Research On The Relationship Between Equity Mixing,inefficient Investment And Corporate Financial Risk

The report of the 19th National Congress of the Communist Party of China emphasizes that deepening the development of a mixed-ownership economy must accelerate the formation of an effective balance of corporate governance structure.While strengthening and making superior state-owned capital,it should focus on capital returns,avoid blind expansion and expansion of enterprises,and increase financial risk control.To enable enterprises to develop in a high quality according to the path of steady progress.Mixed ownership enterprises are not a single equity mix,which has structural specificity.How to study the financial risk of mixed ownership enterprises from the perspective of equity blending has certain value.Existing research focuses on the relationship between equity concentration or checks and balances,non-efficiency investments and financial risks,and the research on equity mix is slightly insufficient.Therefore,this paper attempts to put forward the chain mechanism of "equity blending degree-non-effciency investment-financial risk level"based on the existing theory,and empirically analyzes the impact of equity blending on financial risk through non-efficiency investment,It provides decision-making enlightenment for the equity arrangement of mixed ownership reform.This article comprehensively uses the methods of normative research and empirical analysis to focus on three topics:First,verify the positive promotion effect of non-efficiency investment on financial risk on the basis of existing theory;secondly,analyze whether non-efficiency investment has mediating effect between equity mix and financial risk;third,divide all samples into high finance The risk group and the low financial risk group and explore whether the mediating effects of non-efficiency investments are still valid in different sample groups.Firstly,it summarizes the existing researches on domestic and foreign scholars on equity mix,inefficient investment and financial risk.Secondly,the main theoretical points of principal-agent theory,information asymmetry theory and behavioral finance theory are combined with the research content of the article,and the influence relationship of equity blending degree on financial risk and the transmission effect of non-efficiency investment between the two are derived.Research hypotheses and research models are proposed.Finally,the mixed-ownership enterprises in the Chinese A-share market for the third consecutive year in 2015-2017 were used as research samples,and the hypotheses were empirically tested by descriptive statistical analysis,correlation analysis and regression analysis.In addition,the empirical model is tested for robustness to ensure the reliability of the conclusion.The results of this paper show that in mixed ownership enterprises,non-efficiency investment has a positive impact on financial risks.Under normal circumstances,the higher the level of non-efficiency investment,the higher the financial risk;There is a significant negative correlation between equity mix and non-efficiency investment level.The increase of shareholding ratio can significantly reduce the financial risk level of enterprises.Part of the reason is that the high degree of equity mix restricts the inefficient investment of enterprises,that is,the non-efficiency investment in equity.There is a partial intermediary conduction effect between the degree of mixing and financial risk;In the high financial risk group,the intermediary role of non-efficiency investment is still est.ablished,while in the low financial risk group,non-efficiency investment has no intermediary effect and the equity mix has a positive impact on financial risk.This means that only when the company has high financial risks,high equity mix will reduce the financial risk of the company by curbing inefficient investment.Finally,summarize the main conclusions of the study,provide decision-making policy recommendations for the ownership structure of the mixed ownership reform,summarize the shortcomings of this paper,and explore the future research directions in this field.