The Impact Of Conglomerates On Corporate Investment Efficiency

In 2018,China's economy will undoubtedly face severe challenges.On the demand side,growing trade disputes between China and the United States and slowing global economic growth have brought uncertainty to exports,credit contraction caused by domestic deleveraging has suppressed the growth of fixed asset investment,and the approaching aging of population and the decline of household income growth have brought pressure on consumer spending.More importantly,from the supply side,China still faces the problem of how to increase the potential growth rate and reconstruct the sustainable growth path.The structural adjustment of the economy needs the efficiency of investment rather than the absolute growth rate of investment.It can be seen that improving the efficiency of capital allocation is the key to China's sustainable economic growth.Especially when the economy has entered the new normal,the 19 th national congress of the communist party of China has proposed to enter the stage of high-quality development,and improving the efficiency of investment has become a key issue.Based on the data of all a-share listed companies from 2003 to 2017,this paper systematically tested the influence of "family" enterprise groups on investment efficiency and its influencing mechanism.The empirical study shows that the group listed companies have more investment efficiency than the single listed companies,and the enterprise group has a significant positive impact on the investment efficiency.Other conditions being equal,it is more effective for private enterprise groups to alleviate financing constraints so as to improve their investment efficiency.After adding the factors of market-oriented indicators,it is found that enterprise groups can better play the role of improving investment efficiency in the case of high degree of marketization.The case study mainly takes complex galaxies as an example to analyze and summarize the investment path and experience.The research conclusion of this paper not only enriches the research of enterprise groups in terms of investment efficiency,but also provides inspiration for solving the current situation of low investment efficiency of Chinese enterprises.