Environmental uncertainty, equity nature and inefficient investment -- Based on the study of energy enterprises

Abstract

The healthy development of energy enterprises plays an important role in the development of national economy, energy security, sustainable use of energy and environmentally friendly development. Investment, as an important management function of enterprises, cannot be ignored for the operation and development of energy enterprises. The uncertainty of environment is a common problem that energy enterprises have to face. In this case, the investment and decision-making behavior of energy enterprises will also be affected. There is a general problem of non-efficiency of investment. How to do the correct and efficient investment decisions has become a problem to be solved, energy companies. This paper studies the degree of inefficient investment of energy enterprises under environmental uncertainty, and discusses the moderating effect of equity nature on the degree of environmental uncertainty and inefficient investment. The results show that the greater the degree of environmental uncertainty, the more serious the degree of inefficient investment of energy enterprises; the degree of non-state-owned energy enterprises is more serious than that of state-owned energy enterprises; state-owned energy enterprises can adjust the impact of environmental uncertainty on inefficient investment, that is, compared with non-state-owned enterprises, environmental uncertainty has less impact on inefficient investment of state-owned enterprise.