Research On Efficiency Of Investment In Gansu Province To Non-state Owned Enterprises

At present, China’s enterprises continuously improve the investmentrate with low investment efficiency, thus the enterprise generally has theproblem of inefficient investment significantly, namely theoverinvestment and underinvestment. The state-owned enterprises of theexpression efficiency of investment is the most serious problem. Basedon the literatures, the state-owned enterprises inefficient investmentbehavior is manifested as excessive investment, and the performance ofinvestment is insufficient, causing the inefficient investment ofstate-owned enterprises free cash flow, financing constraints, localgovernment intervention, the compensation contract, imperfect corporategovernance mechanism, and the current research for the state-ownedenterprises inefficient. On the investment behavior of the mainempirical large sample analysis, the conclusion is consistent. Namely ourcountry state-owned enterprises exist the problem of inefficientinvestment seriously, and the main manifestation of excessive investment.However, because of the differences of economic endowment differenceand local government interests among different regions in Chinastate-owned enterprises are inefficient investment. Therefore, this paperhopes starting from regional characteristic angle to state-ownedenterprises in Gansu Province as the research object. The state-owned enterprises in Gansu Province is the inefficient investment problemcarries on the thorough analysis of using typical case study method.Firstly, based on the domestic and foreign literature, using the theoryof inefficient investment reviews the results of research on factors thataffect inefficient investment behaviors of companies, and then on thestate-owned enterprises especially, the inefficient investment problem isanalyzed. Subsequently, the inefficient investment behavior of thestate-owned enterprises in Gansu province were overall judgmentanalysis. The use of Richardson investment model, firstly from the macrodata, analysis of the2007-2011in state-owned enterprises of Gansuprovince are calculated and inefficient investment situation; secondly,from the microscopic point of view by using the specific case, furtheranalysis of the causes of the state-owned enterprises in Gansu Province,the investment behavior is inefficient. This paper uses the method of casestudy, the representative of the company " Lan Zhou San Mao Industrial "and " Gansu Qi Lian Shan Cement Group " from the financial indexanalysis, local government intervention, corporate governance analysis ofthe three aspects of the empirical study. Results: the general factorsinfluence the inefficient investment behavior is a certain, but notsignificant; and the local government intervention,"path dependence",influence the incentive system and agent selection mechanism ofinefficient investment of state-owned enterprises in Gansu province is very significant; finally, according to the current situation of companygovernance special state-owned enterprises in Gansu province further,from the accurate positioning, moderate separation of political and markettarget; to promote enterprises to better use of the capital market;governance structure; improve the incentive system four aspects proposedgovernance constructive suggestions.