| At present,the reform of China's state-owned enterprises(hereinafter called SOEs)is at a critical period.The special system of China determines the present situation of the inefficient investment behavior of the SOEs,which has brought serious hidden danger to the sustainable development of Chinese economy.The inefficient investments include two situations:over-investment and under-investment. Over-investment will lead to lots of money deposited in the domains with overcapacity but bad profitability,where resources and production factors are wasted, and non-performing loans and financial risks are increased.While under-investment,which leaves large amounts of money unused, will lead to the slow-growth or even zero-growth of the SOEs and the harm of the investors'benefit.Therefore,it is very important to the SOEs that analyzing the inefficiency investment and its risk factors,which is helpful to make the optimal investment decisions of the SOEs to improve the enterprise value,portect the benefit of the investors,promote the supervision of management efficiency and develop the sustainable development of China's capital market.Firstly, this text summarizes the research investment efficiency ofdomestic and overseas,discussing problems of SOE investment existed in theory. Then, From the Angle of quantitative the text inspects the influence of different risk factors on the efficiency of investment through empirical study; from the angle of qualitative it complement the influence factors of the management on investment efficiency. Finally, according to the research results it put forward policy Suggestions of SOE investment risk control.In the study of theoretical basis,first of all, this text analyzes the main reason of serious inefficient investment of the SOEs:the principal-agent relationship.Secondly, it analyzes the investment efficiency in the situation of the special property-right system and insufficient supervision.Thirdly, it analyses the major risk factors of the inefficienct investment, preparing for empirical research following in the paper.In the discussion of the risk factors for investment efficiency of the SOEs,this text uses some empirical research methods.At the begining, proposing hypotheses following the theoretical basis above.Then, defining the sample enterprise over-investment level and eliminating abnormal samples,with reference to the research achievement of Richardson(2006).At last,we get 423 SOEs listing in Shenzhen and Shanghai in 2009 as the study samples of the text.After the theoretical study and the hypotheses of empirical research,this text construct model to analyze the SOE investment efficiency and its risk factors. Through the statistics and regression model test,it shows as follows:.(1)The largest share-holder may produce a SOE investment risk.While, Ownership concentration may inhibit the risks of exorbitant shareholdings.(2) Equities Incentive can restrain over-investment effectively. Western experience of the stock ownership incentive can be used in China as well. Lack of Stock-based incentive may be a investment risk factor.(3) The lack of finance supervision and restraint, the insufficient debt financing constraints is still one of the SOEs'risk factor of the investment efficiency.(4) Government intervention is a risk factor of over-investment of SOEs.While the higher Law enforcement level is, the possibility of over-investment,the smaller.At the end of the text,based on the above normative analysis and the empirical study,it puts forward some valuable suggestions:(1) Establish a relatively concentrated ownership, and balance the shareholding structure in the SOEs.(2) Improve incentive and restraint mechanisms inside and outside to reduce the behavior of investment inefficiency. (3) Balance of benefits and containment between enterprises and government and develop the optimal allocation of resources of the market.(4) Improve the debt financing system and develop its restriction to reduce the risk of SOEs'efficiency investments. |
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