A Comparison Research Of Investment Efficiency Measurement

Investment efficiency explains the ratio of achievement and consumption, namely the relationship between inputs and outputs during the enterprise investment process. The meaning of this article is to seek a more reasonable and effective method of investment efficiency for manufacturing enterprises, to guide companies make investment decisions, so as to grab the development opportunity called "Made in China 2025"This article selects three methods to measure investment efficiency, namely SFA, DEA and Malmquist index. The sample includes 2011-2014,533 Chinese listed manufacturing enterprises. Firstly, this research selects identical inputs and outputs index. With the above three models respectively to measure the investment efficiency of listed enterprises. Secondly, this research did a consistency test about investment efficiency results estimated by those three methods mentioned above and found a method which is the most consistent with other approaches. At last, respectively through regression analysis with the result of the measurement, and finds out a highly value-relevant approach.This study draws three conclusions. Firstly, the measuring result by SFA and DEA between 0.1 to 1, the measuring result. Secondly, the measuring result EFF which is estimated by SFA is opposite to the other two results. The measuring result by DEA model has the highest consistency with those measured by the other two models. Thirdly, by regression analysis between Tobin's Q and EFF, TE, PTE, SE, TFPCH, the research finds that PTE can not only reflect enterprise investment efficiency, but also explain the correlation of enterprise value scientifically and reasonably. Therefore, DEA model is the best choice for investment efficiency measurement.The innovation of this paper is that in the same framework choosing three models which are applied frequently when measuring investment efficiency. From the point of the theory of comparative analysis, consistency test and value relevance test toward manufacturing enterprises, this paper contends that PTE, estimated by DEA model, measures the best. This research enriches the field of investment efficiency.