Study Of The Information Technology Industry Ownership Structure On Investment Efficiency

As the important foundation for future cash flow growth and the source of assurance,investment activities are directly related to the development prospect, and indirectly affect theefficiency of capital allocation, which determines the importance of studying the investmentefficiency. Through reviewing the existing literatures about investment efficiency, we can findthat the current focus on the study is concentrated on the investment efficiency of the wholelisted company or manufacturing, hardly anyone study of the information technology industryownership structure on investment efficiency which characterized by high investment, highrisk and high return. Since ownership structure reflects the form of main sources of capital inthe information technology industry listed companies, in this paper, the research object isA-share market listed companies in the information technology industry, and this paper is toexplore the ownership structure of listed companies on the impact of investment efficiency.According to principal-agent theory, theory of asymmetric information and incompletecontracting theory, the paper points out that the principal-agent problem, asymmetricinformation and incomplete contracts lead to the inefficient investment behavior, and analyzesthe feature of ownership structure and status quo of the investment, finds the overall situationof investment is considered under investment. In the empirical analysis, considering theimpact of the economic crisis in2008and reform of non-tradable shares, this paper selects theinformation technology industry in A-share market of Shanghai and Shenzhen during2009-2013as research sample, from the “quality” and “quantity” of ownership structure,include the nature of ultimate controlling right, the ownership concentration, ownershipchecks and balances, analyzes the influence of ownership structure on the efficiency ofinvestment, and puts forward to the corresponding research hypothesis, sets up regressionmodel.Through regression analysis, The study finds: in the over-investment sample, comparedwith non-state-controlled listed enterprises, state-controlled listed enterprises have inhibitedthe over investment and are not significantly negative to over investment. in the sample ofunder-investment, compared with state-controlled listed enterprises, non-state-owned listedenterprises have aggravated insufficient investment are significantly positive to insufficientinvestment, non-state-owned companies more exist insufficient investment. Due to alignmenteffect and entrenchment effect, the stake of the largest shareholder is non-linear correlatedwith inefficiency investments. Blockholders can inhibit the over investment, while aggravateinsufficient investment. According to the result of the study, it puts forward to two angles: corporate governance, capital market and four aspects: optimize equity structure, guide thecapital markets to play resource allocation function, rational use of financial leverage, andperfect the supervision mechanism, to norm the behavior of investment behavior of theinformation technology industry listed companies, and enhance investment efficiency.