Research On The Effect Of Ownership Structure On Investment Efficiency Of Listed Companies

Efficiency is the core field of economics and management research,and also the key of enterprise production,operation and managementTarget.As the starting point of investment decision of enterprise financial decision-making,is one of the most important financial decisions faced by enterprises,it involves the collection and allocation efficiency of capital,have different effects on the efficiency of the operation and development of enterprises.With the integration of collaborative development of Beijing Tianjin Hebei area deeply,at the core of this reform and enterprise efficiency,has become the current research hotspot.The Beijing Tianjin Hebei regional development based on the background of globalization,the importance of combining the investment activities of listed companies and the development of the national economy,and exists in the stock market of non efficiency of investment,the equity structure of listed companies as a starting point,the different influence of different characteristics of the Beijing Tianjin Hebei region the equity structure of listed companies on investment efficiency.Firstly,on the basis of literature review,asymmetric information theory,principal-agent theory,corporate governance theory,property rights theory and the free cash flow hypothesis are analyzed based on the.Secondly,select 281 listed companies in Beijing Tianjin Hebei region for 2012-2016 years,and briefly summarize the equity structure and investment situation of Listed Companies in Beijing,Tianjin and hebei.According to the theoretical basis,this paper puts forward the hypothesis,selects the relevant variables of the research variables,and establishes the regression model.Finally,the 1405 selected empirical data are analyzed in Frontier4.1 and STATA 12.0 software respectively,and the empirical results are explained.The empirical results show that:the degree of ownership concentration,the actual control of state-owned property has the inhibitory effect on the efficiency of investment;equity balance degree,executives and the proportion of institutional investors and investment efficiency has a positive role in promoting.Based on the above conclusions and put forward relevant suggestions to improve investment efficiency of the Beijing Tianjin Hebeiregionmainly:rational allocation of equity in the company,strengthen the degree of equity restriction;improve the internal control of state-owned enterprises;enhance managerial ownership incentive,play its ownership advantage;vigorously develop institutional investors and realize the positive governance role;strengthen the information disclosure of listed company;improve the relevant legal system,strengthen the supervision of the securities market.