| In the enterprise resource allocation,investment as an important decision-making,and business life and success are closely related to the value of the enterprise and the future development is essential.From the micro level,the efficiency of the investment behavior of the firm determines the future cash flow level and the development prospect of the enterprise,which determines the future value of the company.From the macroscopic level,the individual enterprise investment behavior together constitutes the investment of the whole national economy,The success or failure of the behavior determines the overall situation of social resources.The problems of agency problems caused by the development of corporate enterprises and the financing constraints caused by the development of financial markets have led to the endless problems of inefficient investment,which are manifested in over-investment and under-investment.Over-investment is the company’s resources to invest blindly,usually lead to investment projects,low return on investment,lack of investment refers to the full use of enterprise resources,resulting in idle assets,the overall pull down the resources of enterprise resource return on investment.The company’s inefficient investment will first pull down the company’s business performance,followed by the company’s market value will be damaged.Abroad has a wealth of literature to study the issue of investment efficiency,Chinese scholars in the study of corporate governance issues have begun to focus on investment efficiency research.This paper takes the concept of investment opportunities as a starting point,a comprehensive review of domestic and foreign scholars on investment opportunities and investment efficiency of the research results.And then the enterprise investment opportunities and investment efficiency are closely linked,from the signal theory,agency theory and financing constraints theory analysis of investment opportunities and investment efficiency mechanism.And selected the Shanghai and Shenzhen A shares2013-2015 successful acquisition of enterprises as a sample to the sample company2012-2015 financial data based on empirical research to analyze the relationship between investment opportunities and investment efficiency.The explanatory variables in thispaper use the residuals in Richardson’s residual measure as the substitution variables.The explanatory variables in the explanatory variables are calculated using the relevant alternative variables using the factor analysis method and the relevant controls are selected according to the research status of the relevant research scholars Variables,to build a linear regression model of investment opportunities and residuals,to prove the relationship between the two,so from the side to prove the relationship between investment opportunities and investment efficiency.Through the theoretical and empirical analysis of the results found that good investment opportunities for future business investment efficiency level is also higher.Because the sample selected in this paper is a listed company with M & A investment activity,the investment effect of M & A activity has a certain lag.Therefore,when the model is robustly tested,the 2SLS method is used to analyze the lagged one and lagged two As a tool variable,to examine the impact of investment opportunities on future investment efficiency.Through the regression of the current data and the robustness test of the lagged data,the conclusion that the investment opportunity is positively related to the investment efficiency is obtained.In theory,the expansion of the investment efficiency of the new research perspective;practice,for enterprises to improve investment efficiency in the future pointed out a new concern. |
