Analysis On The Differences Of Investment Efficiency Of Different Ownership Industrial Enterprises In Liaoning Province

Industrial enterprises play an important role in the development of the national economy and are an important driving force for economic growth.As an old industrial base in Liaoning Province,the development of its industrial enterprises has a great influence on the economic development of Liaoning.In recent years,the level of economic development in Liaoning Province has continued to decline,which has a great relationship with the development level of industrial enterprises.So the improvement of the development level of industrial enterprises is particularly important.According to the theory of economic growth,investment factors play an important role in both industrial enterprises and the development of the national economy.At this stage,state-owned enterprises in Liaoning Province still occupy a large proportion.The economic activities of private enterprises and foreign-funded enterprises are increasingly prominent.The situation of coexistence of various ownership systems such as state-owned enterprises,private enterprises and foreign-funded enterprises is basically formed.It has become one of the focus issues of many scholars.This paper is based on Liaoning industrial enterprises to explore the difference in efficiency of different ownership systems and the influencing factors behind it.It is of great significance for the reform of state-owned industrial enterprises in Liaoning Province and the improvement of the efficiency of non-state-owned industrial enterprises.Based on the previous research results,this paper systematically sorts out the relationship between domestic and foreign ownership and enterprise efficiency and the analysis of efficiency differences among different ownership enterprises.The industrial enterprises are divided into different ownership types under the guidance of ownership and other related theories.State-owned industrial enterprises,private industrial enterprises,and foreign-invested industrial enterprises use the data of industrial enterprises in 2006-2016 as a sample to analyze the efficiency difference.Firstly,this paper analyzes the theory of ownership and so on,and compares the research methods of investment efficiency to determine the non-parametric data envelopment analysis method.Secondly,the DEA-Malmquist number method is used for state-owned enterprises,private enterprises and foreign-funded enterprises.The investment efficiency is quantitatively measured,and the underlying causes of the change in investment efficiency are analyzed according to the investment productivity decomposition index.It is found that the investment efficiency of different industrial enterprises is subject to the technical regression,resulting in a decline in investment efficiency;The tobit regression model is used to analyze the influencing factors of the investment efficiency of each industrial enterprise.The results show that the factors such as the asset size,capital structure,management expense rate and financial development level have an impact on the investment efficiency of state-owned enterprises,while private enterprises and There is a significant correlation between capital structure,management expense ratio and regional economic level.Foreign-funded enterprises are affected by the scale of assets,capital structure and management expense ratio.Finally,based on the above research,the corresponding countermeasures and suggestions for the improvement of investment efficiency of various industrial enterprises are proposed from the aspects of internal governance and external environment.