Research On Dividend Decisions Impact On Investment Efficiency Of Information Technology Industry

In the modern financial management, investment decisions, financing decisions and dividend decisions are the three most important decision-making, investment decision-making as one of the company must make the decision, its charm lies in investment not only involves the fund-raising problem also involves the configuration efficiency of funds, but the company make a decision when facing the business environment and the future of the project value is uncertain, it will directly affect the dividend decisions and financing decisions, which affect the performance evaluation, management efficiency and profitability, as the starting point of corporate finance. So far abroad study of dividend decision on the investment efficiency is relatively rich, the content of the research is at a deeper level, but the domestic research in its infancy, the system research to be thorough. Along with our country capital market and the development of economy, the information technology industry dividend decisions impact on investment efficiency is particularly necessary and urgent. So comprehensive and objective evaluation of the dividend decision problems impact on investment efficiency and find the effective solution to improve the enterprise economic benefit and promote the healthy development of capital market has a great significance.At first, this paper study on investment efficiency by the dividend decision as the breakthrough point, elaborated the basic theory of the relevant, reasonable definition and selection of the measure and method of investment efficiency, the influence mechanism of the efficiency of investment analysis dividend decisions. Followed by the analysis of present situation of dividend distribution and characteristics of information technology industry, and elaborates the related concepts of information technology industry, lays the foundation for choosing sample data. Again is the empirical study design, mainly from the proposed research hypotheses, sample data selection, selection of variables and the model establishment, etc. Finally, the empirical analysis, respectively on the efficiency of the information technology industry investment expected investment model and dividend decisions on investment efficiency model descriptive analysis, correlation analysis and regression analysis, verify the hypothesis, the analysis of the influence of dividend decision making of investment efficiency which is an important factor, finally stability test and the conclusion and prospect.Through the empirical analysis shows that the information technology industry in our country the investment efficiency of the investment behavior of listed companies is very serious, and the lack of investment is far greater than the number of excessive investment amount, the difference of dividend decision are the important factors that affect the investment efficiency. The implementation of the cash dividend decisions more significantly than mixed dividend decision constraints over-investment phenomenon. The first big shareholder’s stake to excessive investment and inadequate investment with proportional relationship. The rate of dividend payment for lack of investment. mixed dividend than cash dividend decisions can lead to inadequate investment behavior.According to the research conclusion of this paper to strengthen and improve the information disclosure mechanism, perfect the governance structure of listed companies, strengthen the control of the investment activity and reduce the agent cost and standardize the accounting system, the information technology industry in our country how to raise investment efficiency in dividend decisions Suggestions and countermeasures are put forward.