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1、重庆大学硕士学位论文英文摘要ABSTRACTInvestment is the most important factors to affect economic development of China,but non-efficiency investment has become a common phenomenon in the Chineseenterprises, which therefore has a negative impact on the healthy development of theeconomy. Extant studies show that firm
2、s investment failure is due to asymmetricinformation and agency problems, which can be effectively improved by high quality ofcorporate governance. As Chinese enterprises which are going through the transitioneconomies, in addition to internal corporate governance factors, institutional environmenth
3、as also an effect on the corporate investment behavior. Therefore, in this paper, we studythe influence corporate governance has on firm investment efficiency, based on which,adding institutional environment elements to further study the influence institutionalenvironment has on firm investment effi
4、ciency and analyze the interaction relationshipbetween corporate governance and institutional environment on corporate investmentefficiency, is a useful exploration to break though the problem of inefficient investment ofChinese enterprises, and also provides theoretical basis and empirical evidence
5、 forregulating government behavior, and improving the investment environment Selecting theListed companies in China as the research object, adopting a method of combining thetheoretical and empirical thesis, this paper mainly developed research in the followingaspects:First, corporate investment beh
6、avior are carried out under specific institutionalenvironment, which are subject to local institutional environment inevitably. Firms havedifferent external transaction costs under different institutional environment and thus haveeffect on corporate investment behavior. This paper studies the correl
7、ation betweeninstitutional environment and investment efficiency. The results show that institutionalenvironment is positively related with effectively related with investment efficiency. Theimprovement in the external institutional environment can improve investment efficiency.Second, owing to fina
8、ncing constraints caused by information asymmetry as well asthe agency problems between investors and managers, firms make inefficient investment,while the high quality of corporate governance can improve information asymmetry andagency problems. Therefore, this paper studies the correlation between
9、 the quality ofcorporate governance and investment efficiency from property angles, using principalcomponent analysis method to quantify the overall level of corporate governance. TheIII重庆大学硕士学位论文英文摘要results show that the quality of corporate governance is positively related with investmentefficienc
10、y, which is most significant in private companies, followed by the centralgovernment-controlled enterprises, and local government-controlled enterprises in theleast significant.The last but not the least, corporate governance is a microscopic mechanism, thatfunctions will be effected external instit
11、utional environment. The institutionalenvironment will produce what kind of impact on the correlation between corporategovernance and investment efficiency? How to change the relationship betweeninstitutional environment and corporate governance? Alternative or complementary?Therefore, this paper st
12、udies the impact of external institutional environment in whichcompanies on corporate governance and investment efficiency. The results show thatcorporate governance is positively related with investment efficiency in good institutionalenvironment and poor institutional environment samples. In other
13、 words, there are twoeffects of complementary and alternative. Further study results show that the lower degreeof government intervention and the higher level of financial marketization can improvethe function of corporate governance on investment efficiency, but firms in the poor legalenvironment w
14、ould upgrade internal corporate governance, so that improve investmentefficiency. In other words, corporate governance became an alternative mechanism forpoor legal environment.Results of this study show that accelerating marketization to reduce regionaldifferences in the environment is an important
15、 issue in economy development whichcannot be ignored. Meanwhile, the regions should accelerate the transformation of localgovernment functions, building a favorable external institutional environment, throughlegalization and fair environment promote corporate governance to play a greaterusefulness.
16、Firms should pay more attention to raise corporate governance, establish acomprehensive investment mechanism, which guarantee security, liquidity andprofitability of corporate investment, so as to enhance the investment efficiency.Keywords: Institutional Environment, Corporate Governance, Investment Effici
