Research On The Influence Factors Of Inefficient Investment On State Holding Listed Company

The main force of economic development in our country is State holding listedcompany, because listed companies of our country by state-owned enterprise restructuring,from the original state-owned enterprises use fiscal and bank funds "investment hunger", SoState holding listed company invest very large, investment motive is stronger, State holdinglisted company appeared excessive investment.By the world economic recovery is slow, thedomestic economic cyclical downturn and long-term growth potential "shift gear reducer"factors, such as State holding listed company appear the phenomenon of lack of investment.Overinvestment and underinvestment will restrict the sustainable development of the Stateholding listed company.Based on the State holding listed company from2010to2012as the research object,atotal of390valid sample data.Reference to predecessors’ achievements,throughprincipal-agent, asymmetric information and the analysis of the free cash flow theory, putforward the free cash flow, debt financing, dividend payments, ownership concentration andprofitability.First of all, using the Richardson of efficiency measurement model, through thedescriptive statistical analysis, get the expected investment value of390samples.First,through descriptive statistical analysis compared2010-2012expected investment and theactual difference, found in390samples data, there are141samples appeared excessiveinvestment and126samples inadequate investment, and describe the proportion ofoverinvestment and underinvestment. Second, the use of overinvestment andunderinvestment two influence factors model, through correlation analysis and multivariatelinear regression analysis, from the free cash flow, debt financing, dividend payments,ownership concentration and profitability of state-owned holding listed companies theefficiency of investment is the influence of overinvestment and underinvestment isstudied.Empirical study of overinvestment and underinvestment are conducted from theabove five aspects of the empirical analysis,without discrimination because the authorthinks that any factors influence on corporate investment is a dialectical relationship, eachinfluence factor about overinvestment and underinvestment are closely linked.The results found that free cash flow and over-investment significant positive correlation, but with thelack of investment in the opposite direction change;State holding listed company debtfinancing, cannot restrain excessive investment, but it will inhibit underinvestment;Equitymore concentrated more likely to lead to excessive investment, but it will inhibitunderinvestment;Dividend payment rate has inhibitory effect on overinvestment andunderinvestment, it shows that the reasonable dividend payment rate can make theenterprise investment behavior tend to be more rational;Enterprise’s profit ability, the higherthe more likely to cause excessive investment, on the other hand, will cause the lack ofinvestment.This paper has two innovations: First, on the basis of existing research on corporateprofitability factor into the State holding listed companies the influence factor of theinefficiency of investment research.Second, the paper put the free cash flow, debt financing,ownership concentration, dividend payment rate and corporate profitability together, makethe research of State holding listed companies inefficiency of investment. Compared withbefore most of the single factor affecting the efficiency of investment behavior of literaturestudy, can put a number of factors combined research of the listed company of literature ofthe influence factors of the efficiency of investment is less, this article on the basis ofexisting research results and took a step forward.In view of the State holding listed company the investment inefficiency of the statusquo,this paper put forward to increase cash dividend payments,Reduce managementownership, to set up the bank to enterprise’s camera governance mechanism and so on, inorder to State holding listed company inefficient investment behavior of relief.