Government Intervention And Over-investments In Strategic Emerging Industries

This paper based on the system of ownership in the characteristics of Chinese listing Corporation and government intervention characteristics,government intervention as the logical starting point of research,enterprise excessive investment for the end of the financing constraints and agency cost as the connection point,the excessive investment and financing constraints agency conflict leads to the formation of a lack of investment in two the investment behavior into a unified analysis framework,in-depth analysis of the relationship between government intervention under the enterprise agency conflict,financing constraints and excessive investment,in order to understand China's strategic emerging industries listing Corporation with over investment investment mechanism and the influencing factors of enterprise and government intervention,in order to improve the governance of listing Corporation in China efficiency,deepen the reform of state-owned enterprises,improve the investor protection system has a certain value to provide policy recommendations.The concrete research content is divided into the following aspects:The first chapter is the introduction.This paper mainly introduces the research background,research purpose,significance,research content,research characteristics and innovation,as well as the research problems.The second chapter is literature review.The agent conflict of enterprise mainly combs the agency cost theory of enterprise based on the research on the over investment point of view,including the agency conflicts between managers and shareholders of enterprise over investment,between large shareholders and small shareholders of excessive investment and based on the research on the over investment enterprises financing constraints theory point of view.Most of the scholars in the study of relationship between information,agency conflict and corporate over investment deeply and systematically,both theoretical model and empirical evidence are more abundant,this is undoubtedly to in-depth study of the impact of China's corporate governance on corporate over investment has laid a good thinking background and theory foundation.However,although a lot of literature about corporate governance and agency conflict is under the background of the decision of investment under discussion,but direct study of the corporate governance mechanism or agency problems affect corporate investment decision theory and empirical evidence does not see more.Domestic research on excessive investment,mostly from the western research results,the use of the western research paradigm in the study of China.The third chapter mainly discusses the connotation and function mechanism of the excessive investment in strategic emerging industries.First of all,according to the previous understanding and definition of strategic emerging industries,the connotation of strategic emerging industries were sorted out.Secondly,for the understanding of the definition of excessive investment,this paper analyzes the results of previous studies,and combined with the research object of this paper is of strategic emerging industries,combined with the strategic emerging industries of the industrial characteristics,ownership structure,defined on over investment.Thirdly,it discusses the influence of government intervention on the excessive investment of enterprises based on the financing constraints.Different ownership of enterprises in the face of the bank loan policy is different.For state-owned enterprises,because of the phenomenon of soft budget constraint in our country,the state-owned enterprises can obtain a large number of bank loans from commercial banks with a very simple condition.And in the actual operation of the process,even if the state-owned enterprise loan default,the government to save the consideration of state-owned enterprises,the government will still use the government to help the state-owned enterprises to tide over the difficulties.For private enterprises,the banks in the credit assessment,the bank will implement more stringent credit risk,therefore,relatively speaking,private enterprises from the bank loans are more difficult.Of course,for more large-scale private enterprises,the government for local economic development or to solve the employment considerations,it will be a relief,such as the local government of Wuxi,Wuxi Suntech rescue.In general,whether state-owned enterprises or private enterprises,government intervention to corporate finance,and the impact of state-owned enterprise financing than the private enterprise.Finally,it discusses the influence of government intervention based on agency cost path to the excessive investment of enterprises.The fourth chapter analyzes the empirical evidence of the existence of over investment in strategic emerging industry enterprises.First of all.it discusses the situation of China's strategic emerging industrial government policy and the financial benefits of investment.Then,by using the bilateral stochastic frontier model,we measure the over investment of the strategic emerging industry listing Corporation in China.The fifth chapter analyzes the influence of government intervention on the excessive investment.To study the influence of government behavior on the excessive investment industry.Studied the specific mechanism of the enterprise over investment impact on government behavior.Through the research of government intervention from the financing constraints--excessive investment,government intervention--the agency cost:excessive investment in two main line.The sixth chapter is the research conclusions and policy suggestions.The five chapter makes a summary,and separately from the government level and enterprise level put forward policy recommendations.