The Influence Of Ownership Structure Of Listed Companies Of Central Enterprises On Non-efficiency Investment

With the continuous development of China's economy,enterprises have played a more and more important role in promoting economic development.Both academic and government levels have shown great importance in related fields involving enterprise development.The level of investment efficiency has a very important role for the sustainable development of the company.At the same time,based on the national conditions of our country,the central enterprises are very important components in many kinds of enterprises.To a large extent,they have created the industry structure of our country,so It is very necessary to make a special study on the efficiency of the central government investment.Based on the above,this paper uses the Richardson model to measure the level of non-efficiency investment in 912 samples in the 2009-2016 year for 114 listed companies under the Central Enterprise Group.The results show that in terms of quantity,the listed companies of the central SOEs have more underinvestment,In terms of degree,is that the intensity of overinvestment is greater than the underinvestment.According to the central document,the samples were divided into three categories,including full competition,national security and public welfare,and the non-efficiency investment levels of each sample were observed.In contrast to the overall situation,The degree of underinvestment in listed companies involved in national security is basically the same as overinvestment,and The number of over-investment in public welfare sample is more than the number of under-investment.Afterwards,an empirical study was carried out on the influence of the pyramid equity structure,including the pyramid level,the proportion of group holdings,and whether the group directly held shares,to the inefficiency investment of the listed companies of the central SOEs.As a result,it was found that the ownership structure had a certain impact on non-efficiency investment;for the entire sample,the number of pyramid levels,the proportion of shares held by the group companies,and the direct holdings of the group companies all had a positive effect on non-efficiency investment,and the effect was mainly reflected in over-investment.In the category involving national security,the number of pyramid levels and the direct shareholding of the group have apositive effect on non-efficiency investments,especially for over-investment,and the proportion of shares held by the group companies is only positively related to over-investment.Other categories of samples could not be determined because they failed the test during the regression process.In view of the above results,This paper believes that for different types of companies,different non-efficiency investment status,different time spans,the company should make specific arrangements for the ownership structure.