Enterprise Life Cycle Perspective Of The Influence Of Ownership Structure On The Investment Efficiency

In the process of development,China’s modern enterprises regard corporate governance as the key point of the problem.There are non-efficiency investment problems in corporate governance issues,and the dilemma of excessive investment and insufficient investment is presented.The ownership structure also plays an important role in the research of corporate governance,which has become a hot topic for scholars.The research in this field is mainly concerned with the issue of the distribution of ownership structure and how the different distribution structure will affect the efficiency of enterprise investment.After the idea of “enterprise life cycle” was put forward,scholars began to join the research team and link it with investment efficiency.There are bound to be differences in the scale,capital needs and internal governance of enterprises in different cycle stages.This determines that the investment efficiency problems they face are also different.Therefore,the level of enterprise efficiency investment and the impact of ownership structure on efficiency investment may be different in each life cycle.The internal and external operating environments faced by different property rights companies are quite different: in general,state-owned enterprises are faced with soft financing constraints,protected and supported by local governments and central governments,and have scarce resources such as political connections;Weak,financing constraints are serious,affecting the financial support of its investment projects and the realization of investment returns.Therefore,state-owned enterprises and non-state-owned enterprises with different life cycles may also have differences in the effectiveness of corporate investment decisions.Based on this background,this paper analyzes the impact of ownership structure on investment efficiency from the perspective of enterprise life cycle,which is clearly different.From the perspective of enterprise life cycle,the different impact of ownership structure on corporate investment efficiency provides a different perspective for enterprises to improve their investment efficiency.At the same time,the differences in the impact of ownership structure of different property rights on investment efficiency in different life-cycle enterprises are also studied in this paper,which provides a theoretical basis for enterprises with different property rights to make investment decisions and improve efficiency.This paper adopts a combination of theoretical analysis and empirical analysis.It theoretically refers to a large number of literatures.Through the combing and summarization of relevant literature and theoretical foundations,the concept of equity structure and investment efficiency has been deeply understood and based on this.Further analysis of the relationship between the two companies in the life cycle,and further put forward the hypothesis;in the empirical,this paper selects the transportation industry boss company as a research sample from 2007 to 2017,drawing on the research results of the predecessors todetermine the research method of this paper.The comprehensive index analysis method is used to divide the sample size into life cycle;the relevant equity structure index is selected as the independent variable;from the actual situation of the listed company in the transportation industry under the Richardson model,in order to conduct in-depth research on the investment efficiency of the sample,The investment efficiency is divided into three indicators:non-efficiency investment,under-investment and over-investment,and as the dependent variable;then the sample size is divided into property rights,and the three interactions of the two indicators of state-owned and non-state-owned are distinguished.Finally,the relevant control variables are selected to construct the model,and the above variables are descriptive,correlation analysis,and regression test.The study found that:(1)The concentration of ownership of listed companies in the transportation industry has a positive effect on inefficient investment;the balance of equity has an inhibitory effect on inefficient investment.(2)As the life cycle of the enterprise evolves,inefficient investment will decline.That is to say,compared with the enterprises in the recession period,the inefficient investment of the mature enterprises is higher,and the inefficient investment of the enterprises in the long-term is higher.(3)The effect of corporate shareholding structure on inefficient investment is different in different life cycles.(4)The effect of the ownership structure of state-owned enterprises and non-state-owned enterprises on inefficient investment is different.(5)The effect of the ownership structure of state-owned enterprises and non-state-owned enterprises on inefficient investment also differs in the differences in different life cycles.