Abstract

Using the data of A-share listed companies in Shanghai and Shenzhen stock exchanges from 2008 to 2017, this paper empirically tests the moderating role of ownership structure between financing constraints and inefficient investment. The study found that rational use of the moderating effect of ownership structure is of great significance to improve the investment efficiency of enterprises. When there are financing constraints, managerial ownership is more sensitive to the improvement of inefficient investment. The concentration of equity strengthens the sensitivity of insufficient investment caused by financing constraints, intensifies the degree of insufficient investment of enterprises, and the state-owned holding enterprises are more affected. On this basis, the paper puts forward relevant policy suggestions to improve the inefficient investment of enterprises.

Key words: Financing constraints, inefficient investment, ownership structure, adjustment effect.