| China's economic growth has been largely dependent on investment to pull,the importance of investment in the national economy is beyond doubt.However,in the real world,because the decision of enterprise investment is influenced by asymmetric information and principal-agent problem,there is a phenomenon of inefficient investment in Chinese enterprises.This phenomenon has been aggravated by the unbalanced market development level,the imperfect corporate governance mechanism and the financing constraints.The enterprise strategy formulated by the management must take into account the economic and social environment of the enterprise,as a long-term and overall plan for the development of the enterprise,it will definitely solve the problems faced by the enterprises themselves,influence the investment and financing decision of the enterprises,and then affect the efficiency of investments.Different enterprise strategy types have different organizational structure,management characteristics and salary design,which determine the difference of their investment efficiency.So what kind of enterprise strategy type investment efficiency is higher?Although our government has been encouraging domestic accounting firms to cooperate with foreign capital,joint ventures and even mergers to improve the quality of audit supervision.However,at present a large number of documents still support the big4 international accounting firms as a high-quality audit representative.Under the quality audit,the quality of accounting information is improved,which can alleviate a series of problems caused by asymmetric information and principal-agent.How can audit supervision and enterprise strategy affect the efficiency of investment?These are the questions to be explained in this article.Miles and Snow(1978,2003)refer to companies as prospectors and defenders,they define prospectors as innovative companies seeking to identify and exploit new products and market opportunities;thus,prospectors have budgets that are oriented toward research and development(R&D)and marketing.they also define defenders as companies focused on efficiency in the production and distribution of goods and services.Due to their narrow market focus,defenders develop closely related products and services rather than pursuing new product and market opportunities,which limits their product development efforts.Based on share listed companies in Shanghai and Shenzhen from 2007 to 2015,the paper explores the difference of the heterogeneity of enterprise strategy to investment efficiency through descriptive analysis,correlation statistics and empirical analysis.In addition,the influence of enterprise strategy on investment efficiency under different audit supervision quality is also studied.The following conclusions are drawn:Compared with the strategy of defensive enterprise,the negative correlation between exploratory enterprise strategy and inefficient investment is more significant.The higher the audit quality,the stronger the relationship between the exploratory enterprise strategy and the inefficient investment.This article consists of six parts.The first part of the introduction.This part mainly introduces the background and significance of the research,defines the relevant concepts,introduces the research content and research methods,and summarizes the thesis framework and innovation point.The second part is literature review and comment.This part mainly aims at the domestic and foreign related literature to comb and summarize,and carries on the literature review,thus inspired this article to have the Research Achievement Foundation the further research.The third part is theoretical analysis and research hypothesis.The theoretical starting point of this paper includes principal-agent theory,asymmetric information theory and enterprise strategy theory.Based on the analysis of the phenomenon and theory,this paper puts forward the hypothesis.Part IV studies the design.The sample data is defined by the variable,and then the model is designed.Select the research elements to constitute the research sample.Part V is the empirical analysis and results.Based on the data of 8,578 listed companies in China and Shenzhen stock market from 2007 to 2015,this paper analyzes the impact of audit supervision on investment efficiency through descriptive statistical analysis,correlation analysis and multivariate regression analysis.Finally,the conclusion is verified by the robustness test.Part ? Research conclusions and policy recommendations.Through the above empirical research to draw conclusions,analyze the conclusions and put forward further countermeasures and suggestions to achieve this paper's writing significance,and finally summed up the possible shortcomings of this article.At home,there is a lack of research on the economic consequences of strategic types,most of which only study the relationship between the strategic variance and the corporate earning.In addition,the existing research focuses on the impact of audit supervision on the performance of enterprises in mitigating agency conflict and signal transmission,and the impact of audit supervision on investment efficiency is not uncommon.Combining the knowledge of management,finance and auditing,this paper combines the research of strategic type,audit supervision and investment efficiency as an important innovation point,which enriches the predecessors research results.It not only enriches the relevant literatures of inefficient investment in enterprises,but also has important practical significance for Chinese enterprises to perfect corporate financial decision and optimize company strategy.The result of this paper is helpful to clear up the thinking of management,make it have a clear understanding of the possible economic consequence of strategic heterogeneity,and help to provide reference for enterprise strategic decision-making. |
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