The Study On Corporate Capital Allocation And Allocate Efficiency Based On Ultimate Control Characteristics

As an important part of the framework of corporate governance research, equityresearch conducive to clear motives listed companies. The reality of widespread ultimatecontrol in view of China’s listed companies, a large number of scholars have studied therelationship between the ultimate control and enterprise value, and get a differentconclusion. Business investment as value creation and resource allocation based on thebridge of the efficiency of links with corporate micro-and macro-economic growth. Theultimate controlling the nature and control of the investment behavior of the ultimatecontrolling not only is conducive to the to open ultimate controlling the path of theenterprise value of the black box, in the context of China’s unique market economicsystem at the same time, explore the impact of corporate capital investment and to investin distribution behind form of alienation and loss of efficiency for the understanding ofthe rapid economic growth behind the micro-structure of investment, as well as tounderstand the existing pattern of property rights, on the political and institutional factorsthat affect investment efficiency has important practical significance.Result=motivation+behavior-based logic considerations, the ultimate control ofbusiness investment using empirical methods. First, the ultimate controller is divided intocentral enterprise groups, local enterprise groups, local asset management companies andprivate and private property rights are four types of investments are classified asinvestment in fixed assets, intangible assets investment, equity investment and R&Dinvestment are four types in defining the relevant concepts and a review of existingresearch on the basis of theoretical analysis the relationship between the ultimate controlwith four types of investment, and put forward the hypothesis.Secondly, based on the control of-sort of separation of cash flow rights were fourtypes of investment in the form of the sample for statistical analysis. Control-thegrouping of the separation of cash flow rights on corporate investment descriptiveanalysis, different ultimate control type and control over-the separation of cash flowrights sample enterprises to invest in the non-parametric test.Finally, empirically investigated the ultimate control characteristics of the behaviorof enterprises to invest in and the corresponding investment efficiency. The study foundthat:(1) ultimate controlling cash flow rights, the lower will be selected to increase thefixed assets, intangible assets and equity investments on the scale;(2) due to the impact of "soft budget constraint" and the ultimate controller of natural resources, local The assetmanagement company with the highest equity investment, local enterprise group with thehighest investment in fixed assets, the ultimate shareholder of the private listed companiescash flow rights has nothing to do with the scale of investment in intangible assets;(3)based on the self-interested motives, in addition to the ultimate control of the CentralEnterprise Group, the ultimate controlling the types of capital investment strategy, adirect result of over-investment in fixed assets, equity investments and investments inintangible assets.