The Nature Of Property Right、manager’s Risk Preference And Corporate Investment Efficiency

There has been a lot of research on corporate investment efficiency at home and abroad, but most of the research, based on the hypothesis of "rational man", think that managers are rational, the market can fully reflect the enterprise value, but in fact, managers as a business decision makers, the personality and psychological factors play a key role on the enterprises’ management decision. Therefore, Managers’ decision is not completely follow the principle of utility maximization.The development of behavioral finance makes more and more domestic and foreign scholars begin to pay close attention to the influence managers’ personal traits and psychological factors have on the decision-making behavior. To introduce the relevant theories of psychology and behavior research theory to the traditional financial management in order to analyze the phenomenon of some financial and explanation.Managers’ personal traits include: age, gender, education, work experience and so on, these are the factors that lead to managers’ bounded rationality; risk preference are managers’ acceptance of uncertainty, the formation of risk preference is affected by the background, and the risk preferences directly affects the enterprise’s investment decision.This article examine the corporate investment efficiency from the perspective of management risk preference, and has introduced the nature of property right, study the influence of the nature of the property on the investment efficiency of the enterprise, as well as the relationship between different property rights. The issue aims to improve the investment efficiency of enterprises,improve the enterprise’s resource allocation; Considering the background of our country, the nature of property right are introduced to study the effect of management risk preference on the corporate investment efficiency, and to provide a new theoretical basis for the healthy development of capital market.This article selects 2012-2014 the three full fiscal year A-share listed companies on Shenzhen and Shanghai as research samples. In this paper we measure management risk preference index by use for reference of preciously researches, we selected the four individual level indicators and six indicators on the level of company, and extracted the component by principal component analysis. The measurement of investment efficiency use for reference of Richardson(2006), the absolute value of the investment efficiency model of regression residual value. Try to study from the following aspects: The influence of managers risk reference for corporate investment level; The influence of managers risk reference for corporate investment efficiency; Property rights as well as the influence on the efficiency of the enterprise investment property rights nature difference for managers risk preference and the impact of corporate investment efficiency relations.Through regression analysis result of the above three models, we get the following four conclusions:(1) managers’ high risk preference can improve the level of corporate investment;(2) the more managers prefer risk, the lower enterprise’s investment efficiency will be;(3) in recent years, the investment efficiency of state-owned enterprise is higher than that in the private sector;(4) the difference of property rights nature have no significant impact on the relationship between managers’ risk preference and the enterprise investment efficiency. Finally, based on the research conclusion, the paper will put forward policy suggestions for enterprises and related departments, hoping that the enterprise make a more reasonable investment decision, improve the efficiency of corporate investment, and provide theoretical basis for the stable and healthy development of capital market.