The Correlation Research Between Perks And Investment Efficiency

In recent years, with the constant improvement of information disclosure system of listed companies in our country, managers of on-the-job consumption is also increasingly become a hot topic in the social public opinion, and aroused great interest of scholars. On-the-job consumption is the enterprise management in exercising their functions and powers and perform their duties according to what is happening in the process of consumption should be spending money by the enterprise and other consumer derived therefrom. On-the-job consumption is caused by position and work need of consumption, are common in all countries. Academia so far about the economic consequences of on-the-job consumption is still debated, scholars have different explanations for different point of view, on the whole is divided into agent view and efficiency view. Agency theory thinks on-the-job consumption as agency cost, is the expression of agency problem; View that provide on-the-job consumption efficiency purpose is to improve the efficiency of management of the managers and managers’ status and authority. Based on the existing research, this article through to on-the-job consumption and excessive investment, on-the-job consumption and investment is insufficient for empirical research, to illustrate the on-the-job consumption caused by economic consequences.Corporate investment is important in the business activities of financial behavior, and corporate investment efficiency question would be about the survival and development of the enterprise, the efficiency of the investment behavior of frequent not only lead to enterprise capital chain rupture, low operation efficiency, but also affects the optimal allocation of social resources. Based on the information asymmetry between shareholders and executives, shareholders and the enterprise’s actual management agency problems lead to different enterprises, on-the-job consumption and inefficient investment from the problem of agency for enterprise. Therefore, this article focuses on the listed companies in the existence of on-the-job consumption how to impact on enterprise’s investment behavior. At the same time, because of the property rights of state-owned and non-state-owned enterprises is different, the enterprise internal and external factors of differences, for different on-the-job consumption and investment efficiency of property rights of enterprises, the relationship and differences shall be considered in the study in this paper.Based on Chinese listed companies from 2011 to 2014 data empirically as implicit compensation of on-the-job consumption and investment efficiency of enterprises. First of all, on the basis of literature review and related theory foreshadowing is proposed in this paper, hypothesis, variables design, construct an empirical model; Second, the descriptive statistics and correlation analysis; Then, by multiple regression method to test the hypotheses. The result shows:(1) In terms of on-the-job consumption and excessive investment research, non-state enterprise on-the-job consumption positively related to the excessive investment, but the relationship is not obvious. While the situation of state-owned enterprises, is different with the state-owned enterprise on-the-job consumption and significantly positively related to excessive investment, and more relevant than non-state-owned enterprises. Which shows that the state-owned enterprises and non-state-owned enterprises, on-the-job consumption level is higher, the enterprise’s overinvestment phenomenon more serious, and this situation appeared more obvious in the state-owned enterprises.(2) This paper further tested the relationship between on-the-job consumption and investment is insufficient, the study found that the state-owned enterprise on-the-job consumption to inhibit underinvestment degree has certain positive effect, improvement of on-the-job consumption can reduce the degree of lack of investment of state-owned enterprises, at the same time, enterprise free cash flow is higher, on-the-job consumption more help to reduce the degree of lack of investment of the enterprise; To distinguish the nature of property rights, found that non-state enterprise on-the-job consumption level and the degree of the lack of investment is also negative correlation relationship, the situation appeared more obvious in the non-state-owned enterprises.In this article, we will in office as the research object, the relationship between consumption and investment efficiency from the perspective of differences between state-owned and non-state-owned listed companies, and perfect for the construction of our country enterprise senior team provide certain reference and enlightenment, and to study the differences of state-owned enterprises and non-state-owned enterprises in China provides a possible reference value.