Study On The Impact On Business Investment Decision-making Efficiency Of High-tech Enterprises Corporate Governance In China

This study aimed to investigate the impact on corporate governance characteristics of the investment decision-making efficiency, and compared the high-tech enterprises and non-high-tech enterprises of different types corporate control, corporate governance characteristics are different impact on corporate decision-making efficiency investments.This paper first expounded the related theoretical basis of corporate governance, the concepts and the investment efficiency measures are defined. Then theoretically analyzed the investment efficiency’s influence factors in China and put forward some assumptions. Then, having China’s share listed companies data in2009-2013for the study sample, set up an investment efficiency measure model. Finally through multiple regression analysis, the relationship between governance structure and investment efficiency are tested.This paper has the following results through empirical analysis:(1) the study found that investment in high-tech companies making efficiency significantly better than non-tech companies.2. Institutional ownership percentage, the average directors and supervisors, employee bonuses and corporate decision-making efficiency investments showed a significant positive correlation.(3) In the high-tech companies that:(1) The Board may increase the size of the large size of the board to improve the poor business decisions brought the efficiency of investment. Smaller (2) increase the ratio of the average per legal person shares to directors and supervisors of the marginal efficiency of investment decisions effect.4young high-tech companies that:(1) increase the impact of the size of the board of directors of the investment decision-making efficiency, longer life than the establishment of high-tech enterprises better results (2) to increase the ratio of legal ownership of the marginal efficiency of investment decision-making was better than high.5Analysis Group and the group of non-tech companies corporate governance variables on the efficiency of investment decisions, we found no significant difference.