The Influence Of Mispricing In Capital Market On The Investment Efficiency Of Listed Companies

The study of investment efficiency of listed enterprises is of great significance to both the macro-economy and the enterprise itself.On the one hand,the investment demand of enterprises can directly affect the total macro-economic demand,not only that,the investment demand of enterprises can indirectly affect the macro total supply through the allocation of factors of production,it can be seen that the investment of enterprises plays a vital role in macroeconomic growth.On the other hand,enterprise investment is related to enterprise financing arrangements and capital allocation,is the engine of the future growth and value promotion of enterprises,if the enterprise investment is inefficient,will inevitably cause waste of funds,affecting the future development of enterprises.However,as far as the current situation is concerned,there has been a dispute and conflict of views on the determinants of enterprise investment and the efficiency of enterprise investment.Because of this uncertain research state,the investment efficiency of enterprises has become a focus of attention for economists.In contrast,academia has rich research on corporate financing and dividend policy,while the research on corporate investment direction is relatively little,and more tend to study the impact of information asymmetry and agency issues on investment expenditure.In addition,China's capital market is not yet weakly effective,the capital market is severely disengaged from the real economy,and speculation is serious,which has a serious impact on corporate financing arrangements and physical investment decisions.Also there are very few literatures that study corporate investment efficiency from the perspective of capital market mispricing.In view of this,this paper analyzes the relationship between the mispricing of capital market and the investment of enterprise efficiency,which has great theoretical value and practical significance to improve the efficiency of the company's investment,improve the construction of the capital market system and the study of enterprise investment.First of all,this paper takes the financial data of A-share listed companies from 2010 to 2018 as a sample.And measuring the effect of mispricing in capital market on investment efficiency by using panel data.Secondly,on the basis of theoretical analysis,this paper puts forward three basic assumptions,and by reading a large number of literature and selecting the relevant variables to establish three regression models.After that by using descriptive statistical analysis and correlation test to obtain basic data characteristics and relationship information between variables,and then an empirical analysis was performed on the regression model based on multiple measurement tools such as multiple linear regression.In the meantime,the reliability of the econometric model is fully considered to test the robustness of the model.Finally,through the empirical results,it is found that:(1)the mispricing of capital market has a significant positive impact on enterprise non-efficient investment,(2)the overestimation of capital market pricing has a significant positive impact on enterprise overinvestment,and(3)there is no significant correlation between underestimation pricing in capital markets and insufficient investment of enterprises.Based on the above empirical research,in order to further improve the investment efficiency of enterprises,this paper puts forward the following three policy recommendations: First,improve the market-oriented issuance,trading and supervision system.Second,strengthen the quality of corporate information disclosure,improve the information disclosure system.And third,improve the risk prevention awareness of small and medium-sized investors.