| The micro foundation of market division of labor and cooperation mode of production is undergoing profound changes. Enterprises as the basic unit of the market economy and the most active participants, for customers to create the greatest value for business philosophy, constantly adjust their horizontal and vertical boundary to upgrade their status in the value chain, and tried to have specific value-added comparative advantage in production as a unit to participate in value network competition. More and more researchers think:to help customers and enterprises to achieve win-win business model changes in the digital economy.Creating and maintaining a competitive advantage is the key to higher profitability than the average. In modern market environment, improving value-added product, alienation and low-cost strategy, by improving product-specific investments would be an effective way. From the special role of assets, corporate investment efficiency analysis of the transmission mechanism helps companies to maintain market share and premium pay. In all aspects of corporate product design, production, sales and distribution asset specificity significantly affects the level of competitive advantage. Strategy and technology for the company’s proprietary assets helps to reduce costs, improve quality and provide differentiated services. Asset specificity therefore helps to improve investment efficiency. By analyzing data on specific investment assets we found that while asset specificity of the domestic enterprises plays a certain role in promoting efficiency, the impact is not significant. To further investigate the influence of special details of assets and investment efficiency, combined with China’s actual conditions the transition economy, the paper according to the shareholding proportion of state-owned shares of listed companies grouped empirical test samples, concluded that the relatively low share of state-owned stake listed companies, investment efficiency is not high; holding companies have a positive effect on the high specificity of the efficiency of investment assets more pronounced.According to the relevant national circumstances analysis, this paper considers to enhance our overall competitiveness and international status of the enterprise value, improve investment efficiency of enterprises. The government should strive to broaden the financing channels of listed companies, improve the capital market functions to maintain fair competition in the capital market, gradually reduce the stake of state shares and legal person shares to encourage institutional investors to actively participate in corporate governance. |
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