The Research Of Influence Of Ultimate Control Structure On Listed Companies' Investment Behavior

In the production and business operation activities of listed companies,one of the important factors to determine its value and development prospects is investment decision behavior,the quality of investment directly affect the listed company's growth prospects and the growth of future cash flow.Because investment can effectively combine corporate governance structure with value,so through the understanding of the investment behavior and the effect of listed companies,we can predict to guide the value of the listed company's performance in terms of theory and practice or analyze the published value.In China,because of the existence of various historical factors,Capital market development is not complete enough.In our country,under the premise of continuous development of capital market,there are irrational investment of listed company in our country.So,there is important practical significance to research the scale of investment and the influencing of the quality of investment for listed companies.we aim to explore the quality of investment by factor analysis method.Our investment behavior can be divided into two dimensions:investment scale investment quality.The factors affecting the investment scale are joined into Vogt model and its extened model as control variables,to further explore the Influence mechanism of ultimate control,cash flow rights and ultimate control and the degree of the separation of cash flow right to investment scale.At the same time,add the factors influencing the quality of investment to the multivariate regression model as control variables.Because there is high correlation between these variables,we introduce the ridge regression analysis method to estimate the ultimate property variables influence to investment quality.Based on the theoretical models and assumptions,we use up to 3042 datas after the screening of A-share listed companies from 2012 to 2014 to do empirical research in our country.The main conclusions of research are:(1)There is strong investment cash flow sensitivity in listed companies of our country,and investment has a positive correlation relationship with cash flow.(2)Ultimate control positively affect investment scale,the same conclusion is to separation level between ultimate control and cash flow rights,but cash flow rights has a significant negative correlation relationship with investment scale.(3)Ultimate control negatively affect investment scale,the same conclusion is to separation level between ultimate control and cash flow rights,but cash flow rights has a significant positive correlation relationship with investment scale.Accordingly,relevant suggestions are put forward in this paper from the macroscopic and microscopic Angle:in terms of macroscopic,1)To perfect the legal system construction,strengthen the law protection awareness,perfecting the legal protection of investors' interests.From the legal aspects,the behavior of controlling shareholders encroaching on minority shareholders interests is banned.From laws and regulations,expropriation behavior is supervised and punished.2)To develop the capital market,improve the financial guarantee mechanism,appropriately lower the threshold of the listed companies,after the market access being reduced more enterprises can het to get more money by being listed.To develop the company's business,at the same time,our country should accelerate the reform of bank system and reduce the government's intervention on banking,loosen the margin lending interest rate fluctuations.As to the micro,1)The listed company should increase investment and improve the quality of investment,can be appropriately increased its financing debt levels and improve their technology advancement to properly increase the investment scale,can improve the investment business management to improve the quality of investment,making the investment efficiency.2)Specificate board construction.First of all,to improve two position setting of chairman and general manager,and make sure that separation in the true sense;Secondly,to establish fully practical executive layer constraints system represented by the board;Finally,to improve the managers' employment mechanism.