| The change of our policy from using consuming,investing and exporting to drive the economic boom to supply-side reform shows that our government has put its focus on economic development from the demand side to the supply side.On the one hand,the change provides new energy to macroeconomic development.On the other hand,it requires companies to optimize the industrial structure and improve investment efficiency.Besides,the agency problem is also considered as one important reason.There is a lot of studies trying to avoid the agency problem.Therefore,the study on investment behavior and analyze the efficiency of investment decision,as well as the features that may affect them will help to spur demand and push the process of supplyside reform.This article investigates on the listed company from 2012 to 2015,using the residual model from Richardson and DEA model to evaluate the efficiency of investment.The result shows that the efficiency of investment remain at a relatively low level evaluated by both the two methods,and specifically act as under investment.Based on the presence level of investment behavior,this article analyzes the features that may impact the investment decision.We find out that the impact of equity governance is not as significant as debt financing.Specifically,bank loans mitigate the result of the investment,while business loans may improve investment efficiency,and the business debt plays a more significant role.When considering the impact of maturity structure,the result shows that short-term debt has a negative relationship with investment efficiency while long-term debt will help to increase investment efficiency.Based on the result of this article,we provide some recommendation on improving investment decision.Firstly,complete the management of business loans,secondly,strengthen the relationship between bank and corporate,using bank as a supervisor.Finally,optimize the term structure of debt,especially on short-term debt. |
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