The Empirical Research On The Nature Of Controlling Shareholder's Nature,Controlling Degree,Fixed Asset Investment And Corporate Performance

Fixed assets are the main production data of enterprises,and occupy a pivotal position in investment.And investment as one of the "troika" of economic growth,to "expand domestic demand,consumption start-up,economy",thus to achieve faster and better development of national economy is of crucial importance.The economic cycle is a cyclical phenomenon of economic expansion and economic contraction alternating between economic expansion and economic contraction during macroeconomic operation.Internal cause is the basis,external cause is the condition,in the different stage of economic cycle,must have influence on the investment decision of the enterprise.Based on China's Shanghai and shenzhen a-share listed before 2001 manufacturing listed companies for the study of the initial sample,to the public,chemical industry,machinery and metallurgy four is given priority to,the economic cycle,the nature of the controlling shareholder,holding degree,fixed assets investment and enterprise performance into A unified research framework,discussed at different stages in the economic cycle,the nature of the controlling shareholder,the influence of the degree of controlling investment in fixed assets investment in fixed assets and economic cycle and the enterprise performance relationship path and its in the state-owned enterprises and non-state-owned enterprises and the influence of difference in absolute holding and relative holdings.The research indicates that:(1)The stock of fixed asset investment is positively correlated with the company's performance during the boom period;During the recession,fixed assets investment stock and company performance negative correlation;Fixed asset investment growth is always related to company performance.(2)During the boom period,state-owned enterprises were positively correlated with fixed assets investment,while non-state-owned enterprises were negatively correlated with fixed assets investment.During the recession,state-owned enterprises are negatively correlated with the stock of fixed assets investment,which is negatively correlated with the increment.(3)Economic boom,the state-owned enterprise fixed assets investment stock and negatively related to the company's performance,incremental and firm performance are related,non-state enterprise fixed assets investment and firm performance are related;During the recession,the fixed assets investment of state-owned enterprises is negatively correlated with the performance of the company,while the fixed assets investment stock of non-state-owned enterprises is negatively correlated with the company's performance,and the increment is positively correlated with the company's performance.(4)During the economic boom period,absolute holding enterprises and relative holding enterprises are positively correlated with the stock of fixed assets investment,which is negatively correlated with the increment of fixed assets investment;The recession,absolute holding enterprises and negatively related to the stock of fixed asset investment,relative holding companies are related,absolute holding enterprises and relative holding companies are positively related to the increment of investment in fixed assets.(5)The boom,the absolute holding enterprise fixed assets investment and firm performance are related,relative holding enterprise fixed assets investment and corporate performance is negatively related to stock increment and positively related to the company's performance;The recession,absolute holding enterprise fixed assets investment and corporate performance is negatively related to relative holding enterprise fixed assets investment and corporate performance is negatively related to stock increment and firm performance are related.This shows that the state-owned holding enterprises have a great contribution to the national economy,but the "owner vacancy" and "budget soft constraint" still exist,and it is still a long way to go to deepen the reform of state-owned enterprises.At the same time,the government should allocate resources reasonably between state-owned enterprises and non-state-owned enterprises to promote fair competition.In addition,the forecast changes,the timing of investment;Reasonable purchase of fixed assets;To excavate the capacity of fixed assets and improve operation efficiency is also the key point that every enterprise must pay attention to.The research of this paper has broken through a single understanding of the relationship between fixed asset investment and corporate performance of China's manufacturing listed companies.Theory,this article is based on the economic cycle perspective for fixed assets investment and the relationship between company performance research provides a new way of thinking,enrich the macroeconomic environment and micro enterprise behavior interaction framework of research content.In practice,the research results of this paper are to adopt appropriate fixed asset investment strategies and improve company performance in combination with macroeconomic factors.Propose Suggestions for the government to formulate corresponding economic policies.