| At present,due to the factors of external economic environment such as imperfect development of capital market and unbalanced structure,and the influence of internal environment such as high degree of information asymmetry,serious agency conflict and imperfect supervision mechanism of listed companies,enterprises are facing financing difficulties.Therefore,the cost of external financing is relatively high and the cost of internal financing is relatively low,and there is a cost gap between them.Different,thus triggering financing constraints.After the decision of the state to vigorously develop strategic emerging industries was put forward in 2010,continuous improvement of industrial structure,continuous promotion of the transformation of economic development mode,strengthening support for strategic emerging industries and improving tax incentive policies have become the dominant direction of China's future development,thus promoting the redistribution of enterprise resources and improving the efficiency of enterprise investment.In this context,this paper combines literature collation analysis and current situation analysis,chooses 2011-2017 as the research period,and takes the listed companies of new materials as the research sample,and makes empirical research and Analysis on the relationship between independent variables(financing constraints),regulatory variables(government subsidies)and dependent variables(inefficient investment).Firstly,the related concepts of dependent variables and independent variables are elaborated,and then the measurement methods and related influencing factors are classified and sorted out.The reasons for selecting independent variables and adjusting variables are expounded through literature collation and analysis.On this basis,the relevant research hypothesis of this paper is put forward based on the relevant theoretical analysis of inefficient investment.Secondly,the current situation of equity and debt financing and government subsidies of new material listed companies with different property rights attributes are sorted out and analyzed,and the inefficient investment model is constructed and the relevant variables are elaborated.Then,11 financial indicators are selectedfrom four dimensions to construct the quantitative formula of financing constraints,and the research objects are grouped by Richardson residual model.Descriptive statistics,correlation analysis,multiple regression analysis and heterogeneity analysis of different property rights attributes are carried out for different groupings.Finally,the current analysis results and empirical research results are summarized,and on this basis,effective suggestions are put forward from the two levels of new material listed companies and government.The results show that financing constraints can promote the insufficient investment of new material listed companies,inhibit the excessive investment,while government subsidies are the opposite;government subsidies alleviate the negative effect between financing constraints and excessive investment of new material listed companies,and also alleviate the positive effect between financing constraints and insufficient investment of new material listed companies;and new material listed companies.Compared with the non-state-owned enterprises in the company,the government subsidy has a significant role in promoting the Over-investment Behavior of the state-owned enterprises and alleviating the under-investment behavior;compared with the stateowned enterprises,the government subsidy has no obvious effect on the Over-investment Behavior of the non-state-owned enterprises,but it has a more significant role in alleviating the under-investment behavior.Therefore,for enterprises,they should improve their investment supervision system,financing management system,reasonable investment combined with their own growth and profitability,so as to reduce inefficient investment;for the government,they should establish a reasonable screening mechanism,formulate a reasonable measurement standard,improve the monitoring and evaluation mechanism,so as to improve the utilization rate of government subsidies and reduce them Inefficient investment. |
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