Monetary Policy,Quality Of Information Disclosure And Inefficient Investment

Investment is one of the indispensable components of corporate financial activities.The future development of enterprises can't be separated from effective investment decision-making and high-quality investment efficiency.Investment efficiency not only determines the survival of a business,but also determines whether the optimal allocation of social capital,investment efficiency has become a theoretical and practical focus of one of the concerns.Especially in recent years,the phenomenon of inefficient investment in China's listed companies frequently appear,making the community must give a high degree of attention,how to solve the problem of inefficient investment has undoubtedly become an urgent problem to be solved.At present,most scholars on the impact of inefficient investment research,from the information asymmetry,agency issues,management rights and other angles to start,less the national macroeconomic environment and business inefficient investment linked to explore.However,the level of enterprise investment efficiency in addition to its own future cash flow is closely related,but also constitute the microeconomic foundation of the national macroeconomic,national macroeconomic environment changes will inevitably have an impact on the economic activities of enterprises.When the national monetary policy tends to tighten,the financing constraints faced by enterprises will intensify,and the difficulty of capital acquisition is likely to make the enterprises miss good investment opportunities,resulting in insufficient investment;on the contrary,when the national monetary policy tends to loose,corporate financing constraints are eased,In the capital is more abundant circumstances,but also for the enterprise's excessive investment behavior possible.At the same time,the quality of enterprise information disclosure directly affects the financing constraints faced by enterprises and the principal-agent problem.High-quality information disclosure can slow the information asymmetry between the fund supplier and the money demander,but also can promote the mutual supervision between the relevant stakeholders,and then the impact of the company's investment decision-making behavior.Based on this,this thesis attempts to study the problem of inefficient investment from the perspective of monetary policy and information disclosure quality.The research of this thesis is divided into the following six parts,the structure is as follows:The first part is the introduction.This thesis mainly elaborates the background and significance of this research,the research methods and contents,and the possible innovations of the article.The second part is the literature review.Firstly,the research literatures related to this thesis are summarized and summarized.Then the research results of the existing literatures are reviewed,and the research enlightenment is drawn from this thesis.The third part is the theoretical analysis and research hypothesis.The thesis analyzes the causes of inefficient investment,and then analyzes the influence of the quality of information disclosure on the inefficient investment,and the quality of information disclosure,and the influence of the quality of information disclosure on the inefficient investment.In the monetary policy on the impact of inefficient investment in the regulatory role,and finally on the basis of analysis,put forward the relevant assumptions.The fourth part is research design.According to the contents of this article,select the relevant variables and define,design a reasonable model,and the data were collected and sorted.The fifth part is the analysis of the empirical results.This thesis has carried on the descriptive statistic,the correlation analysis and the multiple regression analysis to the research data,and has added the robustness test on this basis,which makes the research conclusion more reliable.The sixth part is a summary.Firstly,the relevant conclusions of this thesis are summarized,and then the relevant suggestions are put forward according to the research of this thesis.Finally,the shortcomings of this study and the prospect of future research are expounded.This thesis takes the listed companies of Shenzhen Stock Exchange from 2008 to 2015 as the research object.Through theoretical analysis and empirical research,the main conclusions are as follows:(1)When the monetary policy tends to be tightening,the financing constraints faced by enterprises will be aggravated and the shortage of funds Which makes the tightening of corporate investment more serious,that is,tight monetary policy and business investment is positively related;when the monetary policy tends to loose,corporate financing constraints to be eased,sufficient funds coupled with the principal agent problem,making the enterprise over-investment phenomenon is more serious,that is,Loose monetary policy is positively related to overinvestment.(2)The improvement of the quality of information disclosure can improve the information asymmetry and principal-agent problem,so that both the lack of investment and the over-investment can play an inhibitory effect,that is,the quality of information disclosure is negatively related to the lack of investment;Excessive negative correlation.(3)the improvement of the quality of information disclosure,on the one hand to improve the credibility of enterprises to improve the financing environment for enterprises to ease the tightening of monetary policy on corporate finance constraints intensified,on the other hand,but also to strengthen corporate investors on the management of supervision,Curb the loose monetary policy environment,the waste of enterprise resources.That is,the improvement of the quality of information disclosure can alleviate the intensification of the tightening of monetary policy and the improvement of the quality of information disclosure can also alleviate the excessive increase of the excessive investment in the monetary policy.The possible innovations of this thesis are as follows:(1)This thesis links the monetary policy of macroeconomic policy with the economic behavior of micro-enterprises,discusses the impact of monetary policy adjustment on the efficiency of enterprise output,and enriches the macroeconomic and micro-enterprise behavior Research on the Interactive Relationship.(2)Introduce the quality of information disclosure to explore its role in the impact of monetary policy on the inefficient investment of enterprises.The quality of information disclosure is a kind of corporate governance mechanism to study its role in monetary policy and inefficient investment,that is,to help enterprises better respond to the adjustment of national monetary policy,but also for enterprises to invest in inefficient research a new perspective and ideas.