Financing Methods and Investment Efficiency of Strategic Emerging Enterprises
Select the data from strategic emerging enterprises listed on the A-share market from 2011 to 2022 and examined the impact of different financing methods on investment efficiency.Research has found that financing methods can affect the investment efficiency of strategic emerging enterprises.Internal financing significantly reduces the investment efficiency of enterprises,manifested as an increase in overinvestment.Debt financing significantly improves the investment efficiency of enterprises,manifested as a reduction in underinvestment.Equity financing significantly improves the investment efficiency of enterprises,manifested as both suppressing overinvestment and reducing underinvestment.Heterogeneity analysis shows that the negative effect of internal financing on corporate investment efficiency is stronger in enterprises with lower institutional investor shareholding ratios,relatively aggressive executives,and state-owned property rights.The positive effect of external financing on corporate investment efficiency is stronger in enterprises with higher institutional investor shareholding ratios,relatively conservative executives,and private property rights.Relieving financing constraints and reducing the degree of information asymmetry are significant mechanisms for external financing to promote enterprise investment efficiency,while strengthening the degree of information asymmetry is a significant mechanism for internal financing to inhibit enterprise investment efficiency.The conclusion indicates that in order to promote strategic emerging enterprises to increase external financing,specific external financing channels should be selected based on the direction of inefficient investment by the enterprise.
NETL
NSTL
万方数据
