Analysis On Investment Efficiency And Influencing Factors Of Listed Companies Of New Energy Vehicles

The theoretical analysis shows that the optimal investment boundary of a company is determined to some extent by the investment opportunity,while the financing constraints and agency costs make the actual expenditure of the company lower and higher than the boundary respectively.In this paper,we choose the bilateral stochastic boundary model,and consider two factors of financing constraints and agency costs to analyze the impact of the two factors on the investment behavior of China’s new energy vehicle listed companies.The advantage of this method is that it can not only measure the investment efficiency of sample companies,but also quantitatively analyze the impact of financing constraints and agency costs on the investment efficiency of sample companies from the perspectives of cross-section and time sequence.According to this idea,the test of financing constraints and agency cost theory turns into whether the deviation between the actual investment expenditure and the optimal boundary is significant.This paper further discusses the influencing factors of the two,and makes a quantitative analysis of the deviation degree between the actual investment expenditure and the optimal expenditure level caused by the two.The deviation caused by financing constraints and agency costs is divided into underinvestment and overinvestment,and then analyzes the influence scope and degree of the two by grouping the samples.In this paper,A-share listed companies in China’s new energy vehicle industry in 2012-2018 are taken as the research object.The relationship among constraints,agency costs and investment efficiency is studied by using the bilateral stochastic boundary model.The impact degree of the two on the investment efficiency of Listed Companies in the new energy vehicle industry and the comprehensive impact degree of the two are calculated.Finally,it is found that the actual investment expenditure of the new energy vehicle industry is lower than that of the new energy vehicle industry The optimal investment expenditure level is 0.65%,and the sample is in a weak financing constraint state.The sample company’s under investment caused by financing constraints is 29.48% lower than the optimal investment level,and the over investment caused by agency cost is 30.13% higher than the optimal investment level.31.21% of the samples were affected by less financing constraints and agency cost issues,34.6% by more financing constraints and less agency cost issues,and 34.19% by less financing constraints and more agency cost issues.Therefore,although the overall investment efficiency of the sample is close to the optimal level,it is actually caused by the influence of both positive and negative directions offset and superimposed.For each enterprise,more than 60% of the companies have serious underinvestment or over investment problems.Among them,financing constraints have a significant negative correlation with the regional financial environment and government subsidies;agency costs have a significant positive correlation with the proportion of senior executives holding shares,and have a significant negative correlation with management compensation.Through the group analysis of the sample companies,it is found that:(1)the regional financial environment has a greater role in alleviating the financing constraints of the Eastern companies and a limited role in the central and western regions;(2)the impact of the financing constraints of state-owned enterprises is less than that of private enterprises;(3)the government subsidies have a significant role in alleviating the financing constraints,and the role of private enterprises is higher than that of state-owned enterprises;(4)the state The main reason is that the total amount of external financing obtained by some enterprises is higher than that of private enterprises;(3)executive stock ownership aggravates the over investment caused by agency cost,while management compensation is negatively related to over investment.Executive compensation can effectively deal with the agency cost of enterprises and private enterprises in the eastern region,but it has no obvious effect on the Midwest enterprises and state-owned enterprises.