The Impact Of Corporate Governance On Investment Efficiency Of Listed Manufacturing Companies Empirical Research

The importance of investment decisions in financial management activities of listed companies is self-evident.The correctness of investment decisions is closely related to the realization of its business objectives and strategic planning.To a certain extent,the cost of investment decisions is related to the survival of listed companies and their sustainable development.There are different types of situations in an enterprise's decision-making,investment process,and agency costs in its business process,which also correspond to different degrees of agency costs and information asymmetry risks.These factors will infringe the legitimate interests of the company and external investors.In order to transfer agency costs and information asymmetry risks,shareholders will take active actions to protect their own vital interests,including optimizing the internal governance mechanism of listed companies,adjusting management models and personnel organization structure.Most scholars basically consider the influencing factors of corporate governance from multiple perspectives when studying the management decisions and investment efficiency of listed companies.Therefore,this article uses listed companies in the manufacturing industry as a research sample to try to explore the internal relationship between corporate governance and investment efficiency.Based on the research background and practical significance of the thesis,this paper refines and absorbs the classic theories and useful ideas in relevant research results at home and abroad,systematically elaborate the theories related to corporate governance and investment efficiency,based on the investment efficiency measurement model constructed by Richardson,Based on the 2012-2018 financial data of listed Chinese manufacturing companies,as the basis for research,first measure the inefficient investment of enterprises,study the investment level of enterprises,and then explore the relationship between certain factors in corporate governance and investment efficiency.Then,based on the investment efficiency measurement model and the regression model constructed with corporate governance and investment efficiency as variables,empirical analysis and conclusions are drawn on the correlation between listed company governance and investment efficiency.Finally,relevant suggestions and countermeasures are put forward on the empirical analysis results.Through the analysis of empirical results,the following conclusions can be drawn:(1)When the nature of the equity is a state-owned enterprise,the investment efficiency of the enterprise is significantly reduced;(2)When the salary level of the core executives in the listed company is increased accordingly,the investment efficiency level of the enterprise It will also increase accordingly;(3)The relationship between the shareholding ratio of the largest shareholder and the listed companies in the manufacturing industry is an inverted "U"relationship that increases first and then decreases;(4)The degree of equity checks and balances exists between listed companies in the manufacturing industry Positive correlation;(5)When the proportion of independent directors increases,it will help the investment efficiency of listed companies in the manufacturing industry;(6)When the shareholding ratio of the board of supervisors increases,the investment efficiency of listed companies in the manufacturing industry will significantly improve.Based on the above conclusions,this article puts forward suggestions and countermeasures for improving the governance efficiency of manufacturing listed companies from the following aspects:optimizing the shareholding structure,perfecting the board system,establishing an incentive mechanism,and establishing a supervision mechanism.