| Investment is one of the most important economic activities in enterprise,and its efficiency is directly related to the increase of enterprise value.The external environment is a factor that must be seriously considered and carefully dealt with in each company's business process.It determines not only the operation of business,but also the merits of the operation results.The integration of the global economy,the diversity and complexity of China's economic environment,the inequality of economic development in regions and industries,and the imperfection of the level of financial development have all made higher environmental uncertainties faced by Chinese companies.Usually,higher environmental uncertainties have an important impact on the company's investment decisions.Therefore,this paper focuses on the research of non-efficiency investment behavior of enterprises from the perspective of environmental uncertainty,and studies the manifestations of non-efficiency investment in different ownership enterprises,while the listed companies in China are divided into state-owned enterprises and non-state-owned enterprises.In addition,as the main leader in strategic decision-making and business decision-making of the company,management affects all aspects of the company's daily operations and becomes a decisive factor in determining the efficiency of corporate investment.Therefore,this paper discusses the regulation influence,which is made by management power,between uncertainty and non-efficiency investment for further.This paper selects the data of A-share non-financial listed companies in China's Shanghai and Shenzhen Stock Exchanges from 2012 to 2016 as research samples,and empirically tests the relationship between the external environment's uncertainty,management power,and non-efficiency investment.The results of inspection and research show that there is a significant correlation between environmental uncertainty and the non-efficiency investment of enterprises.On the one hand,excessive investment problem caused by environmental uncertainty is more serious in state-owned enterprises.On the other hand,the lack of investment is more serious in non-state-owned enterprises.In addition,among the enterprises with different types of property rights,there are also differences in the regulatory power of management power on the relationship between environmental uncertainty and non-efficiency investment.In state-owned enterprises,the greater the power of management,the more likely excessive investment caused by environmental uncertainty will happen.However,in non-state-owned enterprises,the power of management has an inhibitory effect on two kinds of non-efficient investment. |
