The Influence Of Financial Flexibility Of Listed Companies On Inefficient Investment

Investment efficiency of have a crucial impact on the company,the efficiency of investment behavior on the micro to the company's operating status,growth opportunities and negative impact on sustainable development,on the macro development of national economy,industry and financial environment have a negative impact.With the rapid development of economy,the company needs to grasp the investment opportunities to get more development space,rather than the efficiency of investment is generally exists in our company,the efficiency of the state-owned enterprise investment situation is particularly serious,is not conducive to the construction and development of China's macroeconomic environment.Since the financial crisis,the financial flexibility by domestic scholars pay close attention to become a research hotspot in recent years,the study found that financial flexibility of the company has stronger ability to resist risk and better ability to grasp the investment opportunities,can affect the efficiency of investment behavior.Based on the listed company financial flexibility affects the efficiency of investment research,on the basis of the introduction of financing constraints and two intermediate variables,the problem of agency include financial flexibility and the efficiency of investment in the same perspective to study the research framework,in order to provide some reference for flexible financial reserves in our country.Firstly,the research background and meaning,the article overall research on the contents,methods and innovation points,and then between domestic and foreign relevant financial flexibility and the efficiency of investment on review of the literature,empirical inspection to lay a solid theoretical foundation for the construction of the back.Secondly,1026 a-share listed companies in Shanghai and shenzhen from 2012 to 2016 were selected as samples for empirical research.With Richardson,the first efficiency measurement model the sample is divided into investment shortage and excessive,again to financial flexibility and the efficiency of investment points regression analysis and robustness testing samples,empirical data to validate the theoretical hypothesis was established,in order to obtain more accurate conclusions.This paper draws the following conclusions through theoretical analysis and empirical test.First,there are generally inefficient investment behaviors among listed companies in Shanghai and shenzhen,among which overinvestment is more serious.Second,in the role of financial flexibility is divided into two aspects: the efficiency of investment way to increase flexible financial reserves to ease the financing constraints to circumvent the lack of investment,high flexible financial reserves exacerbate agency problem causing excessive investment.Third,under different property rights,financial flexibility can reduce the insufficient investment of non-state-owned enterprises,and financial flexibility can aggravate the overinvestment of state-owned enterprises.Finally,this paper listed companies in China on the issue of the financial flexibility and the efficiency of investment,puts forward the measure of flexible financial reserves,improve financial flexible regulatory system,and carrying out the reform of the allocation of resources of three countermeasures,in order to be able to problem of the inefficient investment of listed companies governance and flexible financial reserves studies provide reference and enlightenment.Innovation point of this article the following two aspects: first,to invest in financial flexibility and the efficiency of the intervening variable between the inspection,studied the role of intermediary variables,widen the financial flexibility to invest in the efficiency of research field of vision.Second,to distinguish the different nature of property rights under the financial flexibility degree of impact on the efficiency,for the different nature of property rights in our country capital market resource allocation imbalance problems to provide theoretical guidance and data to support.