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1、ABSTRACTBusinessgroupsemergealittlelatebutdevelopveryfastinChina,whichshouldbeattributedinlargeparttothegovernment'svigorouslypromote.Astosay,constructionofanumberoflargebusinessgroupsisalsoanimportantmeasureofstate-ownedenterprisereformprocess.BusinessGroupisheadquarteredatthecore,gather
2、anumberofindependentfirms,implementunifiedmanagement,andinternalcapitalallocationbetweenmembercompanies.Businessgroupsarenotonlytheintermediarybetweenexternalmarketandindependententerprises,butalsotheintermediarybetweengovernmentandindependentstate-ownedenterprises.Thebasicfeaturesofbusin
3、essgroupformedisinternalcapitalmarket.Throughinternalcapitalmarket,businessgroupcanmakefiindallocationandfinancing.Thus,itcanplayaroleofoptimizingtheallocationofcapitalandimprovinginvestmenteficiency.Buttheremayberiskofimproperconfigurationandinvestmentineficiency.Basedonthis,otherfeature
4、sofbusinessgroup,suchasdiversityandpyramidlevelcaninfluencecapitalallocation,thusmakepositiveornegativeefcetoninvestmentefficiency.Therefore,weshouldtreattheinvestmenteficiencyofbusinessgroupinadialecticalview,andunderstandindepthvariousinfluenceoninvestmenteficiencythatbusinessgroupmayge
5、nerate.Basicontransactioncosttheory,internalcapitalmarkettheory,principal-agenttheoryandasymmetricinformationtheory,thisthesischoosestheSOEsthatalliliatedbusinessgrouplistedinShanghaiandShenzhenStockExchangeduring2011to2013asresearchobject,fromthemembers'cashflow"interaction",thedegreeofd
6、iversificationofthegrouplevelandthemembers'pyramidlevelthreeareastoresearchimpactonthemembers'investmentandinvestmenteficiencyunderthegroupmode.Conclusionsofthisstudyindicatethat:(1)Inthestate-ownedenterprises,subsidiariesinthegroupaccountedforover80%ofthesamplecompanies.Thisconfirmesthat
7、thevastmajorityofcompanieshavegroupbackground,andthisformoforganizationisverypopularinourcountry;(2)Ofthechoosed2120sample,the1138samplecompanieshaveexcessiveinvestmentIbehavior,thepresenceof982samplecompanieshaveunder-investmentbehavior,thisindicatethatinstate-owne
