Research On The Relationship Among Investors' Heterogeneous Belief,equity Financing And Firm Investment Efficiency

The financing decision and the investment decision are the important components of the financial decision of an enterprise.They relate to each other and restrict each other and jointly determine the profit scale of the enterprise.The determination of the optimal financing and investment plan of an enterprise,the calculation of the optimal solution of the financing amount and the capital expenditure must be cautiously conducted.The traditional theory of finance is based on the fully competitive market conditions.The theory that the two parties have complete rationality on the market and the theory that the market price is based on the value of the enterprise will give a perfect explanation to the investment and financing behavior of the enterprise and how these behaviors affect the value of the enterprise oppositely.With the rise of behavioral finance,the correction and empirical conclusions of the theory continue to point out that the effective market hypothesis is defective.The premise of the traditional theory is also questioned,and the research angle is also changed from the individual investor in narrow sense to the capital market in broad sense.The investors are different and there is the information asymmetry,which will inevitably make the price deviation from the basic value a normal state.The capital market in China mainly feature scattered individual investors,of whom the differences are magnified indefinitely.This also shows partly that compared with homogeneous beliefs,heterogeneous beliefs are broader and closer to reality and accord more with the current situation of China's securities market.The features of investors are the important factors that affect the financing behavior and investment behavior of an enterprise,and the most representative feature is the heterogeneous beliefs of investors.It is of great significance to discover and study the influence of heterogeneous beliefs on investment and financing decisions,as well as the interaction between investment and financing decisions.This paper selects data samples of the listed companies in Shanghai and Shenzhen in all trading days in the five years from January 1,2012 to December 31,2016,and after a certain elimination of the remaining 699 companies,a total of 3495 samples,the SPSS method is used to carry out regression analysis,starting from the heterogeneous beliefs of investors to study the investment and financing problems of enterprises.The following conclusions are drawn from the empirical analysis.First,because of the heterogeneous beliefs of investors and their catering to the channels,inefficient investment can be caused.The larger the heterogeneous beliefs,the more likely the managers will cater for investors and the more overcapitalization can be caused;the smaller the heterogeneous beliefs,the more likely the managers will take a wait-and-see attitude and choose to give up catering to investors and the less investment there will be.Second,because of the heterogeneous beliefs of investors and the function of equity financing channels,enterprise inefficient investment can be caused by means of equity financing.The larger the heterogeneous beliefs,the more equity financing enterprises will conduct and lead to overcapitalization;the smaller the heterogeneous beliefs,the less investment there will be due to the avoidance of equity financing of enterprises.The research process of this paper explores the latest frontier of behavioral finance,which can guide the development of the theory.The empirical results provide reference for investors in the market,the management in the listed companies and policy makers of regulatory and audit institutions.