Research On The Non-efficiency Investment Governance In Strategic Emerging Industries

At this stage,China's economic development has changed from high-growth to high-quality development.Strategic emerging industries are playing an increasingly important role in promoting the growth of GDP in China.It has become a hot topic of investment.The problem of inefficient investment in strategic emerging industries has also attracted much attention.This paper analyzes the basic characteristics of inefficient investment in China's strategic emerging industries,and proposes countermeasures based on the factors influencing the inefficient investment of strategic emerging industries.This paper first expounds the theoretical basis of domestic and foreign scholars' research and inefficiency investment,and summarizes the development state of strategic emerging industries.Secondly,it selects the data from 883 listed companies of strategic emerging industries in 2014-2016 years to carry out an empirical study.The inefficiency investment is measured by the residual measurement model of Richardson,and summarized by the characteristics of its year,industry and region.Thirdly,based on literature analysis and theoretical analysis,the influencing factors of inefficient investment in strategic emerging industries are summarized as three aspects: corporate governance,financial status and institutional environmentt.By using multiple regression analysis,we conduct a full sample and group analysis of inefficient investment in strategic emerging industries.Finally,put forward the countermeasures and suggestions to suppress the inefficiency investment of the listed companies in China's strategic emerging industries.The conclusion is as follows:The listed companies of strategic emerging industries generally have inefficiency investment;Meanwhile,the inefficient investment of strategic emerging industries shows obvious characteristics of industrial and regional differentiation..Corporate governance,financial situation,institutional environment have significant impacts on the non-efficiency investment governance of strategic emerging industries.According to the research,this paper puts forward the corresponding countermeasures:optimize the ownership structure,improve the investment decision-making mechanism;plan the management compensation system rationally,combine the supervision and incentive;rational plan the debt structure;strengthen enterprise cash flow management,improve capital efficiency;judge the enterprise growth rationally,explore investment opportunities that matched with the enterprise growth rate;to enhance enterprise competitive ability,optimize enterprise innovation expenditure;create a fair competitive market environment;perfect the mechanism of government subsidy and optimizing government support.