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Overinvestment or Underinvestment——Based on Empirical Evidence from the A-share Listed Companies

With the data of non-financial listed companies from 2004 to 2008,this thesis analyses the non-efficiency investment and examine the effect of fundamentals and corporate ownership structure on investment behaviour of Chinese listed companies.The research results indicate that the behavior of non-efficiency investment is very common among Chinese listed companies,and under-investment is more serious than over-investment.The research results also indicate that asset growth rate,debt maturity,cash flow and corporate age are the four main factors that determine the efficiency of corporate investment behavior.Leverage,firm size and sales growth has a certain relationship with non-efficiency investment but these relationship is not significant.The research also found that the proportion of state-owned shares has a negative relationship with non-efficiency investment while the proportion of the largest shareholders has a U-curve relationship with non-efficiency investment.