Research On The Influence Of Major Shareholder Reduction On Enterprise Investment Efficiency

Along with our country economic development gradually into the "economic restructuring,steady growth" the new normal,with simple high investment for high growth of traditional economic growth model is unsustainable,from pay attention to the investment scale to improve the quality and efficiency of investment,improve investment efficiency,cultivate and strengthen the momentum of economic growth,will become the next stage of our country’s economy to develop high quality important focus.As the main carrier of economic activities,the high quality of investment activities is reflected in the enterprise level,which requires enterprises to pay attention to the high efficiency of investment activities.In the actual operation of enterprises,there are many factors affecting the investment efficiency of enterprises,among which the capital market provides effective financial support and investment project selection for enterprises’ investment activities.Therefore,the capital market efficiency and capital market stock trading activities are of great significance to the investment efficiency of enterprises,especially as the major shareholders of listed companies,they often have the advantage of internal information and can exert influence on the investment decisions of enterprises,thus affecting the investment efficiency of enterprises.Institutional market research,on the other hand,reflect the outside investors focus on enterprise economic activities,playing an increasingly important role in corporate governance,research activities can reduce the transaction both sides information asymmetry status,increase the content of information in capital market shares and the efficiency of capital market allocation of resources,will ultimately affect the investment efficiency of enterprise.Therefore,it is necessary to combine the actual situation of listed companies in China,based on the perspective of Institutional market research,analyze the influence of major shareholders’ reduction behavior on enterprise investment efficiency,and the moderating effect of Institutional market research on the relationship between the two.It is of enlightening significance for policy makers to grasp the impact and implementation effect of the reduction of major shareholders in a timely manner,to fully understand the possible impact of the reduction of major shareholders on the investment efficiency of enterprises,and to objectively evaluate the role of external regulatory measures(such as Institutional market research,etc.)in improving the investment efficiency of enterprises.Therefore,this thesis takes a-share listed companies of Shenzhen Stock Exchange from 2015 to 2020 as the research object,selects the proportion of major shareholders’ divestment,investment efficiency of listed companies,Institutional market research reflecting the attention of capital market and other indicators to analyze the impact of major shareholders’ divestment on enterprise investment efficiency,and from the perspective of Institutional market research,The moderating effect of Institutional market research on the relationship between the reduction of major shareholders and the investment efficiency of enterprises is analyzed.Specifically,this paper first defines core concepts such as major shareholder reduction,enterprise investment efficiency and Institutional market research,and analyzes the impact of major shareholder reduction on enterprise investment efficiency based on information asymmetry theory,principal-agent theory,signal transmission theory and return of control theory.The influence mechanism of the reduction of large shareholders on the investment efficiency of enterprises is analyzed from three perspectives: market catering effect,financing constraint effect and equity dispersion effect.From the perspective of Institutional market research,this paper analyzes the moderating effect of Institutional market research on the relationship between the reduction of major shareholders and the investment efficiency of enterprises through mining the internal information of enterprises,reducing the arbitrage space of the reduction of major shareholders and providing investment suggestions.In addition,considering that heterogeneity characteristics of enterprises may cause differences in the above research results,this paper classifies the research samples according to the nature of enterprise property rights,the quality of information disclosure and the scale of enterprise operation and conducts group heterogeneity test.In the further analysis,robustness tests were carried out by means of endogeneity test,replacement of core explanatory variables and replacement of investment efficiency measurement model,etc.,to verify whether the test results are consistent with the regression results of the set model and enhance the reliability of the conclusions in this paper.The results show that :(1)the reduction of major shareholders has a significant negative effect on the investment efficiency of enterprises,that is,the reduction of major shareholders will lead to the decline of investment efficiency of enterprises.On the one hand,under the behavior of reducing holdings of major shareholders,the major shareholders cooperate with the management to intervene in the investment decisions of enterprises in order to grab high profits from reducing holdings.As a result,the investment direction and investment scale of enterprises deviate from the normal operation needs of enterprises and reduce the efficiency of enterprise investment activities.On the other hand,there is a "hollowing out" mechanism for the internal funds of enterprises by the reduction behavior of major shareholders.In addition,due to the negative information conveyed by the reduction behavior to the outside world,enterprises are faced with relatively high financing constraints when seeking external financing,which aggravates the capital shortage of enterprises and makes it difficult for enterprises to engage in investment projects to maintain normal operation and development needs.In addition,after the occurrence of major shareholders holdings behavior,internal equity is more dispersed,undertaking of major shareholders holdings of shares much for outside investors of the enterprise management information co.,LTD.,so the company’s business decision-making participation is limited,hard to effective supervision and management decision-making,may induce management company investment decision from the business objectives,reduce the enterprise investment efficiency;(2)major shareholders holdings of the negative effect on the efficiency of corporate investment in non-state-owned listed companies,limited scale,and the poor quality of information disclosure of sample companies,mainly because the company has not yet formed perfect information disclosure mechanism and the internal management system,it is difficult to for large shareholders to enterprise investment activity interventions for effective supervision,As a result,the reduction of major shareholders has a more significant negative effect on the investment efficiency of enterprises.(3)Institutional market research has a moderating effect on the relationship between the reduction of major shareholders’ holdings and the investment efficiency of enterprises,and Institutional market research activities effectively restrain the negative effect of the reduction of major shareholders’ holdings on the investment efficiency of enterprises.The possible reason is that Institutional market research activities not only effectively disclose the internal information of the company,but also restrain the space of arbitrage for the reduction of large shareholders,improve the degree and ability of investors to participate in the operation of the company,improve the company’s internal management system such as investment decision-making,and provide reference policy suggestions for the effective investment of enterprises.(4)The moderating effect of Institutional market research on the relationship between the reduction of major shareholders and the investment efficiency of enterprises is more significant in non-state-owned enterprises,listed companies with low quality of information disclosure and limited operation scale.On the one hand,carrying out Institutional market research activities for non-state-owned enterprises can effectively restrict the reduction behavior of major shareholders and the degree of intervention in enterprise investment activities,and avoid inefficient investment behavior;On the other hand,Institutional market research activities for enterprises with low quality of information disclosure can help external investors deepen their understanding of enterprises’ operating conditions,provide reference and suggestions for enterprises to carry out effective investment activities and improve their investment efficiency while effectively excavating internal information of enterprises and reducing financing constraints.In addition,Institutional market research activities for enterprises with limited operation scale can to some extent make up for the internal shareholders’ grabbing of corporate interests and standardize corporate investment behavior under the imperfect internal governance system.Based on the research conclusion,this thesis puts forward the following countermeasures:(1)the government level,should reduce its capital market chaos to perfect the regulatory policies of major shareholders holdings,regulating the behavior of major shareholders holdings arbitrage,reduce large shareholders reduce the negative impact on the economic activity,continue to improve the company internal information disclosure mechanism,effectively restrain large shareholders holdings arbitrage space and the efficiency of investment activities.In addition,according to the heterogeneity characteristics of enterprises,strengthen the policy supervision of non-state-owned enterprises,enterprises with low quality of information disclosure and small-scale enterprises;(2)the company level,should further improve the internal governance mechanism and quality of information disclosure,by high quality information disclosure to reduce external financing costs,and reduce the company’s management under the theory of principal-agent and enterprise value target phase deviation caused by inefficient investment behavior,improve investment efficiency,and pay attention to in the company daily management and the interaction mechanism of the outside investors,Exert the restraining effect of Institutional market research on the reduction behavior of major shareholders and its negative effects;(3)the level of outside investors and listed companies more active communication and coordination,conduct Institutional market research activities effectively,while effective mining company internal information,to supervise the economic behavior of big shareholders within the enterprise,and through the investigation and research activities to raise their professional ability and knowledge level,improving corporate governance participation,provide a reference for enterprise investment advice,improve the efficiency of corporate investment.