Research On Financial Development And Investment Efficiency Of Sichuan Chongqing Region

In recent years,more and more the problem of inefficient investment of Listed Companies in China is serious,widespread over investment and insufficient investment.Financial development as an external factors affecting the investment efficiency of the company,the company through ease financing constraints and improve investment efficiency,comparative study of previous scholars,there are still some gaps the area of research on the impact of financial development on corporate investment efficiency.Due to differences in the level of financial development between different regions in China is relatively large,so the investment efficiency of different parts of the company are not the same.So the effect of a regional financial development on corporate investment efficiency has certain practical The development status of instructive significance.Analyzing its finance not only on the future direction of finance development of other western provinces,with reference to the financial development of the autonomous region,and the area of Sichuan and Chongqing economic development at the same time,an important theme is seen as economic life in the western region,the investment efficiency of Listed Companies in Sichuan Chongqing area and the other,to the west of the city is relatively low.This is the level of financial development in Sichuan and Chongqing area,the level of financial development in Sichuan and Chongqing areas have an impact on the investment efficiency of listed companies,which are needed to solve in the development of the Sichuan Chongqing region.This paper uses literature analysis method to the domestic and foreign related financial development,to study the relationship between financial development and investment efficiency and investment efficiency in the research literature,to summarize the existing research achievements and shortcomings.The Sichuan Chongqing area credit scale,the use of the financial ecological environment and the capital market in terms of financial development on the west do a more detailed analysis,and take it with,compared the related index represents the east city,the financial development and the central region of the Sichuan Chongqing region financial development balance,but there is still a gap with the eastern region financial development.In the empirical study,firstly on the basis of the current domestic and foreign scholars generally recognized and widely used Richardson model to measure the Sichuan Chongqing region in 2010-2015 years the level of investment,with residual or non efficiency investment(over investment or under investment)to measure;followed by the reference model to measure the efficiency of financial development and construction investment company investment expectation model Richardson,based on the financial development as independent variables and non efficiency of investment as explanatory variables,through descriptive statistics,correlation analysis and regression analysis to test the efficiency of investment in Sichuan and Chongqing financial development of Listed Companies in the region of the Effect.Finally,select the level of financial development in Sichuan and Chongqing areas high in the city of Chengdu and the city of Chongqing listed companies in the sample,the influence degree by regression analysis to test the listed company investment efficiency in areas with high degree of financial development.After inspection concluded:(1)the Sichuan Chongqing region listed companies in every year 2010-2015 belongs to the lack of investment in more than half of the company,the listed company belongs to excessive investment.At the same time,from 2010 to 2015,the phenomenon of excessive investment in listed companies continue to increase.(2)improve the listed companiesin Sichuan and Chongqing area financial development investment Excessive or insufficient capital investment,which can inhibit the non efficiency investment of listed companies,and can carry out effective integration and configuration of the region's financial resources.(3)the higher the degree of financial development in the region,the efficiency of investment in non listed companies financial development inhibition for stronger.Therefore,no matter from to improve the efficiency of investment company in Sichuan and Chongqing area or to improve the level of financial development in Sichuan and Chongqing,Sichuan and Chongqing should be combined with the current situation and the financial cooperation system between the two regions,so as to promote the sound development of Sichuan and Chongqing.