The Impact of Institutional Environment to the Investment Efficiency of Listed Companies

Resource endowment and the imbalance of economic development lead to the difference of the institution environment in different area of china. This paper took 2003-2012 years of China's Shanghai and Shenzhen stock markets' A shares of Listing Corporation as the research sample, and examined the influence of institution environment, the nature of property right on Listing companies investment efficiency from government intervention, financial development level and the level of rule by law in three dimensions. The study found that the full sample empirical results show that reducing the degree of government intervention, improving the level of financial development and strengthening the rule of law level construction contribute to the improvement of Listing Corporation's investment efficiency;