The Effect Of Management Constraints On Investment Efficiency

Enterprise investment efficiency plays a vital role in the development of enterprises with their own values,one of which is the academic proposition of continuous study.Generally speaking,the main reason affecting enterprise investment efficiency is the principal-agent problem and the problem of information asymmetry,and the management incentive mechanism is an effective way to solve the problem of asymmetric information and principal-agent however,the only consistent incentive can not be fully realized the interests of shareholders and management,on the basis of theory of strengthening management of private cost theory and Nasijin can be seen,the establishment of the management perfect constraint mechanism is also very important to improve the efficiency of investment.At present,the research on incentive mechanism on the efficiency of investment abroad has been very extensive but,alone with the constraint mechanism from the perspective of literature is very rare;the research of this field in our country are normative Research based,less empirical research.Based on the previous studies,this paper to management constraints as the research angle of view,through the relevant literature review and the reorganization,from the point of view of the theory describes the importance of management constraints on the efficiency of investment.In the part of empirical demonstration,this paper to the Hushen 300 index as samples,from internal constraints,external constraints two aspects of five dimensions were management constraints index system construction and on the efficiency of business investment were multiple regression testing.The empirical test shows that there are different levels and different effects of the internal management and external constraint mechanism of investment on the efficiency of the enterprise.In the internal control,governance of the board of directors of the inefficient investment of enterprises is weak;and the ownership structure on the non efficiency investment effect is obvious;the agency cost for the level of management although the degree of binding have impact but less so on the non efficiency investment influence is weak.In external constraints,market pressure and inefficient investment and has no significant influence;the capital market constraints form an effective constraint on the management,can restrain inefficient investment.Good the market regulator can form a strong constraint on the qualification management,so as to reduce inefficient investment.Then,this paper will draw the non efficiency investment degree Points for excessive investment and investment less than two group samples,although the respective explanatory variables influencing significance and has a different direction,but most of the conclusions and the whole sample results consistent.According to the results obtained in this paper has the following implications: first of all,enterprise subdivides the non efficiency of investment type,improve enterprise management level restriction system;secondly,strengthen the independent directors in Management Constraint Mechanism in a regulatory role,improve relevant policies and regulations;finally,the enhanced supervision of external agencies,encourage many parties and organizations actively participate in external constraints.