Empirical Study Of The Non-efficiency Investment Of Chinese Small And Medium-sized Listed Companies In The Perspective Of Enterprise Growth

Small and medium-sized enterprises play decisive roles in the country’s economic developmentmarket in China, the state increase more emphasis on the growth of them, and promote the financingof small and medium enterprise market through active fiscal and monetary policy.However, with theinperfect system of governance, agency conflicts and information asymmetry, it will come into beingtheso-called"undercapitalization"and"overcapitalization"behavior.Investment decision-making is thekey drivers of the company’s growth and future cash flow growth, and an important basis for financialdecision-making.Inefficiency investment behavior impede the efficiency of healthy and sustainabledevelopment of enterprises.This paper reviews the relevant literature at home and abroad and then choose the data for the2008-2010period as the study window, select the Shenzhen SME Board77manufacturing categoriesfor the study of small and medium companies and small listed companies to build the evaluation ofgrowth indicators, according to the growth of evaluation results,it is divided into high andlow-growth enterprises group.This paper develop measurement model and further the establishmentof investment companies measure the extent of non-efficiency investments, and finally depedent onthe different companies based on growth,this paper study the factors affecting the efficiency ofinvestment behavior, and then correspond countermeasures and suggestions, so as to improve China’ssmall and medium enterprise market investment behavior as well as non-efficiency related policiesformulated by the state to provide some theoretical guidance and decision-making.The main conclusions of this paper：2008-2010, China’s small and medium enterprise marketsbehavior is under-investment rather than over-investment behavior. Overall, large-scale enterprises asto have more investment opportunities, the relative concentration of the controlling shareholder equitytend as to create a business empire, both ofthem have increased the investment in small and mediumscale enterprises listed. Business debt financing small and medium sized listed companies in China toreduce the overall level of investment, debt financing has played a certain extent on the role ofbusiness investment, the role of governance in the low-growth enterprises, more significant, but due toour policy of government intervention the role of soft constraints exist in bank borrowings, bank loansdid not play a relevant role in the constraints. Enterprise’s executive pay salary governancemechanism play, reduce the enterprise to the agency relationship between the excessive investment.