Research On The Relationship Between Financial Governance And Investment Efficiency Under Uncertain Environment

Financing,investment and distribution are the core activities of modern corporate finance,and investment decisions are the most important ones:On the one hand,they largely determine the company's financing behavior;on the other hand,the amount of investment income directly affects the company's dividend payment behavior.Research on corporate-level investment behavior is also a micro-foundation that reveals the inherent laws of macroeconomic operations.However,the existing research shows that the investment efficiency of listed companies in China is generally not high in recent years,non-efficiency investment behaviors are widespread and frequent.Therefore,how to curb non-efficiency investment behavior and improve investment efficiency has become an urgent problem in practice.At the same time,research confirms that the company's investment decisions are not only affected by its own governance factors,but also closely related to the internal and external environment.This paper first discusses the relationship between internal corporate governance and investment efficiency theoretically.Financial governance is the core part of corporate governance.Good financial governance can constrain the financial behavior of operators,modify the interests of operators and shareholders and improve investment efficiency.In the empirical analysis stage,A-share listed companies were selected as sample enterprises,and the Richardson model was used to judge the investment efficiency of sample enterprises.Principal component analysis method was used to extract key factors such as financial governance structure,financial incentive mechanism and financial supervision mechanism to measure corporate financial governance level to examine the relationship between financial governance and investment efficiency.Empirical test results show that financial governance can generally inhibit the company's non-efficiency investment behavior,of which the incentive role of compensation incentives,regulatory mechanisms and decision-making mechanisms is more obvious,the board of supervisors meeting,percentage of independent directors,shareholding structure and external creditors has limited investment governance.From the perspective of financial governance,this paper puts forward suggestions for restraining non-efficiency investment of enterprises.In addition,considering that the investment decision of the enterprise is affected by internal and external factors,especially in the current trend of deepening marketization,the business environment of the enterprise is changing rapidly,and companies will inevitably face many uncertainties such as investment and financing.Investment management and decision-making are becoming more complicated.Therefore,this paper incorporates environmental uncertainty into the research framework,and considers the impact of environmental factors on this relationship on the basis of studying the relationship between financial governance and investment efficiency.The research results show that high environmental uncertainty will strengthen the relationship between financial governance and investment efficiency,while low environmental uncertainty will weaken the two.The relationship between the two reveals that effective financial governance is particularly important for improving the efficiency of capital utilization in an uncertain environment.Based on these conclusions,this paper proposes countermeasures for the improvement of the company's financial governance in the uncertain environment and the improvement of the company's investment efficiency.