Research On The Effect Of Ownership Structure On Inefficient Investment In Agricultural Listed Companies

With the growing number of agricultural listed companies,agricultural listed companies plate the effect in the securities market,also affects the healthy development of national economy.Investment as the basic premise of enterprise survival and development,the realization of the value of the company depends largely on its investment behavio r,and the agricultural listed companies are widespread inefficient investment,there are too much investment in the use of capital investment,the problem of insufficient or investment. As the basis of corporate governance, ownership structure can impact the company’s investment decision-making,different equity structure of shareholder has different impact on the way and effect the exercise of power.Therefore,choosing agricultural listed companies as the object,we study the effect of equity structure on the efficiency of investment,optimizing the equity structure,restrain the efficiency of investment is of great importance.First of all,from the influence factors of the efficiency of investment and ownership structure and the efficiency of investment in the re lationship between the two aspects,summarizes the research achievements of domestic and foreign scholars on the efficiency of investment,and the related research literature review.On the basis of predecessors ’ research achievements in agricultural listed companies as the research object,analyzes its equity structure characteristics and the present situation of investment efficiency,and analysis the influence of ownership structure on the efficiency of investment mechanism,second,to the agricultural listed c ompanies related data in 2011-2014 as the research sample,using Richardson model measurement analysis of agricultural listed companies the investment efficiency,validation of agriculture listed company whether there is the efficiency of envestment,by building a multivariate regression model,from the nature,ownership concentration and equity balance degree three demensions to analyze the agricultural listed company ownership structure impact on the efficiency of investment.Finally,put forward the suggestion that inhibit the efficiency of investment.Research results show that the efficiency of agricultural listed companies generally have the investment,main show is over-investment and under-investment,executives shareholding and equity balance degree and the efficiency of investment are negative significant influence,ownership concentration and the efficiency of investment has positive significant impact.According to the empirical conclusions,optimize the agricultural listed company ownership structure from maintaining relatively concentrated ownership concentration,distributing reasonably the company’s equity,seting up andimproving the incentive mechanism of management equity to restrain the inefficiency investment.