Management Perspective Of Defense Enterprise Investment Behavior And Its Economic Consequences

Investment is one of the important factors that promote the development of China’s economic growth, has prompted the rapid growth of China’s economy. But according to the data released by the relevant departments, although in recent years China’s economy at an unprecedented speed in growth, but the investment efficiency of China’s enterprises did not get a raise, but showing a trend of lowering the efficiency of. The only pay attention to the speed and not pay attention to the efficiency of investment not only hinder the development of the enterprise itself, continuously for a long time but also a threat to the sustainable development of the economy of our country, thus the enterprise investment behavior of the enterprise itself, even countries is essential. At the same time, in recent years with the corporate governance theory and practice of in-depth, by the manager entrenchment derived managerial entrenchment problem gradually into the line of sight of the scholars, managerial entrenchment problem research to explain the investment behavior of enterprise manager provides a new angle of view. Because in our country for managerial entrenchment of a late start in and is the basis of foreign scholars research results summarized be summed up the expansion. However, each country’s conditions, economic system and other factors, and therefore can not be used directly western research results, coupled with the managers of the management is relatively backward, the corresponding management system inadequate,resulting in inefficient investment behavior appears in a large number of enterprises in our country, a serious impact on the value of China’s enterprises. From the perspective of management defense theory, investment behavior analysis of managerial entrenchment effect of enterprise motivation, explore the impact of Managerial Entrenchment on investment behavior and investment behavior of the economic consequences of the.Firstly, this paper starting from the basic theory. Through the review of domestic and foreign of managerial entrenchment behavior of corporate investment behavior research status,and then through the analysis of the theoretical basis for defense management, from summed up the shortcomings of the current research status, in order to find the possible innovation.Secondly, through the analysis of managerial entrenchment effect enterprise produced inefficient investment behavior motivation, and puts forward the corresponding three hypotheses according to the effect of managerial entrenchment behavior of two kinds of non efficiency investment behavior and non efficiency of investment behavior of enterprise value.In order to verify the assumption. In this paper, the 2011 to 2014 in Shanghai Stock Exchange A-share manufacturing listed companies are selected as samples, Richardson investmentexpectation model as the foundation. At the same time to build managerial entrenchment index, regression analysis to verify the conclusion. Through the empirical analysis found that managerial entrenchment and over investment behavior, insufficient investment behavior there are strong correlation, and over investment behavior and investment problem behavior are the value of the enterprise caused some negative impact.Finally, this article has carried on the summary, and on this basis, combined with the present situation of the enterprises of our country, in order to prevent and reduce managerial entrenchment and the inefficient investment behavior of enterprise value bring adverse effects,and puts forward some corresponding suggestions.