Research On Relationship Between The Ownership Structure And Inefficiency Investment Of Manufacturing Listed Company

Investment, financing and allocation of funds are the three financial management activities of the company, investment as the starting point of the company’s financial decision-making have a significant impact on the company’s operations and development, are the main drivers of the growth of the company and an important foundation of the future growing in the cash flow. However, investment will play a beneficial role in the company’s financial activities is inseparable from the positive impact on the level of corporate governance, due to the development of capital market imperfections in our country, existing placed resources or over-expected risk of inefficient investment phenomenon, and manufacturing industry is the basis of our national economy, so on the view of the corporate governance, research on the causes of manufacturing industry’s inefficient investment problems and solutions are very important. The basis of the company’s governance is the ownership structure, through the ownership structure affects the investment decisions, and then impact on the value of the company. Therefore, when the company’s ownership structure is unreasonable, it will cause the company’s inefficient investment behavior. At present, the impact on the ownership structure of inefficient investment focused on the state-owned companies, private companies, and wide-industry research. Therefore, the study on single industry-the influence of ownership structure on the inefficiency of investment manufacture firms can improve and complement existing research results, make the writing paper innovative.Based on the analysis of domestic and foreign scholars on the ownership structure related to the company’s inefficiency investment research results, Based on the analyze of principal-agent theory, asymmetric information theory, free cash flow theory and property rights theory, Combined with China’s current status of manufacturing ownership structure and the company’s inefficiency investment factors, Select the model to adapt to the purpose of this study on improved Richardson and define the study variables, use the empirical method ownership concentration, ownership balancing and nature of equity from 2010 to 2014 relevant variable data as samples that affect the manufacturing company’s ownership structure to the inefficient investment through descriptive statistics, correlation analysis and regression analysis.The empirical results show that:when the interests of the shareholders agreement, manufacturing listed companies through the high concentration will increase the degree of lack of investment, when inconsistent interests of shareholders, ownership concentration will increase over the level of investment; High equity balance could corporate governance investment shortage, but on the over-investment of governance is not significant; Finally, based on the result of the empirical analysis, we put forward relevant countermeasures to enhance the efficiency of investment in manufacturing listed companies, Such as:rational allocation of shares, checks and balances between the major shareholders of listed companies and regulatory measures to improve legal system.