| At present,private placement of new shares has become one of the most important financing methods for listed companies.Its natural and corporate investment status are closely linked.Under the background of rapid economic globalization,China’s steady economic growth has made the investment efficiency become a priority for listed companies.As we known,investment,consumption and net export is three carriages that drive the economic growth,the investment has an irreplaceable role in China’s economic development.Therefore,it is particularly important to conduct research and analysis on investment efficiency in the context of private placement.At the same time,it is very important to establish a close relationship between equity structure and investment efficiency to research and analysis on investment efficiency.It is a good way to make the shareholding structure perfecter and improve the operating performance and competitiveness of listed companies.Existing research shows that private placement may cause over-investment or under-investment in listed companies,which will cause enterprises to be adversely affected by non-efficiency investments.However,in practice,the private placement has been highly recognized and highly praised in the capital market for its financing advantages.In order to study the changes in the shareholding structure of listed companies under the private placement and the impact on investment efficiency,this paper selects the relevant data of listed companies in 2013-2017,and uses Vogt(1994)cash flow and investment opportunity transfer term discrimination model to study.This paper divides the listed companies into two groups: private placement and non-directional private placement,and discusses the relationship between the investment efficiency and shareholding structure.The he private placement will have a great impact on the shareholding structure of listed companies,so it is better to compare them with non-directional issuance.The research structure shows that: 1.After the private placement,the correlation of the listed company’s investment cash flow will be enhanced.After the private placement,the absolute advantage of the major shareholders will be accompanied by the emergence of agency problems,which will easily lead to inefficient investment.2.When the ownership structure and cash flow utilization are unreasonable,non-directional private placement companies may also have non-efficiency investment problems.Problems such as high concentration of equity under private placement may lead to inefficient investment,and the imperfect shareholding structure of non-directional private placement companies in China will also induce non-efficiency investment problems.3.The addition of the largest shareholder can inhibit the inefficient investment of listed companies.The first major shareholder will have a positive impact on the company under the influence of interest synergy,which is reflected in both private placement and non-directed issuance companies.4.The high concentration of equity under private placement will help ease the problem of non-efficiency investment.Although higher concentration of equity makes small and medium-sized investors vulnerable,it will make the majority shareholder play a more positive role in governance and decision-making.5.The suppression effect of the equity balance in listed companies on non-efficiency investment issues is not obvious.Whether it is a private placement company or a non-directional private placement company,it has some differences in the objectives of major shareholders.Therefore,the mitigation effect of equity checks and balances on non-efficiency investments is not obvious. |
