Research On Investment Efficiency

Investment which is the most important activity in the financial actions is fundamental to the operating management of corporations. It is the rational investment decision and efficient investment that greatly enhance the value of the corporations. Rational and efficient decisions can bring more the discounted values. However the practice is not always as we expected, inefficiency is common in many domestic corporation investments. So the writer reviews the achievements in the west word, conducts a systematic and thorough research of the definition, framework of investment efficiency, investigates how to enhance investment efficiency, enriches the theory of investment, put it in use.The paper is consisted of introduction and eight chapters, its structure and main contents is as follows:Introduction deals with the background of the topic in the dissertation the achievements in domestic and international literature, the research scope, the research objectives, the research methods, the logical clue, the research framework and the innovations in this paper.Chapter 1 discusses the basic problems of investment efficiency. First, the writer gives the investment efficiency a definition .The writer firmly believes that investment efficiency is the ratio of the effect and the expedition, in another words, it is the ratio of the income and the cost, it is the input output ratio. Of course, the field of the input and output in investment activity is more extensive than that of economics. Second, the writer discusses the features of investment efficiency which the writer points out are the diversity of investment efficiency criterion, the multi-department and multi-field and the externality of investment efficiency. Third, the writer introduces the factors that affect the investment efficiency.Chapter 2 focuses on the environment of investment efficiency. There are a lot of environmental factors related to investment efficiency, especially the efficiency of capital market and corporation governance structure. Efficiency and inefficiency are concurrent in capital market; simultaneously the efficiency of capital market will affect the enhancement of investment efficiency indirectly. Aiming at our inefficient capital market the writer gives the measures to upgrade the efficiency of capital market and improve the environment of investment. Corporation governance structure will affect the investment efficiency directly. A perfect corporation governance structure is the inner impetus to enhance investment efficiency. However in our country, there are still many deficiencies in corporation governance structure, here the writer gives corresponding recommendations.Chapter 3 deals with the goal of investment efficiency .Although it is difficult to give an accurate definition to the investment goal, we can express it through different ways .In my eyes, the investment goal can be decomposed into three sub goals which are the balance between the risk and the return; the maximization of the discounted value and the minimization of capital cost.Chapter 4 concentrates on the investment efficiency evaluation system. Firstly, the writer deals with the standard of value, and then gives an appraisal of investment efficiency evaluation system. Secondly, he writer compares the investment efficiency evaluation of American to that of Chinathrough questionnaire method, and finds out there are many unreasoning actions, such as using payback period frequently, applying discounted decision models infrequently. Thirdly, the writer constructs the rational investment efficiency evaluation system that is suitable to present situation.Chapter 5 involves in investment scale and investment efficiency. The writer begin with the creation of investment efficiency, analyzes the relationship between investment scale and investment efficiency, points out that it is necessary for our corporations to expand the investment scale, and puts forward some recommendations to correct the mistakes that happened in the course of expanding investment scale in China.Chapter 6 analy...