Related Research On Industrial Policy, Ownership Structure And The Investment-financing Efficiency

Corporate investment and financing behavior which is one of the most important activities in corporate have attracted more and more attention, and research on efficiency of investment and financing has become a hot topic. However, domestic scholars studied invest and financing efficiencies separately, without considering the internal relations and mutual influence between them. At the same time, the existing literature learned too much from foreign research model, and not fully combined with the special background of China, resulting in the gap between research and reality. But in China, the stylized facts of strong government intervention can never be ignored. in the study of the efficiency of corporate investment and financing. The national industrial policy as an important way of government intervention, brings a "windfall" to corporate, through bringing to the enterprise a "windfall", Affected the investment and financing decisions made by the big shareholders and managers, thus influence enterprise’s investment and financing efficiency. In existing research, there is a phenomenon that domestic scholars studied the behavior of micro-enterprises and macroeconomic policy separately.But in fact, corporate financing and investment of the financial policy is the result of the evolution of external environment and main body together. Thus the study on macro mechanism of industrial policy’s influence on enterprises investment and financing behavior has a very important role in the efficiency of corporate investment and financing.In addition, it is worth noting that along with the reform of non-tradable shares and the reduction of state-owned shares, equity structure of listed companies in China this year to as changed. Equity structure as part of the corporate governance mechanism has a significant impact on corporate investment and financing efficiency. So as the new changes of ownership structure in our country, it is very necessary to research on the relationship between the first large shareholder’s stock ratio/executives’stock ratio and the of investment and financing.This paper combines various disciplines of the new political economics, finance, financial and other cutting-edge theory, subjects at the forefront of theory, draws on the latest research results of existing literature, Based on the existing new ownership structure in our country, fully consider the macro factors such as industrial policy and local government behavior, which can produce significant influence on enterprises investment and financing efficiency but is often ignored in previous studies. Take the profit motive and behavioral characteristics of large shareholders and corporate managers as the entry point of the study, combined qualitative analysis with quantitative analysis, integrated normative research, empirical research and comparative analysis method, In order to in-depth investigate the relationship between industrial policy, ownership structure and enterprise investment and financing efficiency as much as possible.The research shows that China’s industrial policy and the investment and financing efficiency of non-state-owned holding enterprises was positively related to, but not related to the state-holding enterprises’efficiency of investment and financing; In the context of industrial policy support, the first large shareholder’s stock ratio negatively correlated with the efficiency of investment and financing, and without industrial policy support is positively correlated relationship; Executives’stock ratio in clear support of industrial policy of state-owned holding enterprise is not relevant with the efficiency of investment and financing, while in other cases is positively related to the investment and financing efficiency. This paper constructs a macro industrial policy impact mechanism for micro-enterprise investment and financing behavior. Through the analysis of the impact mechanism and empirical conclusion, we illustrates the various factors that influence efficiency of corporate investment and financing in our country more clearly, and the suggestion is put forward in both government level and corporate level to improve the efficiency of our corporate investment and financing.