Research On The Investment Efficiency Of China’s Listing Corporation Based On The Allocation Of Control Rights

Investment has played a very important role in economic and social development.As one of the core issue of modern firm theory, investment decision-making hasplayed a vital role in the company to create its value. Investment can make the growthof economic and the investment efficiency has a close relationship with the success ofthe company, thus each enterprise hope to make an optimal investment decisions.However, in the real world, the perfection of the market, information asymmetry andthe principal-agent conflict can lead to problems such as excess or insufficientinvestment behavior. The main content of the corporate control theory is to study theresource allocation in company. The separation of ownership and control makes theenterprise control configuration be divided in the shareholders and board andmanagers. Different ways of control configuration can make different influence onenterprise’s investment decision-making behavior.Based on those options, this thesis uses the companies’ data as sample from year2009to year2012of Shanghai and Shenzhen stock market to find the relationshipbetween control configuration and the investment efficiency, and the results of theregression model are as follows:①different equity will produce different effects oncorporate governance and the state-owned holding companies are more likely toproduce inefficient investment behavior;②The biggest shareholder’s shareholdingproportion has negative correlation with the investment efficiency and thestate-owned holding company performance more obviously;③The managementownership has positive relation with the investment efficiency significantly, andnon-state-owned holding companies performance more obviously;④The independentdirectors proportion has positive effect to reduce the investment efficiency and theinfluence of the non-state-owned holding companies is more obvious. At the sametime, the joining together of two position is not conducive to business investmentefficiency. On the basis of regression analysis, the thesis put forward the methods toimprove efficiency in corporate investment from the nature of the company and thebiggest shareholder and the management shareholding and the board state. In addition,this thesis lists the limitation of the full text, and proposes the prospect for futurerelated research.