Research On The Impact Of Financial Flexibility On Non-efficiency Investment In The Automotive Industry From The Perspective Of Corporate Governance

Investment activity is one of the research objects of modern financial management,and investment efficiency as a major index to measure the effectiveness of investment is also worthy of attention.In recent years,the trend of investment in the automobile industry has been widespread,and nearly ten auto enterprises,including SAIC and Changan,have increased their investment,expanding the automobile industrial park,new production line and announcing the expansion plan.In the rear of the Ma Xin project,whether there is an inefficiency investment behavior in the automobile industry and how the financial flexibility affects the non-efficient investment behavior,these are the problems to be solved in this paper.On the basis of the theory of financial flexibility and inefficiency investment,this paper selects 71 listed companies listed in automobile industry for 2013-2016 years as the research object,uses the classical model of Richardson inefficiency investment to measure the inefficiency investment degree,and studies the non-efficiency of financial flexibility by using the multiple regression method in the perspective of corporate governance.The impact of rate investment.The empirical results show that financial flexibility will expand the scale of enterprise investment,and the improvement of corporate level can make the investment of enterprises more rational.Finally,the paper puts forward some suggestions that the listed companies of the automobile industry should set up the concept of financial flexibility,establish a financial flexible early warning system,optimize the corporate governance structure,strengthen the industry supervision and create a good external environment.