The Study On The Influencing Factors Of The Investment Behavior Of Listed Company

Automobile manufacturing is pillar industry of China development, itsinvestment behavior and investment efficiency is important to China’s economy. Inrecent years automobile industry increased the scale of investment, many scholarthink that over-investment is existed in this industry. Why its investment increased?what are the impact factors of their behavior? Whether each corporate exist lowefficiency behavior within the industry? The low efficiency behavior isover-investment or under-investment? How to avoid this low efficiency behavior tomake this manufacturers’ investment tends to rational? That is the problem that thearticle will solve.This paper is divided into six parts， the first part is the introduction of this paper,defines the relevant concepts about investment, outlining the background of topicsand research significance. The second part is mainly on theoretical studies and thecurrent situation. First, two basic theories of the investment behavior and efficiencystudy—the principal-agent theory and the information asymmetry theory. Thensummarize the viewpoints of scholars both domestic and foreign. The third partintroduce us influencing factor of the automobile industry’s investment behavior inorder to understand the possible advantage and disadvantage of this industry, thengenerally judge that the automobile industry maybe exist the problem ofover-investment. This research choose the listed companies which in Shanghaiexchange listing of automobile industry in2009--2011, according to certain standardsafter screening, scored220companies as the sample, to analysis the factorsinfluencing the investment behavior. Then use the notable factor to measure theinvestment efficiency and the reason is that over-investment is prevailing inautomobile industry. Finally, in the fifth part, to avoid automobile manufacturingenterprises investment irrational and low efficiency behavior and promote therationalization of the efficiency of investment and development, I mention somesuggestions to improve their own quality, like perfect the system of independentdirectors, standardize the board behavior and so on.The new point in my paper is that I put many factors in one model to analysis theinvestment behavior in automobile industry but other scholars are analysis onefactor’s influence.