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Research on Investment Efficiency and Its Influencing Factors of Iron and Steel Listing Company

Xiaoguang Hu () and Hui Xu ()
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Xiaoguang Hu: School of Management University of Science and Technology LiaoNing,AnShan,China
Hui Xu: School of Mechanical Engineering and Automation University of Science and Technology LiaoNing, AnShan,China

Malaysian E Commerce Journal (MECJ), 2017, vol. 1, issue 2, 8-12

Abstract: Iron and steel industry is one of the most serious duplicate construction industries, this paper reveals the micro basis of the repeated construction of the steel industry from the perspective of investment efficiency of iron and steel enterprises. This paper, based on the data of Chinese listed iron and steel company in 2010-2014, empirically tests its investment efficiency and influencing factors. The results show that over investment is consistent with inadequate investment in Chinese listed iron and steel company, and the overall performance is excessive investment. Among the influencing factors, investment opportunities, debt structure, government intervention, enterprise scale is positively related to over investment, and negatively related to the asset liability rati.

Keywords: Terms—listed iron and Steel Company; Lnvestment efficiency; Lnvestment opportunities; Free cash flow.Journal: Malaysian E Commerce Journal (MECJ) (search for similar items in EconPapers)
Date: 2017
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DOI: 10.26480/mecj.02.2017.08.12

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