Study On The Impact Of Social Resuonsibflitv On Investmmt Efictaicv Of Listed Real Estate Companies In China

Under the perfect capital market hypothesis,all the participants in the market can obtain indifference information and the same information technology means.The efficiency of investment depends on the profit level of the investment projects of the enterprise.If the enterprise invest in those items with higher profit level,the enterprise gains more profit.On the contrary,on the profit item,the investment will be cut down or even withdrawn.However,in the real market environment,the capital market of any country or region can not reach the level of the perfect market.The problem of principal-agent and information asymmetry makes the enterprise always be troubled by insufficient investment and overinvestment.In the background of the separation of modern enterprise management right and ownership,through the analysis of related theories,it is found that the purpose of enterprise management is not only to maximize the profit of the company or maximize the wealth of shareholders,but to carry out investment activities around the stakeholders.The problem of asymmetric information between large shareholders and small shareholders,and the principal-agent problem between owners and managers will have a negative impact on the investment decision and the efficiency of the subsequent investment,while the performance of social responsibility reduces the information asymmetry between the stakeholders and alleviates the conflict between the principal and agent to a certain extent.There is a positive interaction between information among stakeholders,so as to curb inefficient investment.Therefore,the study of enterprise investment activities is not simply a measure of economic level,but a social responsibility.The real estate industry is closely related to the people's life.As a major aspect of people's "clothing,food,housing and travel",it is usually related to the interest rate of the people.However,the emergence of uncompleted buildings,developers' money fraud and housing slaves is not only harmful to consumers,but also to the whole real estate industry and the whole country.The injury of the national economy.Therefore,this article focuses on the impact of the social responsibility of the real estate industry on investment efficiency.First,it expounds the stakeholder theory of social responsibility and the theory of social level,defines the stakeholders of the enterprise,and then expounds the information asymmetry theory and the principal-agent theory on the impact of social responsibility on investment efficiency,in order to explore the path of the impact of social responsibility on the efficiency of investment.This is a qualitative point of view.It also paved the way for the hypothesis of the latter.Then,in the empirical aspect,the Richardson residual model is used to quantify the investment efficiency of the listed real estate enterprises in China from 2014 to 2016,and to get the investment level of China's real estate,and to divide the whole sample into the inefficiency investment situation-the shortage of investment and the investment overinvestment,and to the overinvestment and the insufficient investment.The two part analyzes the impact of social responsibility on investment efficiency.Through regression results,it is found that there is a negative correlation between the performance of social responsibility and inefficient investment.Finally,it puts forward relevant suggestions for the corporate social responsibility evaluation system and the improvement of the internal control system.