The Effect Of Ownership Structure On Non-Efficient Investment Under Environmental Uncertainty

In recent years,the dispute over the transfer of corporate control rights,represented by the dispute over the control of Vanke,brings a great disturbance in the capital market,which also makes the word "corporate control" once again become the focus of the investors and the others.According to statistics,there are 58 corporate control rights transfer events in China's capital market in 2016 alone.After the dust settles,it is necessary for us to explore the mystery behind this figure,what impacts will the transfer of corporate control have on listed companies?Although the transfer of corporate control has been a hot topic in the theory of capital market,but both the domestic and foreign researches on the transfer of corporate control have focused more on the effects on firm performance or market value of the company,and the researches on the intermediate variable of investment decision are relatively small.At the same time,these researches have also ignored the influence of the exogenous variables of environmental uncertainty.Therefore,this article discusses the effect of corporate control transfer on listed companies from the perspective of non-efficiency investment,and takes environmental uncertainty into account to study how the ownership structure of listed companies after corporate control transfer affects the company's investment decisions.In this paper,we first define the term of corporate control right,and then select 133 listed companies in Shanghai and Shenzhen stock exchanges with the transfer of control rights from 2010 to 2012.According to Richardson's(2006)non-efficient investment model,we calculate non-efficient investment level of listed companies from the transfer year to the third year after that,and study whether the corporate control transfer will contribute to the non-efficiency investment.After that,we use the measurement methods of Ghosh and Olsen(2009)and Shen Huihui(2012),and regression analysis to calculate environmental uncertainty.On the basis of this,we consider whether the environmental uncertainty situations influence the relationship between ownership structure and non-efficient investment level.Through empirical research,we conclude that:First,after the transfer of corporate control rights,the levels of non-efficient investment in listed companies have significantly decreased;Second,after the transfer of corporate control rights,controlling shareholding has significant positive impact on non-efficient investment in the listed companies,balance mechanism of shareholdings significant negative impact,and these effects are particularly significant in the samples of excessive investment;Thirdly,considering the impact of environmental uncertainty,with the rising proportion of controlling shareholders,the controlling shareholders have a stronger motivation through excessive investment to realize private benefits of corporate control.In order to give full play to the positive role of Chinese corporate control market,and improve the construction of the system of China's capital market,as well as corporate governance efficiency,we make the following suggestions:First is to regulate the market of corporate control,and improve the supporting governance;The second is to improve the company's ownership structure,make the balance mechanism works well;The third is to strengthen the prediction ability on the environmental uncertainty,and establish plans to deal with uncertainty.