A Study On The Investment Efficiency Evaluation And Its Influence Factors Of The Listed Companies

Investment, financing and dividend distribution are the core activity of the moderncorporate finance. In domestic capital market, most of the listed companies concernmore about the financing management, and they realize the financing through initialpublic offering and seasoned equity offering. The frequency and amount of thefinancing lead the media and the investors call it money encirclement. The listedcompanies do not care much about the value creative of the investment activities. Oncefinanced successfully, the output of the input is often neglected, thus lead to depressedoperation and poor performance. Under this background, it is essential to investigate theinvestment efficiency and its influencing factors through theoretical and empiricalanalysis with the purpose of enhancing the investment efficiency.In the theoretical research, firstly, the definition of listed companies’ investment isdefined. Secondly, the investment theories are summarized. Thirdly, the investmentcharacteristics of the listed companies are analyzed. Fourthly, from the aspects of therationality of the inputs, output performance and the input and output ratio, threecategories of investment efficiency are defined, and the environment of the investmentefficiency are subsequently clarified. Nextly, the influencing factors of the investmentefficiency are analyzed from the corporate governance, financing management,financing activities and product market factors.In the empirical research, firstly, the efficiency of the listed companies is evaluatedfrom the input-oriented aspect and output-oriented aspect. From the input-orientedaspect, we apply the security market data from2008-2012, the investment efficiencybased on the investment expenditure model show the existence of the over investmentand insufficient investment. And judging by the degree of the investment deviation, theinvestment efficiency are close to1, and this result show that the degree of the overinvestment and insufficient investment are not very serious. Then, we adopt theprincipal component analysis to evaluate the output performance. The results show thatthe investment efficiency is below0and not well satisfied. Secondly, we construct thestochastic frontier analysis to evaluate the investment efficiency from the output andinput oriented aspect. The empirical analysis result show that the efficiency of the listedcompanies is fluctuating around0.7and the efficiency loss are nearly30%. Theefficiency of the investment has promotion space. Thirdly, the empirical research also analyzed the influencing factors by applying the multiple regression analysis andstructural equation models. The empirical results show that the share hold ratio of theinstitutional investors, the largest shareholders and top managers, financial rightallocation, financial control, financial supervision, debt ratio, cash holds, marketconcentration and market share has significant influence on the investment efficiency.And judging by the path coefficiencies of the structural models, all the latent variablesincluding the corporate governance, finance management, financing condition and theproduct factors have significant influence on the investment efficiency.In the countermeasure research, some suggestions are provided for promoting theefficiency of investment. It is need to strengthen the supervision. Meanwhile, the listedcompanies should regulate corporate governance and financial management, enchancethe product competitiveness, and improve the investment management level andoperation efficiency, thus to be helpful for the health development of the listedcompanies and bring the added value for the benefit counterparts of the listedcompanies.The innovation of this paper is described as follows. The listing Corporationinvestment efficiency is defined from a new point of view. Based on the input-orientedor output-oriented aspect and the the output and input oriented aspect analysis, the thesisconstructs the evaluation of listing Corporation investment efficiency model to improvethe investment efficiency evaluation method. At the same time, overcome the pastresearch that mostly studied from single factor limits, this paper incorporate somefactors such as the corporate governance, finance management, financing condition andthe product factors into a unified analysis framework, thus comprehensively grasps thelisting Corporation investment efficiency and its influencing factors.