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• W2392237070 abstract "Making investment decisions has been a popular topic in the modern corporate finance research area since Modigliani and Miller's( 1958) work was published.Many studies show that the underinvestment caused by financing constraints and overinvestment resulted from agent conflicts are typical features of listed companies' investment distortion and inefficiency in China.Although the underinvestment and overinvestment can both be considered as the loss of investment efficiency,they have completely different policy implications.If the financing constraint is the main cause for listed companies' investment efficiency loss,major policies should focus on addressing issues related to capital market's construction and improvement.These issues may include the listed companies' information disclosure,the structure adjustment of the capital market,and the expansion of financing channels..If the main cause comes from internal agent cost,policy should emphasize on the improvement for companies' internal management scheme and external supervision.The above background leads us to focus on two issues:( 1) Do Chinese listed companies present underinvestment problems due to financing constraints or overinvestment problems induced by agent conflict?( 2) Will companies with different scale,nature of equity,and growth characteristics show different investment distortion features?The existing empirical researches on the relations among financing constraints,agent conflict and companies' inefficient investment behavior are generally conducted with the investment-cash flow sensitivity coefficient as the measurement,and payout ratio and company scales as the variant.In fact,companies' inefficient investment behavior is the product of both financing constraints and agent conflict.These two factors interaction will determine a company's investment behavior.Besides,the investment-cash flow sensitivity coefficient cannot be utilized to test the financing constraints or agent conflicts theory for Chinese listed companies because the investment outlays caused by agent conflict has cash flow sensitivity issues.In addition,investment-cash flow sensitivity alone cannot explain the coexistence of and the relations between underinvestment and overinvestment.Different from existing studies,this research is to construct a theory model to analyze the relations among financing constraints,agent conflict,and companies ‘ inefficient investment behavior based on Myers and Majuf's( 1984) study.With reference to the empirical research model by Vogt( 1994),this research discusses the relation between the investment-cash flow sensitivity and companies' actual investment behavior.This study will further investigate whether the relations of financing constraints,agent conflict and companies' inefficient investment behavior will alter between companies with different equity nature and scales.This research shows that the investment distortion triggered by the Private Benefits of Control( PBC) is presented in different ways.Firstly,companies' investment inefficiency is affected by both financing constraints and agent conflict resulting from the PBC.Secondly,state-owned and non state-owned listed companies are both highly investment-cash flow sensitive but with different manifestations.In general,state-owned listed companies have the tendency of making overinvestment decisions while non state-owned companies making underinvestment decisions.Thirdly,small-scale companies are more investment-cash flow sensitive and tend to make under investment decisions compared to large-scaled companies." @default.
• W2392237070 created "2016-06-24" @default.
• W2392237070 creator A5071757796 @default.
• W2392237070 date "2014-01-01" @default.
• W2392237070 modified "2023-09-24" @default.
• W2392237070 title "Financing constraints agent conflict and inefficient investment of Chinese Listed companies" @default.
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