Industrial Policy,Corporate Governance And Investment Efficiency

Investment is an important financial activity to improve the value of an enterprise.The efficiency of enterprise investment not only determines the ability of the sustainable development of the enterprise,but also affects the growth speed and operation quality of the national economy.Nowadays,the research about the enterprise investment of many factors affecting the efficiency of enterprises,mostly focused on earnings quality,decision-making,internal cash flow,corporate governance,management properties of the micro level,from the monetary policy,fiscal policy and industrial policy and other macro level to research on enterprise investment efficiency is less.Chinese market economy was born out of the planned economy,the direct and indirect intervention of government regulation as an important means to affect the economic operation,a form of industrial policy as the government intervention in the economy,the adjustment of industrial structure,industrial transformation and upgrading has played a positive role.However,will the implementation of industrial policy be able to improve the efficiency of enterprise investment? What is the result of the "policy" factor in the internal management of corporate governance at the same time? To answer this series of problems,it is of great significance to improve the industrial policy,improve the quality of corporate governance and improve the efficiency of investment.This paper reviews the research on the investment efficiency of enterprises based on the theory of literature,and the investment efficiency of industrial policy theory,corporate governance theory,the principal-agent theory puts forward the research hypothesis,using Richardson's(2006)model of investment to measure the investment efficiency of Listed Companies in our country,with the non-efficiency investment(residual value of >0 indicates that excessive investment,residual value of <0 indicates that the lack of investment the absolute value of residuals,said non efficiency investment)as explanatory variables,in support of industrial policy and ownership structure(equity concentration,equity balance degree,the proportion of non-tradable shares),the structure of the board of directors(board size,proportion of independent directors,two authority syncretic)as explanatory variables and equity incentive models were constructed,with 2014-2016 A shares of Sample Firms as samples,the empirical analysis draws the following conclusions: firstly,the industrial policy support,the proportion of non-tradable shares,the two level one A significant positive correlation with corporate inefficient investment,equity balance degree,management equity incentive and corporate inefficient investment negatively related to ownership concentration and investment efficiency of U shape,the board size and the proportion of independent directors and corporate inefficient investment has no significant relationship;secondly,industrial policy support and over the investment is positively related to insufficient investment and no significant relationship;at last,equity balance degree,the management equity incentive will inhibit the industrial policy support is positively related to the inefficient investment of enterprises,strengthen the relationship of two level one.The results show that the promotion of the efficiency of investment in enterprises requires the formation of a joint force between the government and the enterprises.The government should change the industrial policy adjustment means,give full play to the fundamental role of market regulation,improve industrial policy flexibility;enterprises should maintain the moderate concentration of ownership and control rights,optimize the shareholding ratio,full ownership restriction,at the same time,to further improve the system of independent directors of listed companies,the implementation of the chairman and general manager of two posts the camera,construction of governance structure,strengthen the management of incentive and supervision mechanism,multi dimension to solve the non-efficiency investment problem.