Research On The Impact Of Financing Constraints And Executive Overconfidence On Non-efficiency Investment

With the rise of high-tech listed companies,complying with the social background of“double creation”,the issue of the efficiency of high-tech listed companies has attracted scholars' attention.However,China's high-tech listed companies are faced with serious financial constraints,and their internal executives are also prone to over-confidence,resulting in inefficient corporate investment.Efficiency investment is the basis for the company to increase profits.However,with the expansion of the capital market,inefficient investment has occurred frequently.At present,the academic community is mainly focused on listed companies in traditional manufacturing industries,and the research of high-tech listed companies is relatively rare.This article selects the relevant data of all 166 high-tech listed companies in Shanghai and Shenzhen from 2007 to 2016 from the CSMAR and Wind databases.Firstly,the Logit model is built by referring to the KZ index,and the degree of financing constraints is measured.At the same time,Richardson's investment-expectation model is adopted and adapted according to China's national conditions,and then the method of multiple linear panel regression is used to measure the degree of inefficient investment.Secondly,the impact of financing constraints on non-efficiency investments,the impact of executive overconfidence on non-efficient investments,and the effects of financing constraints and executive overconfidence on non-efficiency investments are studied and analyzed with high-tech listed companies as examples.Over-confidence of financing constraints and executives can lead to inefficient investment by high-tech listed companies and manifest themselves as insufficient investment.At the same time,the impact of financing constraints is greater than that of executives with excessive self-confidence,resulting in insufficient investment in non-efficient investments.Thirdly,based on the heterogeneity of enterprises,empirical analysis shows that the non-state-owned enterprises' financing constraints and managers' overconfidence have greater impact on non-efficiency investment than state-owned enterprises.Finally,through the replacement of indicators for overconfidence of executives,the model is tested for robustness,and on the basis of the research results,from the government's perspective,it proposes to implement policies to ease the company's financing constraints;from the company'sperspective,it proposes to strengthen the establishment of The effective information disclosure system and the system for improving executive compensation performance are recommended in three aspects.The main research contents and innovations of the dissertation are as follows: 1 The influence of financing constraints on non-efficiency investment is greater than the effect of executive overconfidence on non-efficiency investment,and presents the effect of insufficient investment.2 Based on the heterogeneity of firms,empirical analysis shows that non-state-owned firms' financial constraints and managers' overconfidence have greater impact on non-efficiency investments than state-owned firms.3 Abundant metrics,adding asset-liability ratio to the investment-expectation model,measuring non-efficiency investment,and increasing ownership concentration,proportion of independent directors,two-in-one,company size,company growth,return on equity,assets Debt ratio and other control variables.