The Media Report, Institutional Environment And Investment Efficiency

The research of investment efficiency of enterprise, the existing literature mainly focused on the board of directors structure, ownership structure, the characteristics of the independent directors, internal corporate governance mechanisms such as incentive contract management point of view, this article from the perspective of external governance, study the influence of the media, and on this basis to expand the existing perspectives, which increase the institutional environment factors, and the relationship between investment efficiency and study. At present our country market, legal environment and corporate governance structure is not as western mature and perfect, based on the status quo, not only studied the media, the influence of the institutional environment on corporate investment efficiency, also examined the effect of channel, thus to strengthen through the media behavior and improve the institutional environment and provide theoretical support for the enterprise to improve the investment efficiency, and related investment decision making reference for investors, to guide the media supervision in our country, optimize the external institutional environment and our country enterprise investment decision-making behavior has important practical value.This article first to introduces the related concepts and literature review, and then in 2009-2014 Shanghai a-share listed companies in our country as the sample data, studies the external governance perspective, media reports and system environment influence on enterprises investment efficiency, the following conclusions:First, number of media reports and the enterprise is closely relative to excessive investment, media reports, the enterprise is, the more excessive investment behavior, less than negative correlation with corporate investment, media reports can relieve lack of business investment. Second, institutional environment, including the government intervention in the environment, financial environment, legal environment, etc.) on the inhibition effect of excessive investment behavior is relatively obvious, for lack of investment behavior inhibition are clear enough. Third, listed companies are in areas of the lower level of institutional environment, the media reported that the stronger the influence of the efficiency of investment, media reports and mainly show the substitution effect between institutional environment, rather than the complementary effect. This shows that the system of the overall level is relatively low environment not only restrict its role in the media, instead more underlines the importance of media effects.Finally, this article draw relevant revelation from the study, from the perspective of media coverage and the institutional environment puts forward some policy Suggestions to improve the efficiency of corporate investment. The government should reduce the intervention of media industry, and to strengthen the legislation safeguard of media coverage. At the same time improve the institutional environment, narrowing the difference of regional institutional environment, so as to improve the efficiency of corporate investment.