Major Shareholder Control,Cash Dividend Policy And Investment Efficiency

Business activities,fund-raising activities and investment activities are also called the three major financial activities of modern companies.The investment efficiency of listed companies is directly related to the efficiency of capital allocation of listed companies and capital markets.Major shareholder control and dividend policy,as two major perspective to explore the investment efficiency of listed companies,have always been valued by the industry and academia.On the basis of domestic and foreign research,this paper evaluates the investment efficiency of listed companies on GEM by using literature research method and empirical research method,starting from the basic concepts and theories of large shareholder control,dividend policy and investment efficiency,and based on the GEM cross-sectional data,using multiple regression model,it evaluates the investment efficiency of listed companies on GEM.This paper makes an empirical study on the relationship among shareholder control,dividend policy and investment efficiency,and puts forward relevant suggestions for the empirical results.This paper combs the concepts related to this study,introduces the main theoretical basis of this study,and then designs the measurement model of investment efficiency of GEM listed companies and the relationship model of large shareholder control,cash dividend policy and investment efficiency of GEM listed companies.Finally,it uses regression analysis model and correlation model to compare the control of large shareholders,cash dividend and investment efficiency.Guan Guan studied the relationship and drew some conclusions.Through this study,the main conclusions are as follows:(1)It shows that the inefficient investment of GEM listed companies in China is mainly manifested by insufficient investment.(2)Free cash flow is an important evaluation index of enterprise operation.In order to fully analyze the influencing factors of investment efficiency,this paper incorporates the enterprise's own cash flow into the explanatory variable system.According to the model results,free cash flow can explain the investment efficiency of GEM listed companies effectively,which will negatively affect the inefficient investment and overinvestment of GEM listed companies,and positively affect the underinvestment of GEM listed companies.(3)In the original model,ownership concentration and equity checks and balances will have a direct and significant impact on the underinvestment of GEM listed companies.(4)In the original model,cash dividend payment level and cash dividend payment rate are important explanatory variables to explain inefficient investment,overinvestment and underinvestment of GEM listed companies.(5)By comparing the interactive effect model with the original model,it is found that the control of large shareholders on inefficient investment and excessive investment of GEM listed companies is more interactive than direct impact.This study is conducive to further enrich the research on related topics at home and abroad,guide listed companies to improve investment efficiency,optimize investment behavior,help listed companies investors understand the real reasons for the performance of investors,and promote their rational decision-making in the capital market.The research puts forward policy suggestions from five aspects: optimizing the equity structure of listed companies on GEM,perfecting the dividend policy of listed companies on GEM,exerting the checks and balances among major shareholders,improving the governance mechanism of listed companies,and perfecting the regulatory laws and regulations,so as to provide some reference for the scientific supervision of the supervisors and improve the regulatory efficiency of the investment and governance behavior of listed companies.