Research On The Impact Of Ownership Structure Of Different Ownership On Investment Efficiency

Since the securities market was formally established in the late 20th century,China's market economy has been developing continuously,and the role and efficiency of investment in national economic growth have been steadily improved.But at the same time,the problems exposed in the investment process of listed companies also gradually appear.Among many factors affecting investment efficiency,equity structure,as an important institutional factor in corporate governance,has a crucial impact on investment efficiency.At the same time,with the deepening of China's economic system reform,the joint-stock economy has gradually developed from scratch into an important part of China's market economy,which makes enterprises be divided into state-owned enterprises and non-state-owned enterprises according to the different nature of ownership.Based on the characteristics of China's national economic development,China is now focusing on the implementation of the mixed ownership reform of state-owned enterprises and central enterprises,which will also have a profound impact on the ownership structure of China's listed companies.Therefore,this paper studies the relationship between enterprise ownership structure and investment efficiency,and focuses on comparing the differences in investment efficiency between listed companies of different ownership nature based on the differences in ownership structure,taking this as the entry point to deeply explore the correlation between ownership structure and investment efficiency of listed companies.Based on the relevant research results at home and abroad,this paper explains the concepts of ownership nature and investment efficiency,and analyzes it from the theoretical level with the theory of principal-agent theory,information asymmetry theory and investment decision-making theory.The relationship between the nature of ownership,ownership structure and over-investment.At the same time,taking the 2013-2017 A-share listed company as a sample,we use the transcendental logarithmic production function model to measure investment efficiency,through descriptive statistics,correlation analysis,multiple regression analysis.The empirical test hypothesis explores the impact of listed company's shareholding structure on investment efficiency,and analyzes the difference in investment efficiency between state-owned and non-state-owned enterprises based on different ownership systems.Finally,based on the research conclusions and China's special political background,from the perspective of the government and enterprises,it puts forward comprehensive opinions and suggestions to improve the ownership structure and ownership nature of listed companies,so as to achieve the goal of improving investment efficiency.