The Influence Of Environmental Uncertainty On Inefficiency Investment In The View Of Venture Capital

The efficiency of investment has a vital role in the survival and development of enterprises.The traditional investment theory believes that the profitability of investment projects is the only factor that determines whether a company invests.However,in reality,enterprises cannot be isolated from the environment,and the uncertainty in the environment will also affect the investment decisions of enterprises.From different angles,the significant relationship between environmental uncertainty and non-efficiency investment is affirmed.In addition,with the rise of emerging markets,capital flows have changed.As a "pathfinder" of capital flow,venture capital plays an active role and adjustment mechanism in the capital market,causing widespread concern in the theoretical and practical circles.Therefore,in the context of the above research,this paper takes the data of A-share listed companies in China from 2012 to 2016 as a sample,first studies the relationship between environmental uncertainty and non-efficiency investment,and on this basis,studies the relationship between venture capital and the two.Regulate the role and further explore the impact of joint venture capital on the relationship between the two,providing a new perspective for studying environmental uncertainty and non-efficiency investment relations.The innovation of this paper is that the research perspective is novel:this paper introduces environmental uncertainty,risk capital and non-efficiency investment into the same model,empirically tests the adjustment effect of venture capital on the relationship between environmental uncertainty and non-efficiency investment,and subdivides Venture capital and inspection.This paper can be divided into the five parts:The first part is the introduction,which briefly introduces the background of the topic and purpose of the research,sorts out the three aspects of environmental uncertainty and enterprise inefficient investment,the mechanism of venture capital,and joint venture capital,and puts forward the research method,content framework and innovation of this paper.The second part is the theoretical analysis and research hypothesis.Define the related concepts involved in this paper,clarify the uncertainty theory,information asymmetry theory,principal-agent theory,financing constraint theory,reputation theory and attribution theory used in the theoretical derivation process,and act according to the above theory.Analysis,the three hypotheses of this paper are presented.The third part is the research design.Firstly,the reasons and methods for selecting samples and obtaining and screening data are introduced.Secondly,the main variables involved in this paper are defined,and the empirical models are designed with reference to relevant literatures at home and abroad.The fourth part is the empirical design and results feedback.Through correlation analysis and descriptive statistics of the overall sample,preliminary conclusions were obtained,and empirical model regression analysis was used to obtain more accurate empirical results.Finally,a variety of methods of robustness testing were used.The fifth part is the research conclusions and related recommendations.According to the theoretical analysis and empirical test,summarize the conclusions and propose related recommendations and policies,and clarify the research deficiencies of this paper.From the theoretical analysis and empirical test results of this paper,it can be seen that the listed companies in China generally have non-efficiency investment phenomena,which are manifested in two situations:over-investment and under-investment.Environmental uncertainty will aggravate two situations of non-efficiency investment;When risk capital is introduced into the model,the cross-term of risk capital and environmental uncertainty is significantly negative,which proves that venture capital can effectively alleviate the problem of inefficient investment caused by environmental uncertainty;if risk capital is further subdivided into joint risk The cross-terms of capital and individual venture capital,joint venture capital and environmental uncertainty are significantly negative,while the cross-term of individual venture capital is not significant,indicating that joint venture capital increases environmental uncertainty and inefficiency compared to individual venture capital.The relationship of investment has a clear mediation role.