Research On The Relationship Among Institutional Investors,Financing Constraints And Enterprise Investment Efficiency

Enterprise's investment and financing behavior is an important part of enterprise's operation management.A reasonable and effective investment can help enterprises maintain competitive advantage and realize value increment.Due to the imperfect development of China's market economy system,there still exist over-investment or under-investment.In the context of China's new round of steady growth,structural adjustment and Economic Reform,the realistic and significant issue of improving the efficiency of enterprise investment deserves our further study.At the same time,institutional investors have developed rapidly under the impetus of market investment demand.They play important roles in the supervision of enterprise management,and affect investment decisions.Therefore,it is necessary to study the role of institutional investors play in improving investment efficiency.In this context,this thesis chooses the panel data of 597 A-share listed companies in Shanghai and Shenzhen Stock Markets from 2013 to 2017 as samples.By differentiating investment efficiency,this thesis mainly studies inefficient investment behavior.Firstly,Richardson's moderate investment model is used to analyze the current situation of investment efficiency in these companies during the observation period,and two groups of samples are distinguished on this basis,including under-investment and over-investment.Secondly,based on the discuss of investment efficiency,this thesis chooses institutional investors' shareholding,stable investorsand transactional institutional investors' shareholding and financing constraints as research variables and constructs a regression model to empirically test these variables' impact on under-investment and over-investment.Finally,by describing the financing constraints of sample firms during the observation period,the moderating effect of financing constraints in the relationship between institutional investors and corporate investment efficiency is tested empirically.The results show that:(1)It is a common phenomenon that Listed Companies in China have the problem of inefficient investment.The number of under-invested enterprises is increasing,and the degree of over-investment is more severe.(2)The regressive analysis show the negative correlation between the proportion of institutional investors and over-investment.The larger the proportion of institutionalinvestors,the more effective to restrain over-investment.The negative correlation between the proportion of institutional investors and under-investment is significant.The larger the proportion of institutional investors,the stronger the ability to alleviate under-investment.(3)Based on the analysis of institutional investors classification,the result shows that stable institutional investors can play a better role as active supervisors than transactional institutional investors in corporate investment decision-making.The larger the proportion of stable institutional investors,the stronger the effect of restraining excessive investment in enterprises,and the stronger the effect of alleviating insufficient investment in enterprises.(4)Financing constraints can restrain over-investment and aggravate under-investment.At the same time,financing constraints strengthen the restraint effect of institutional investors on excessive investment,which has a synergistic effect to a certain extent;financing constraints strengthen the restraint effect of institutional investors on insufficient investment,and institutional investors' shareholding shows governance effect.(5)Further research shows that in the high financing constraints group,the coordination effect and governance effect of financing constraints are stronger in the impact of stable institutional investors on the efficiency of corporate investment;in the low financing constraints group,there is no significant difference in the moderating effect of financing constraints on the efficiency of corporate investment between stable and transactional institutional investors.