Related Financial Transactions,Company Growth And Investment Efficiency

Finance company is the product of the state-owned economic reform in China.At present,the financial company serves enterprises all over the energy and electric power,aerospace,petrochemical,machinery manufacturing,information and communication and other important fields related to the national economy and people's livelihood,national security.After 32 years of development in China,financial companies have made important contributions to the growth of China's enterprise groups.They can save the group's financing costs,integrate the funds within the group,and improve the efficiency of resource allocation in the internal capital market of the group.The listed company is the important cornerstone and power source of the group's development,and the listed company is also the capital source of the financial company.The most direct connection between a financial company and a listed company is the related party transaction,among which the most important one is the related party capital transaction.This study took the related capital transactions between listed companies and financial companies from 2012 to 2016 as the research object,and mainly carried out the research from three aspects.First,it studied the relationship between the net related capital transactions between listed companies and financial companies and the investment efficiency of listed companies.Secondly,the paper studies the relationship between the transaction of related capital and the investment efficiency of listed companies and financial companies.Thirdly,taking growth as a grouping variable,this paper studies the impact of related capital transactions on the investment efficiency of listed companies with different growth rates.First in this article,through reading a large number of literature and theory analysis of net capital transaction associated with the investment efficiency of listed companies to present positive correlation,the listed company and financial company's associated net capital transaction,the higher the more to enhance the investment efficiency of listed companies,this article through to the association in 2012-2016 data to carry on the empirical analysis of capital transaction,fully prove the conclusion.On this basis,this paper divides the net transaction amount of related capital into related capital outflow and related capital inflow,and finds that the related capital inflow can improve the efficiency of listed companies,but the relationship between the related capital outflow and the investment efficiency of listed companies is not significant.When the growth is further added to investigate the relationship between the two,the research of this paper finds that the low growth of related capital inflow transaction can significantly improve the investment efficiency of listed companies,while the high growth of related capital inflow transaction will significantly reduce the investment efficiency of listed companies.Secondly,by means of inter-group mean test,this paper verifies that the listed companies with different growth rates of related capital inflow face different financing constraints,so as to further explain the different reasons for the impact of related capital inflow on the investment efficiency of listed companies with different growth rates.Then the robustness test of this paper verifies that there is no endogenous problem in this paper.Finally,this paper puts forward some Suggestions based on the above research conclusions.