Institutional Environment, Creditor Governance And Investment Efficiency

2017 is the "thirteen five" planning an important year,coupled with the current economic development of China presents a new normal this latest feature,the national macro-control of the most important goal is to seek stable economic growth in the risk.Therefore,the previous extensive economic model is no longer adapt to the requirements of the new era,intensive,robust economic growth is a reasonable choice.Investment is to promote China's economic growth,the main driving force,but the investment efficiency of listed companies is not optimistic,in this era background,investment efficiency began to be concerned about.Nowadays,the business activities of enterprises continue to face the market,their behavior is increasingly vulnerable to external environment interference.With the continuous development of the global economy and the continuous innovation of human technology,the external environment faced by enterprises is becoming more and more complicated,and the regional development of different regions has made great differences in the regional environment.The differences in institutional environment in various regions have forced business managers to abandon their original business models and choose to adapt to the changing external institutional environment,which poses a huge challenge to the development of business strategy.The role of creditor's rights in the internal governance of Western companies is ideal,but the creditor's rights in China's corporate governance did not play the expected results,but this does not mean that our creditors cannot play a role,they can finance restrictions.In this paper,the three major sources of debt financing(bank loans,commercial credit and corporate bonds)are all included in the creditor's rights control variables.In view of the weak situation of China's creditor's rights research,this paper makes a systematic and in-depth study on the relevant indicators of claims,Listed companies can play a certain effect of governance.This paper starts from the theoretical level,theoretically analyzes the possible relationship between the institutional environment,the creditor's rights governance and the investment efficiency,and then examines the institutional environment and the creditor's rights with the Shanghai-Shenzhen A-share listed companies from 2011 to 2015 The impact of governance on investment efficiency,the study found that the improvement of the institutional environment will significantly improve the efficiency of investment in listed companies,mainly for the significant inhibition of over-investment,lack of mitigation of investment is not significant;debt,long-term loans and bonds will be significant Reduce the efficiency of investment,commercial credit will significantly improve the efficiency of investment,and the role of short-term borrowing is not significant.Further examination revealed that long-term debt(long-term borrowings and corporate bonds)could significantly increase over-investment in over-investment samples,and commercial credit would significantly curb overinvestment.In the case of underinvesting,the positive effect was short-Borrowing and commercial credit),they have a significant effect on the lack of investment.In the whole sample,the system environment and the commercial credit and the corporate bond have the substitute effect,that is,with the improvement of the system environment,the commercial credit to the enterprise inefficient investment inhibition will be weakened,and the negative impact of corporate bonds on inefficient investment will be weakened.In the case of over-investment,the institutional environment and commercial credit and corporate bonds have a substitute effect,that is,with the improvement of the institutional environment,commercial credit over-investment inhibition and the negative impact of corporate bonds on over-investment will be weakened.In the case of insufficient investment,the institutional environment and commercial credit have a substitute effect,that is,the improvement of the institutional environment will weaken the inhibitory effect of commercial credit investment.Finally,on the basis of empirical evidence,it is necessary to put forward relevant policy suggestions on the basis of empirical evidence.To improve the inefficiency of investment in listed companies,we need to pay attention to the macro-level institutional environment,which needs to improve the legal environment and reduce the government's behavior To promote the development of financial markets,and continuously improve the degree of market competition,etc.;deepen the diversification of bank and enterprise property rights structure reform,strengthen the bank's supervision and punishment of enterprises;improve the commercial credit system and commercial credit environment,to play the supplier's Supervise the role;vigorously promote the positive development of China's bond market,give full play to the good supervision of corporate bonds.