiency of state-owned listed companies.The innovation of this paper lies in combining the big shareholder control and investment efficiency with the quality of internal control, study whether the effect of internal control quality on big shareholders can improve the investment efficiency of state-owned listed companies, in addition, the research selects the state-owned listed companies as the research samples, reflects the object of this paper. |
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