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Enterprise inefficient investment behavior analysis based on regression analysis

  • * Corresponding author: Wei Li

    * Corresponding author: Wei Li 
Abstract Full Text(HTML) Figure(4) / Table(2) Related Papers Cited by
  • Inefficient investment will affect enterprise's survival and long-term development, and ultimately lead to the decline in corporate value. In order to promote the efficiency of the enterprise investment, in this paper, we aim to effectively analyze enterprise inefficient investment behavior, which has great significance in both enterprise management and social resources allocation. Firstly, we propose and analyze some typical enterprise investment theories, such as 1) MM enterprise investment theory, 2) Jorgensen investment theory, and 3) Tobin's q theory. Secondly, we propose a novel enterprise inefficient investment behavior analysis method based on regression analysis. Finally, to demonstrate the effectiveness of the proposed method, we conduct a series of experiments based on the CCER database. Experimental results show that the economy fluctuates across states due to the aggregate cash-flow shock driving the level of aggregate liquidity. Furthermore, we also can see that the particular sample path starts with a series of positive shocks, which can increase the capital value and decrease the cash value.

    Mathematics Subject Classification: Primary: 58F15, 58F17; Secondary: 53C35.

    Citation:

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  • Figure 1.  Price of capital

    Figure 2.  Marginal value of cash

    Figure 3.  Marginal value of capital

    Figure 4.  Cash to capital ratio

    Table 1.  Descriptive statistic of different variabless

    Variable Minimum Maximum Average Standard deviation
    Age(t-1) 3 17 8.81 2.25
    Size(t-1) 15.68 25.74 22.09 1.09
    Growth(t-1) -1.17 185.21 0.485 5.17
    Lev(t-1) 0.0077 54.27 0.963 2.08
    TBQ(t-1) 0.0001 15.92 0.674 0.591
    Cash(t-1) 0 0.854 0.257 0.126
    Ret(t-1) -0.925 6.38 0.254 0.683
    IVV1(t) 0 0.624 0.054 0.147
    IVV1(t-1) 0 0.552 0.051 0.068
    IVV2(t) -1.39 1.22 0.008 0.163
    IVV2(t-1) -1.27 1.05 0.027 0.129
     | Show Table
    DownLoad: CSV

    Table 2.  Regression results summarization

    Variable IVV1(t) IVV1(t) IVV1(t) IVV2(t) IVV2(t)
    Constant -0.072
    (-2.134**)
    -0.081
    (-2.336**)
    -0.080
    (-2.317**)
    -0.395
    (-3.819**)
    -0.386
    (-3.742**)
    $Age_{t-1} $ 6.954E-5
    (0.115)
    0.001
    (0.782)
    0.000
    (0.659)
    -0.001
    (-0.581)
    -0.021
    (-0.883)
    $Size_{t-1} $ 0.004
    (0.115)
    0.004
    (0.782)
    0.004
    (0.659)
    0.017
    (-0.588)
    0.017
    (-0.883)
    $Growth_{t-1} $ 0.000
    (-0.415)
    -9.78E-5
    (-0.355)
    0.000
    (-0.372)
    0.000
    (0.463)
    0.017
    (-0.883)
    $TBQ_{t-1} $ -0.011
    (-1.968**)
    -0.013
    (-1.742**)
    -0.014
    (-1.696**)
    -0.049
    (-3.741)
    -0.046
    (-3.691)
    $Lev_{t-1} $ 0.000
    (-0.338)
    0.000
    (-0.416)
    0.003
    (1.524)
    -0.002
    (-0.957)
    0.016
    (-3.752***)
    $Cash_{t-1} $ 0.052
    (3.749***)
    0.066
    (4.125***)
    0.064
    (4.121***)
    0.268
    (3.654***)
    0.165
    (3.627***)
    $Ret_{t-1} $ 0.005
    (2.025***)
    0.008
    (1.028)
    0.003
    (1.114)
    0.028
    (3.457***)
    0.028
    (3.364***)
    $IVV1_{t-1} $ 0.475
    (19.965***)
    0.472
    (18.527***)
    0.453
    (18.508***)
    $IVV2_{t-1} $ 0.136
    (3.652***)
    0.135
    (3.827***)
    $Adj-R2$ 0.258 0.274 0.283 0.097 0.106
    $F\;value$ 73.85*** 27.71*** 28.54*** 7.96*** 8.72***
     | Show Table
    DownLoad: CSV
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