Research On The Impact Of Multiple Large Shareholders’ Balance Structure On Enterprise Investment Efficiency

The three major financial activities of modern enterprises include business activities,investment activities,and fund-raising activities.Among them,the investment efficiency of listed companies directly affects the efficiency of the company’s own capital allocation,which is vital to the healthy development of the company.Therefore,based on relevant researches of home and abroad,combined with literature research methods and empirical research methods,based on the basic concepts and related theories of multiple major shareholder check-andbalance structures,analyst earnings forecast quality,and investment efficiency,based,based on the data of China’s A-share listed companies on2010 to 2018,we use the relevant models to calculate and evaluate the investment efficiency of listed companies.Then,we use the multiple regression model to explore the impact of multiple major shareholder checks and balances on corporate investment efficiency and the moderating role of analyst earnings forecasts in the relationship between the two.Finally,the corresponding suggestions are put forward based on the empirical results.Through the research,this paper mainly draws the following conclusions:(1)At present,under-investment of a-share listed companies in Shanghai and Shenzhen is slightly higher than over-investment.(2)The check-and-balance structure of multiple major shareholders is a powerful explanatory variable to explain the investment efficiency of A-share listed companies,and it has a significant negative impact on the non-investment efficiency,over-investment and under-investment of enterprises,that is,positively affect investment efficiency.(3)The number of major shareholders has a significant positive impact on investment efficiency,that is,the number of major shareholders has a significant negative impact on the company’s non-investment efficiency,over-investment and underinvestment.(4)The sum of the shareholding ratios of major shareholders has a significant positive impact on investment efficiency.That is,the sum of the shareholding ratios of the major shareholders will have a significant negative impact on the non-investment efficiency,over-investment and under-investment of the enterprise.(5)When institutional investors exists,the check and balance structure of large shareholders can effectively improve the investment efficiency of enterprises.That is to say,compared with enterprises without institutional investors in the structure of checks and balances of major shareholders,enterprises with institutional investors have lower levels of inefficient investment,over-investment and underinvestment.(6)The accuracy of analysts’ profit forecast has significantly promoted the positive impact of the check-and-balance structure of large shareholders on investment efficiency.(7)Compared with non-family businesses,family companies with a large shareholder balance structure has a greater impact on investment efficiency.According to the results of empirical research,this article proposes corresponding strategic adjustment recommendations from three aspects,including optimizing the shareholding structure of listed companies,giving play to the role of governance among major shareholders,and improving regulatory regulations.In general,on the basis of previous research,this article further enriches related research on corporate investment efficiency issues,which helps guiding listed companies in China to optimize their investment behavior,promoting their rational decision-making in the capital market,and thereby improving investment efficiency.2 pictures,14 tables,143 references...