Research On The Influencing Factors Of The Investment Non Efficiency In Sichuan Manufacturing Listed Companies

With the ownership and management of listed companies continuing to deepen, the company’s proxy issue between shareholders and professional managers has become a hot investment decisions listed; prevalence of Chinese listed companies "dominance of a high debt ratio and the status quo and then proceeded to produce the agent problem and agency problems between shareholders and creditors, shareholders and the middle of the big shareholders. After the Financial crisis of 2008, the state introduced a number of economic stimulus programs to promote business investment, in order to maintain steady economic growth. Sichuan has been a large economy in southwest Sichuan Province. Industry has become propellant of its economic growth and stability. The manufacturing industry as a core industry, has become the research object of this paper. One of the three most manufacturing investment in the financial policy of listed companies, is the main driving force for enterprise development, and in the real market conditions, the existence of a listed company’s investment in the S & P sheet overinvestment or underinvestment inefficient investment behavior, the official in this context under this paper to examine the non-listed companies in Sichuan manufacturing efficiency investment efficiency behavior. In this paper, Richardson (2006) model for non-listed companies in Sichuan manufacturing efficiency measure investment behavior, the manufacturing of all listed companies in Sichuan divided into two groups of overinvestment and underinvestment. The study found the 194 sample companies, there are over 74 investment behavior, the ratio reached 38.1%, there is a lack of investment behavior of companies have 65, the ratio reached 33.5%, totaling 71.6%, indicating that the manufacturing sector in Sichuan listed companies generally the existence of inefficient investment behavior. In this paper, the factors influencing factor analysis imputation classification by extracting principal components, obtained four common factors that factor shares, debt factor, salary incentive factor, organizational factors. Finally respectively overinvestment and underinvestment scale group with four common factors linear regression group investment, based on the factor analysis of the rotation score coefficient matrix results are as follows:(1):increase the outstanding shares and the second to the tenth largest the proportion of shareholders can inhibit manufacturing listed companies in Sichuan inefficient investment behavior, reducing its stake ownership concentration and the largest shareholder of Sichuan can inhibit manufacturing listed companies inefficient investment behavior. (2):increase in the debt ratio can curb excessive investment behavior of listed companies in Sichuan manufacturing, and inadequate investment in a listed company, the increase in the debt ratio will lead to lack of investment. (3):increase the proportion of managerial ownership and executive compensation ratio can inhibit excessive investment behavior of the company, and in the lack of investment companies, investment scale and proportion of executives holding the proportion of executive pay and the company’s no obvious relationship. (4):improve the post separation, board size, the number of independent directors and increasing the proportion of board meetings and shareholders of listed companies can inhibit the efficiency of investment in non-investment behavior, and excessive investment in the group, there is no obvious relationship between these factors and the scale of investment.In response to these conclusions, we propose the following recommendations:(1): increase the proportion of tradable shares and the second to the tenth largest shareholder shareholders, reducing the excessive concentration of ownership, the largest shareholder stake and state-holding ratio. (2):to improve the company’s debt financing structure of the market. (3):develop a reasonable salary incentives. (4):to optimize the management of listed companies in Sichuan manufacturing structure.