An Empirical Study On The Non Efficiency Investment Of The Combination Of The Financial Industry And The Listed Companies

The expansion development and future growth of the industrial enterprises depend on the investment efficiency.Investment efficiency is related to the future value creation ability of the enterprise,not only about the business performance,but also on the country's economic growth has a profound impact.At present,the phenomenon of inefficient investment exists in our country: Because of the investment efficiency is influenced by the funds held by the enterprise,When the enterprise's capital is abundant,not only can it meet the investment needs,but also because of the agency problem,the enterprise may be more inclined to overinvestment;When the lack of enterprise funds,it can not meet the needs of investment,resulting in underinvestment.All kinds of financial institutions represented by banks are the main source of funds for enterprises,they provide an indispensable financing support for enterprises.In recent years,in our country,more and more enterprises by taking mode of combination of industrial and financial,improve the enterprise credit financing obtained rate,influence the enterprise's cash flow and investment behavior,eventually on corporate investment efficiency.This paper useing the existing relevant research conclusions at home and abroad as the basis,combining theory of free cash flow,the theory of financing constraints and the agency theory,combining the non efficiency investment and the combination of industrial and financial,and the theoretical analysis is carried out,finally the research hypothesis of this paper is deduced.This paper selects the sample data related to investment 2011-2014 Shanghai and Shenzheng A shares of non-financial listed companies which have shares of financial institutions and sample data on the investment of the enterprise.Builds the empirical analysis of the relevant model,and study on the influence of enterprises' which participation in financial institutions on the investment efficiency of enterprises,The conclusion is that the enterprises' participation in financial institutions will not only decrease the phenomenon of underinvestment,but also increase the phenomenon of overinvestment.Finally it makes the enterprise deviate from the optimal investment level,reduce the investment efficiency,there will still be inefficient investment.Further research findings: holding the shares of financial institutions makes the private enterprise and enterprises which relatively more lack of the internal capital to reduce underinvestment to be more;In the state-owned enterprises,enterprises controlled by local government holding the shares of financial institutions can make a greater reduction in underinvestment;When the agency problem of the enterprise is more serious,the problem of increasing overinvestmen caused by the participation in financial institutions will be more serious.In view of the relevant research results,this paper put forward based on the main business in enterprise,perfecting the information disclosure and enterprise management system,strengthen credit management,a person with a finance background and so on,put forward to reduce barriers to entry in terms of government,improve the legal supervision system and strengthen the legislative work,we will accelerate reform of the financial market system.