Research On The "Non-efficiency" Investment Behaviors Of Listed Companies Under The Control Of Major Shareholder

In recent years, with China's rapid economic growth, for the listed companies in China, in the investment field the key point shifts from investment quantity to the investment quality. How to promote the enterprise investment benefit maximization, what are the factors influencing investment efficiency, also become China's scholars focus.China's special economic system has caused by most of the listed company "Equity Concentrate" situation, this paper will under this particular background of our country ,conduct the research to the two kinds of "non-efficiency" investment behaviors which is Insufficient investment and overinvestment of the companies under the control of the major shareholder. This paper first through to the domestic and foreign scholar's research results review, has determined the analytical study main direction. After defined the investment behavior of non-efficiency, with the macroscopic environment for investment and the ownership structure of listed companies, could theoretically analyzed the factors that affect the efficiency of investment and their influence and extent produces to the non-efficiency investment behaviors.Based on the analysis theoretically, this article took the research sample by the recent years major shareholder control's listed companies'finance data, has carried on the descriptive statistics and the regression analysis, and has carried on the stable examination to the return result. Draws the following conclusion: (1) Overwhelming majority listed companies under the shareholder's control has the non-efficiency investment behavior, and overinvestment behavior to be more serious. (2) The biggest shareholder of listed companies owns stocks proportion and insufficient investment and overinvestment same direction changes, other shareholder's rights keep in balance to the non-efficiency investment have the inhibitory action. (3) Listed company hold free cash flow rich degree and overinvestment behavior direction change, with investment insufficient behavior reversed direction change. (4) The market stock price's fluctuation to invests the behavior existence influence, listed companies'P/E enhances can urge the overinvestment behavior to increase, the investment insufficient behavior reduction. The stable examination has supported the research conclusion.Finally, according to the theoretical and empirical results, proposed enhances the invest efficiency of listed company under the major shareholder's control policy recommendations: Realizes the stockholder's rights structure rationalization; Establishment company internal decision-making system; Perfect legal environment; Improve market environment.