Influential Factors Of Investment Efficiency Of Manufacturing-listed Companies In China

Enterprise investment behavior is integrated into the capital allocation to various projects,in order to gain maximum benefits.For manufacturing enterprises,the investment in fixed assets of western economics determines its future productivity and market competitiveness,and further affects the investment efficiency of enterprises can be sustained and stable development in the future.For the macro level,all of the enterprise investment is an important part of the total investment of the whole society,is the main drive economic growth,for long-term and stable development of national economy plays a vital role.We expect to achieve the ideal state,that enterprise to obtain maximum investment profits.However,in the real economy,because capital market system is not perfect in our country,the company's internal governance mechanism is not sound,makes the manufacturing-listed companies exist the phenomenon of the efficiency of investment generally,restrict the development of our country economy and the stable development of the individual firm seriously.Based on the theory of asymmetric information,agency cost theory,free cash flow theory and the theory of financing constraints,analyzing the investment efficiency of different stages of enterprise life cycle.On the analysis of the investment of whole manufacturing industry in our country,with Richardson(2006),the residual measurement model to measure the efficiency of investment,and then analyzes the present situation of investment of the efficiency manufacturing listed companies in our country.Then,by choosing manufacturing listed companies in China in 2009-2013 data samples,after the sample excluding ST and * ST and data missing have been 3532 valid samples,studied from the perspective of enterprise life cycle dynamic development,analysis of financing constraints,agency cost,free cash flow,equity concentration factors such as ownership and management,with the change of the life cycle impact on the efficiency of investment direction and degree of change.Finally,suggest countermeasures to inhibition of manufacturing the investment efficiency of listed companies in our country.