A Study On Corporate Governance,Cash Dividends And Over-investment Behavior

At present,our country is in the economic transition period,the enterprise investment decision-making by the state's attention,with the national macro-control and internal adjustment of enterprises,enterprises have more investment autonomy,because China's listed companies are mostly state-owned enterprises,and a unique situation is quite common,equity is highly concentrated,and most of the equity is held by the state and the government,and most of the enterprises by managers to deal with the problem,resulting in serious agency problems,making inefficient investment problems emerge in endlessly,because of excessive investment in the company occupies a significant proportion,so excessive investment has become a very important part of investment activities.In addition,with the emergence of financial information fraud in Yin Guang Xia,Enron and green earth,audit has become an indispensable means to ensure the authenticity of the information of listed companies.Audit fees,firm rankings,and audit opinions become a vital part of enterprise data and information monitoring and feedback.Based on this,this paper mainly uses empirical methods from the representative of ownership structure of ownership concentration on the impact of over-investment,on behalf of ownership structure of equity checks and balances on the impact of over-investment,audit quality on the impact of over-investment and ownership structure and audit quality together to analyze and demonstrate the impact of over-investment,and draw the following conclusions: on one hand,on behalf of ownership structure of ownership concentration and over-investment shows an inverted u relationship,and on behalf of the ownership structure of equity checks and balances and audit quality has a certain inhibitory effect on over-investment.On the whole,ownership concentration and audit quality play complementary roles in restraining over-investment,but the substitution relationship between ownership balance and audit quality is not significant.From the conclusions of this study,we can see that there are still many problems in the ownership structure of many enterprises in our country,including high ownership concentration.Because of the fact that most enterprises in our country are dominant,the proportion of government and state ownership is high,and some other equity checks and balances are poor,so that the large shareholders occupy the interests of small shareholders.With the information disclosure and investors' attention to the deepening of the information,the audit market gradually entered our field of vision,especially after the occurrence of Yin Guang Xia,Enron events and green earth and other companies to financial information fraud,the impact of audit quality on the overinvestment has been affected to varying degrees.