The Effect Of Ownership Structureon Inefficient Investmentin Agricultural Companies

As an important part of China's industry,the development of agriculture can decide China's overall economic situations to a certain extent.The development of agricultural listed enterprises,whose rapid development is good for the improvement of the agricultural industry on a large scale,is one of the important factors to promote the agricultural development process.However,there are many problems caused by inefficient investmentssuch as large capital investment with little output,excessive or insufficient capital investment.Corporate ownership structure affects the company's management and its optimization can improve the corporate governance mechanism andreduce the side effects of the efficiency of investment.Therefore,specific researching ownership structure of listed agricultural companies' impact on the efficiency of investment for subsequently perfecting agricultural enterprise's shareholding structure has a realistic significance.Firstly,this paper reviews and summarizes the relevant research results at home and abroad.Then,open data of the listed agricultural companies for nearly five years is selected and analyzed,combined with related theoretical model.Three research hypotheses are proposed.Finally,this paper draws on Richardson model to measure the efficiency of investment of sample companies.Three multiple regression equation are constructed with some variables for empirical analysis on the enterprise ownership structure's specific role for the efficiency of investment.To conclude,the status of inefficient investment of listed agricultural companies are widespread.The ownership concentration has positive influence on inefficient investment while equity balance degree,the executives' shareholding in proportion has negative influence.Combined with related conclusions,some rationalization proposals are put forward for agricultural listed enterprises.