| As China ’ s economy enters the stage of high-quality development,the improvement of corporate investment efficiency has become a hot topic of concern to the academic and practical circles.However,in reality,there are often a large number of inefficient investment activities within enterprises.At the same time,financing difficulties and expensive financing are still common problems in Chinese enterprises.In recent years,the trend of institutionalization of China ’ s capital market has been further strengthened.Institutional investors,as professional investors in financial markets,their governance role has gradually been paid attention to,and their field research has also been widely concerned.Based on this,this paper integrates the three into a unified framework for research,in order to provide relevant theoretical reference and policy recommendations.Based on the review of relevant theories and literature at home and abroad,this paper takes A-share listed companies on Shenzhen Stock Exchange as samples,and uses the fixed effect model to empirically study the impact of institutional investors ’ field research on enterprise inefficient investment,and uses the intermediary effect model to test the intermediary role of financing constraints in it.At the same time,the enterprises with different property rights are grouped.Finally,the robustness test is carried out to ensure the credibility of the results.Further reference to previous studies,the enterprise inefficient investment is divided into over-investment and under-investment,respectively,to test the different effects of institutional investors ’ field research and the difference of the intermediary effect of financing constraints.The study finds that :(1)institutional investors ’ field research can improve the inefficient investment of enterprises,and considering the lag effect,the field research received in the early stage can better alleviate the inefficient investment of enterprises in the current year;(2)Financing constraints play a partial intermediary role;(3)Compared with state-owned enterprises,institutional investors ’ field research can better improve the inefficient investment of non-state-owned enterprises;(4)Compared with enterprises with insufficient investment,the inhibitory effect of institutional investors ’field research and the intermediary role of financing constraints are more obvious in overinvestment enterprises.The main contribution of this paper is to put the three into a unified framework for research,to explore the path of institutional investors ’ field research affecting the inefficient investment of enterprises,and use comparative analysis method to test the difference of inefficient investment inhibition in enterprises with different property rights,not only enriches the relevant theory,but also provides a new perspective and decision-making basis for alleviating the problem of inefficient investment of enterprises. |
