Research On The Influence Of Corporate Governance On Investment Efficiency Of Enterprises

In recent years,the development of the real estate industry has been a hot issue of people's concern.The total investment in real estate in China increased from RMB190.5 billion in 2005 to RMB 1,0979.9 billion in 2017,with a growth rate of 462.93%.It even reached 120,26.4 billion yuan in 2018,while total real estate investment accounted for 13.27% of China's GDP.It can be seen that the rapid development of the real estate industry has a great impact on China's economic development.In order to realize the rational and effective allocation of enterprise resources,reduce the waste of resources,and protect the interests of enterprises,the state and the people,the investment efficiency of real estate enterprises is very important.The corporate governance mechanism is the key factor affecting the investment efficiency of enterprises.Therefore,the research on the internal relationship between the corporate governance mechanism and the investment efficiency of enterprises is of great significance to improve the investment efficiency of enterprises and promote the long-term development of enterprises.Based on the impact of corporate governance on investment efficiency,this paper first studies and analyzes the domestic and foreign corporate governance mechanisms and the status quo of enterprise investment and relevant theories,and at the same time makes an in-depth analysis of the current economic operation law and macro situation in China.From the enterprise's internal governance structure,external environment and other factors analysis of the enterprise's existence of some problems.In the internal governance structure of enterprises,the influence of corporate governance on over-investment and under-investment of enterprises is analyzed from the perspectives of board of directors structure,board of supervisors structure,incentivepolicies of senior managers and external environment corporate liabilities,degree of market competition and degree of marketization.The results show that the expansion of the scale of the board of directors and the scale of the board of supervisors can effectively restrain the inefficient investment behavior of enterprises.The incentive policy of the board of directors and the management can reduce the excessive investment behavior of the enterprise to some extent.In the external governance environment faced by enterprises,effective market competition can restrain the inefficient investment behavior of enterprises to some extent.The rationality of the enterprise debt structure can help the enterprise to over invest.At last,it puts forward the Suggestions that enterprises should reasonably play the role of independent directors in the governance process,continuously improve the compensation incentive policies according to the actual operating conditions of enterprises,make full use of the internal supervision mechanism and external governance of enterprises,and continuously promote the marketization process of the real estate industry to improve the investment efficiency of enterprises.