Research On The Impact Of Equity Financing On Investment Efficiency From The Perspective Of Enterprise Life Cycle

Equity financing is the basic financing way for the enterprise to obtain the source of funds.It affects the ownership structure of the enterprise and affects the investment efficiency of the enterprise.How to choose the appropriate size of equity financing according to the life cycle stage of the enterprise,to ensure the stability of the ownership structure and the rationality of the investment decision,to manage the enterprise itself and allocation of social resources are essential.Domestic and foreign scholars tend to focus on the single aspect of financing constraints or corporate governance in terms of the impact of equity financing on investment efficiency,and the linkage between financing funds and equity structure is not concerned in the perspective of enterprise life cycle.Based on the data of 2008-2016 years of manufacturing listed companies as the research samples,this paper adopts the method of literature study,qualitative and quantitative analysis,and the combination of normative and empirical research.Based on the perspective of enterprise life cycle,the impact of equity financing on investment efficiency is studied.The conclusion shows that the life cycle stage of the enterprise is closely related to the demand of equity financing,the structure of the internal equity,the investment decision and the efficiency of the investment project;in the new investment expenditure index,the growth period should obviously exceed the maturity period,while the average cash holdings of the mature period are more than the growth period,so mature period should increase the utilization ratio of internal funds,and the growth period enterprises should be provide more external financing channels;China's manufacturing listed companies in the growth and maturity of the overall existence of investment problems,although part of the growth period of excessive investment in the degree of heavy,but in the number of samples no matter growth or mature is dominated by underinvestment,and the whole market environment is not conducive to the efficiency of enterprise investment.Based on the theoretical analysis and empirical results,combined with the current situation of China's development,in order to improve the efficiency of resource allocation and standardize the behavior of the market subject,the following policy suggestions are put forward: to improve the supervision and management system and play the role of market self-regulation;to deepen the reform of standard innovation and create a fair and competitive market environment;to make flexible economic policies and provide a personalized management scheme.