| In the theory of the modern enterprise, the enterprises in the capital market investment and financing decisions and corporate governance, financing constraints and agency factor carries on the analysis and the discussion, information asymmetry is always issues related to the core content and an important starting point, therefore, the research between combination of information asymmetry and China’s capital market, has more practical significance.This paper is from the theory of information asymmetry level influence on the investment efficiency for supporting the impact on corporate investment efficiency,it is mainly engaged in the adverse selection caused by the information asymmetry before the point of view,investors in capital market tend to adopt a mean assessment method, which often result in low efficiency of business investment, on the one hand,the paper is based on the financial data of Chinese market, using the statistical software analyzes the influence of advance asymmetric information on the efficiency of investment.Empirical results show that the impact of information asymmetry on corporate investment efficiency is significant, and they have a significant negative correlation. Besides,Insufficient investment and excessive investment as Two kinds of performance of investment efficiency,are closely related with the information asymmetry. on the another hand, this paper from the theory of financing constraints explains the role in the relationt between the information asymmetry and investment efficiency. In this paper, we use the equity concentration degree as the proxy variable of financing constraints, and verify the financing constraints in the impact of information asymmetry on the efficiency of investment in enterprises play ing a role in promoting.In this paper, based on the effect of asymmetric information on the efficiency of investment, the recommendations are from three aspect,the external regulators, enterprises and investors. the external regulators continue to strengthen the financial information disclosure quality supervision, establish and improve the protection of rights and interests of investors,in order to improve the information content and the transfer of useful information for the stock market and establish a good institutional environmentin in China’s capital market.the enterprises should constantly improve their own sense of responsibility, to establish good corporate governance mechanism, and ensure that the information provided is true and reliable, besides,they should standardize the behavior of managers,in order to improve the efficiency of business investment;the investors shoule continue to learnprofessionalinvestment knowledge,so that they can enhance rational investment,and reduce the psychological dependence of government intervention in the market psychology.This is not only let the Chinese stock market return to the origin of the value investment, but also is the enhancement of the critical path of the investment efficiency of China’s enterprises. |
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