Study On The Influence Of Government-enterprise Relationship And Bank-enterprise Relationship On Inefficient Investment Under Environmental Uncertainty

Taking 839 non-financial listed companies listed in Shanghai and Shenzhen stock markets from 2013 to 2018 as samples,this paper empirically tested the influence of government-enterprise relationship,bank-enterprise relationship and environmental uncertainty on enterprises' inefficient investment.It takes government-enterprise relationship and bank-enterprise relationship as moderating variables to study their moderating effect.Firstly,this paper expounds the research background and significance.Investment activity is related to the survival and development of the enterprise,and the existing researches prove that enterprises in our country exist extensively inefficient investment.In the context of China,the government and banks play very important role in the investment activities of enterprises,and the environmental uncertainty will also have a great impact on the investment decisions of enterprises.The research ideas,framework,methods and innovation points of this paper are established by referring to the research results of relevant scholars.Secondly,it defines the main concepts and puts forward the research hypothesis of this paper in combination with relevent theories.The research hypothesis of this paper is mainly divided into two parts: firstly,without considering the regulation effect,verifying the influence of government-enterprise relationship,bank-enterprise relationship and environmental uncertainty on the inefficient investment;secondly,government-enterprise relationship and bank-enterprise relationship are added into the path of environmental uncertainty affecting inefficient investment.After the design of the measurement method and the analysis of the characteristics of the main variables,the research model of this paper is constructed and the empirical test is carried out.This paper draws the following main conclusions: sample enterprises generally have inefficient investment,but the deviation degree is decreasing year by year,and more as the lack of investment.Non-state-owned holding enterprises' inefficient degree is more serious than state-owned holding enterprises' s inefficient degree.In-service consumption can play a governance role.The new government-enterprise relationship in China can restrain inefficient investment to a certain extent,and this inhibition effect is stronger in non-state-owned enterprises.The higher the dependence of enterprises on bank loans in debt financing,the more serious the inefficient investment is.The higher the environmental uncertainty is,the more serious the inefficient investment is.The relationship between government and enterprise and between bank and enterprise can restrain the stimulating effect of environmental uncertainty on inefficient investment to some extent.Based on the empirical results,this paper mainly puts forward the following suggestions: dialectically treat the in-service consumption of senior executives,and develop the "Qing" and "Qin" relationship between government and enterprise;pay attention to the financing structure of enterprises;further promote market equity;dynamically pay attention to the role of government-enterprise relationship and bank-enterprise relationship and unswervingly advance structural and institutional reforms to promote economic stability and high-quality development.