Research On Environmental Uncertainty,Institutional Investors And Inefficient Investment From The Perspective Of Property Rights

As one of the three major financial decisions,the investment decision is an important strategic decision in the enterprise.For any enterprise,it is necessary to make careful use of investment as a means to obtain higher economic benefits and achieve sustainable development,which coincides with the financial management goal of maximizing the value of the enterprise.This paper takes "Letv" as an example,the blind expansion,revealing the harm of excessive investment,thus leading to the hot topic of inefficient investment.According to the relevant data of the National Bureau of statistics,the national fixed assets investment and the investment of urban fixed assets have increased year by year,which indicates that investment has been running through the lifeblood of the national economy and is a hot topic.However,China is now experiencing the transition stage of market economy,the level of market development in various regions is very unequal,the external environment has the characteristics of uncertainty,and the uncertainty of the environment is the challenge that every enterprise in such environment must face.Moreover,based on China's national conditions,the investment environment of the state-owned holding and non-state holding enterprises is different,and the methods to deal with the uncertainty of the environment are different,so the investment decision can not be generalized.Therefore,it is very practical to study corporate investment behavior from the perspective of environmental uncertainty.With the development of economy and the gradual expansion of capital market,the mechanism of institutional investors participating in corporate governance has attracted more and more attention from scholars.In April 2017,the China Securities Regulatory Commission(CSRC)put forward that "we must standardize and expand the market access for all kinds of capital and develop long-term institutional investors according to law".Institutional investors show different governance mechanisms because of their heterogeneity.The impact of institutional investors on inefficient investment is still controversial,which is worth studying.From the perspective of property rights,this paper theoretically analyzes and empirically studies the influence of environmental uncertainty on the inefficiency investment of the enterprise,and further explores the regulatory role of institutional investors as an adjustment variable.The research results are expected to enrich the theory of enterprise investment and corporate governance,and have certain practical significance,deepen the reform of state-owned enterprises,encourage developing the pressure boycott institutional investors,improving institutional investors to participate in the management system of listed companies,improve the efficiency of investment and promote the healthy development of capital market.The results show that the environmental uncertainty aggravates the inefficiency investment,and the state-owned holding can weaken the positive correlation between environmental uncertainty and the inefficiency investment;Institutional investors can inhibit the efficiency of investment,and relative to the pressure sensitive institutional investors,pressure resistant institutional investors can effectively restrain the efficiency of investment,the state-owned holding company eased the negative correlation between the institutional investors and the efficiency of investment;Institutional investors weakens the positive correlation between environmental uncertainty and the inefficiency investment;compared with pressure sensitive institutional investors,pressure resistant institutional investors can weaken the positive correlation between environmental uncertainty and the inefficiency investment more effectively;Relative to state-owned holding companies,institutional investors in non-state-owned holding companies have a more negative effect on the positive correlation between environmental uncertainty and non-efficiency investment.This article consists of six parts.The first part:introduction.This part mainly describes the reasons for choosing the topic.After the introduction of the background,the topic is meaningful and valuable,and the innovation is found.In addition,the research framework includes:research methods and research ideas.Among them,the most important innovation is that from the perspective of property rights,the role of institutional investors in regulating the relationship between environmental uncertainty and non-efficiency investment is the same in the state-owned holding group and non-state-owned holding group.The second part:literature review.First of all,through consulting and combing the domestic and foreign related literature,to understand the research status in environmental uncertainty,institutional investors and inefficient investment summarized the research results of scholars.Then,the literature review,that is,to summarize the undisputed research conclusions,should be viewed with prudent and developing eyes for those disputed parts,considering the actual conditions of our country and the policy factors,and analysis problem rationally.The third part:theoretical analysis and hypothesis.First,the concept of environmental uncertainty,institutional investors and inefficient investment is defined.Then,combined with the research content of this paper,relevant theories are sought.The main theories of this paper include principal-agent theory,information asymmetry theory and behavioral finance theory.Finally,the hypothesis is put forward under the support of the theory.The fourth part:research design.It includes reasonable definition of variables,accurate design of models,identification of data sources,screening of suitable samples,laying a good foundation for empirical testing.The fifth part:empirical analysis and results.Through descriptive statistics,correlation analysis and regression analysis,we can test whether the hypothesis is valid and whether the regression result is robust.The sixth part:conclusions and Suggestions.Based on the empirical results,the final conclusions are summarized and relevant policy Suggestions are put forward.The paper reflects some deficiencies and puts forward the prospect for the deficiencies.Two Suggestions are proposed in this paper.One is to reduce environmental uncertainty and maintain the stability of capital market;one is to develop institutional investors and bring the positive governance effect.The shortcoming of this paper is that the control variables may not be comprehensive enough.Non-efficient investment is not divided into underinvestment and overinvestment,and the conclusion is general.Governance mechanisms for institutional investors' multiple cross-sectional heterogeneity are unclear.