上市公司投资行为影响因素分析--以汽车行业为例-analysis of influencing factors of listed companies investment behavior - taking automobile industry as an example.docxVIP

ABSTRACTAutomobilemanufacturingispillarindustryofChinadevelopment,itsinvestmentbehaviorandinvestmentefficiencyisimportanttoChina’seconomy.Inrecentyearsautomobileindustryincreasedthescaleofinvestment,manyscholarthinkthatover-investmentisexistedinthisindustry.Whyitsinvestmentincreased?whataretheimpactfactorsoftheirbehavior?Whethereachcorporateexistlowefficiencybehaviorwithintheindustry?Thelowefficiencybehaviorisover-investmentorunder-investment?Howtoavoidthislowefficiencybehaviortomakethismanufacturers’investmenttendstorational?Thatistheproblemthatthearticlewillsolve.Thispaperisdividedintosixparts，thefirstpartistheintroductionofthispaper,definestherelevantconceptsaboutinvestment,outliningthebackgroundoftopicsandresearchsignificance.Thesecondpartismainlyontheoreticalstudiesandthecurrentsituation.First,twobasictheoriesoftheinvestmentbehaviorandefficiencystudy—theprincipal-agenttheoryandtheinformationasymmetrytheory.Thensummarizetheviewpointsofscholarsbothdomesticandforeign.Thethirdpartintroduceusinfluencingfactoroftheautomobileindustry’sinvestmentbehaviorinordertounderstandthepossibleadvantageanddisadvantageofthisindustry,thengenerallyjudgethattheautomobileindustrymaybeexisttheproblemofover-investment.ThisresearchchoosethelistedcompanieswhichinShanghaiexchangelistingofautomobileindustryin2009--2011,accordingtocertainstandardsafterscreening,scored220companiesasthesample,toanalysisthefactorsinfluencingtheinvestmentbehavior.Thenusethenotablefactortomeasuretheinvestmentefficiencyandthereasonisthatover-investmentisprevailinginautomobileindustry.Finally,inthefifthpart,toavoidautomobilemanufacturingenterprisesinvestmentirrationalandlowefficiencybehaviorandpromotetherationalizationoftheefficiencyofinvestmentanddevelopment,Imentionsomesuggestionstoimprovetheirownquality,likeperfectthesystemofindependentdirectors,standardizetheboardbehaviorandsoon.ThenewpointinmypaperisthatIputmanyfactorsinonemodeltoanalysistheinvestmentbehaviorinautomobileindustrybutotherscholarsareanalysisonefa