Author(s)

Dan Liu, Yufang Ding and Fengxin Zhu

Corresponding Author

Yufang Ding

ABSTRACT

This paper selects panel data of Shenzhen and Shanghai A-share state-owned listed companies from 2013 to 2018 and discusses the impact of ownership structure on investment efficiency based on principal-agent theory. Through multiple regression analysis, the following conclusions are obtained: State-owned listed companies generally have inefficient investment and under-investment is more common than over-investment. Analysis of the relationship between equity structure and investment efficiency reveals that increasing equity balance and the proportion of institutional investors can help improve the investment efficiency of state-owned enterprises.

KEYWORDS

Ownership structure, investment efficiency, state-owned enterprises