Research On The Effects Of The Governance Structure Of Listed Companies On The Investment Efficiency

Decision of investment is regarded as the most critical decisions of all enterprises decisions,it causes people to value lies in: on the one hand,it involves the problems of money raising,the source of investment capital;on the other hand,the use of investment capital involves the company’s service efficiency of funds,the company will from various channels to raise capital to optimize configuration,improve the efficiency of using not only directly affect the company’s investment benefit,determines the shareholder wealth,and the smooth realization of the enterprise value maximization goal,so the importance of investment decisions degree is self-evident.Corporate governance practice deepening in our country at present stage,the supply side of the excess capacity reform involved in deep waters,along with the implementation of the strategy of all the way,the acceleration of our country enterprise internal and external investment,however,listed companies on the investment of blindly following,redundant construction,simple diversification is common phenomenon of low efficiency of investment.So this article based on the perspective of governance structure to research how to influence of investment efficiency.At first this article expounds the relevant theories of corporate governance structure,as well as the investment efficiency and define of to measure investment efficiency.And based on theoretically to analyze governance structure factors how to the influence the efficiency of investment,then,in 2012-2015 Shanghai a-share listed companies as the sample data,hypothesis is put forward.Second,building investment efficiency measurement model and governance structure vs investment efficiency of regression model,through multiple regression analysis results are obtained.In the end,consummate the company ownershipstructure,to strengthen the construction of the board of supervisors,perfecting the operator’s incentive and constraint mechanism four aspects put forward the Suggestions and countermeasures.This paper concludes:(1)most of the listed companies in China are under capitalized investment behavior,the issue of investment scale,enterprise growth and the scale of present positive correlation.(2)The equity structure has obvious influence on investment efficiency,the proportion of independent directors,supervisory board shareholding is helpful to restrain the efficiency of investment.(3)Managers compensation incentive and the company set up a strategic board larger impact on investment efficiency.