The Investment Efficiency Analysis Of X Corporate

Investment activity is the core of corporate finance activities, and it is also the root of the modern enterprise financial management. In a rapidly changing business environment, the increase in value of an enterprise depends fundamentally on enterprise investment decision, depends on improving the efficiency of investment, so companies’ investment decisions will be important influence to the enterprises.China’s market is an emerging capital market, its operation still exists many drawbacks. This will influence the investment behavior and investment efficiency. China is in the key period of reform, the complex business environment and uncertain prospects for the development of the industry will lead to the inefficiency of the enterprise investment, this will bring some serious trouble for the sustainable development of China’s enterprises. In this paper, combined with the previous studies, the investment of the enterprise efficiency is divided into over-investment and under-investment. Over-investment will lead to enterprise funds and other factors of production is wasted, and the increasing enterprise risk; Under-investment, make the enterprise funds a large number of idle, lead to enterprise value-added slow and damage to the value of the enterprise.This article will analyze the X enterprise investment efficiency. X company is representative of the manufacturing enterprise. It is full of competition between manufacturing enterprises, and its investment is unreasonable, which may lead to lose competitive advantage and detract from the enterprise value.This paper firstly combed the recent study of relevant literature of corporate investment efficiency; then we analysis the related theory of enterprise investment efficiency from the property right theory, contract theory, information asymmetry theory, behavioral finance theory and the theory of corporate governance. Next we summed up the models for the measure of the efficiency of the enterprise investment, and then integrating the models to build a new model to measure the efficiency of the enterprise investment for this paper. Then we analyze the investment efficiency of X enterprise by using the new model.Based on the analysis of X corporate investment efficiency, we found that the investment efficiency not only influenced by microcosmic factors such as asset characteristics, investment opportunities, enterprise scale and profitability, but also affected by the macro environment, then it shew different state such as over-investment, under-investment and investment effective.Finally, we put forward some corresponding countermeasures, and then we can promote the optimization of investment efficiency of listed enterprises in our country. We can improve the enterprise value. We can protect the interests of the investors and enterprises and we can promote the healthy and continuous development of our capital market.