| The investment behaviour of a corporate is strongly related to its ability to survive and develop,different investment decisions will cause different results and it can influence the long-term development of an enterprise.The problem of non-efficiency investment is manifested in the phenomenon of excessive investment and under-investment of the enterprise.It may be caused by the manager's wrong investment decision which deviates from the reasonable investment scale of a company.Due to the particular characteristics of GEM listed companies,such as low access limitation,high growth opportunity and high risk level,there are many differences between GEM listed companies and ordinary listed companies.So whether these differences can lead to the different research result? This dissertation select 739 EGM listed companies as the research sample and combine the empirical research method and the normative research method,it consists of the following three aspects:1)Using Richardson model to measure the investment efficiency of a company,which concludes of over-investment and under-investment.Then determine whether there are non-efficiency investments in China's GEM listed companies,providing a realistic basis for the following analysis.2)Based on the previous model test results,using investment efficiency of companies which includes over-investment and under-investment as the explanatory variable.Then According to the hypothesis,a regression model is further established to empirically explain how the equity and credit structure of GEM listed companies affect the investment efficiency level.3)In this paper,the median of the Herfindahl index is used as the classification standard.According to the degree of competition in the product market,the sample of listed companies in China's GEM market is divided into two observation groups: high competition group and low competition group.The result illustrates the equity and credit structure of the enterprise will affect its investment efficiency,but will show different impact results due to different levels of market competition.According to the above research,the conclusion of this dissertation consists of the following three aspects:1)There are indeed inefficient investments in listed companies in China's GEM market.Overall,the amount of under-invested enterprises is far greater than that of over-invested enterprises.2)From the perspective of equity,the investment efficiency of China's listed GEM companies is affected by equity concentration and equity balance,the lower the equity concentration and the higher the equity balance,the investment efficiency will be better.From the perspective of credit,the increase of the proportion of short-term liability and bank loan will improve the investment efficiency while the increase of long-term loan will reduce the investment efficiency.3)The degree of market competition can not only directly affect the investment efficiency of GEM listed companies,but also influence the impact of corporate equity and credit structure on investment efficiency.Enterprises should adjust their equity and credit structure based on the degree of competition in the external product market to improve their investment efficiency. |
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