The Nature Of Property Right?Free Cash Flow And Investment Efficiency

In this dissertation,the financial data of Listed Enterprises in China's manufacturing industry is taken as the research sample,the Listed Enterprises of A shares in Shanghai and Shenzhen cities are divided into state-owned listed enterprises and private listed enterprises,the author analyzes and studies the influence of both on the investment efficiency of enterprises under different free cash flow.The state-owned enterprises aregenerally enjoy special preferential policies and more preferential credit support,crowding out private enterprises financing channels,leading to private enterprises lack of funds lossing of part of the project investment opportunities.Private enterprises in the condition of external financing constraints,and internal insufficient free cash flow to supporting the project investment,further exacerbate the phenomenon of under-investme-nt.It is obvious that there are great differences in the financing means,methods and investment decisions,it can be seen that state-owned enterprises and private enterprises have different levels of cash flow on the issue of project investment will be a big difference.It is of great practical significance to study the relationship between the degree of free cash flow and the efficiency of investment in China under the special macro and micro institutional background.Firstly,this dissertationreviews and analyzes relevant literature by scholars at home and abroad on their property rights,free cash flow and investment efficiency,summarizes the related definitions of variables and theoretical knowledge;and then analyzes the different nature of the property listedenterprises hold different free cash flow influence on enterprise investment efficiency,this dissertationput forward the research hypothesis;finally,this dissertationselects the Shanghai and Shenzhen cities A shares of manufacturing enterprises in 2011-2015 of financial data as the research sample of this article,uses Richardson(2006)to measure the investment efficiency,uses theStata 11 to carry on the descriptive statistical analysis and the multiple regression analysis to the sample data,Finally,this dissertationdraws the research conclusions: Overall,the non-efficiency investment level affected by the free cash flow of listed manufacturing enterprises in China,the majority of listed enterprises have shown a lack of over-investment or under-investment.When state-owned enterprises hold sufficient free cash flow,they are prone to over-investment,the phenomenon of over-investment is aggravated by the nature of property right;private enterprises save less free cash flow prone to under-investment,because of the ?reform of the supply front? to strengthen support for the manufacturing industry,private enterprises will take advantage of policy to avoid the phenomenon of under-investment.Finally,combined with the actual situation of enterprises in our country,summarizes the empirical results,and puts forward the improvement proposal from the external environment and internal environment of national enterprise perspective,in order to reinforce the foundation of industrial structure adjustment,for manufacturing listed enterprises to create a good environment for investment and financing channels,internal enterprises should strengthen the efficiency of cash flow management,and ultimately to improve the investment efficiency of listed companies in China's manufacturing industry to a new level.