Research On The Impact Of Corporate Governance On The Investment Efficiency Of New Energy Listed Companies

In the context of China’s green development,energy shortages and environmental damage have severely constrained the sustainable development of China’s economy.Therefore,the development of the new energy industry has become an inevitable way to promote China’s energy transformation.The development of new energy enterprises has determined the future of the new energy industry,which has attracted the attention of scholars.However,new energy companies have been ups and downs in the "investment boom".Investment efficiency has become an important factor in improving corporate value.Only by continuously improving their investment efficiency can they develop in the long run,and reasonable corporate governance can greatly improve investment efficiency.It is of great significance to study the impact of corporate governance on investment efficiency and optimize the corporate governance of new energy listed companies based on investment efficiency.This paper takes China’s new energy listed companies as the research object,and empirically analyzes the impact of corporate governance on investment efficiency.Firstly,based on combing the literature,define corporate governance and investment efficiency,and analyze the corporate governance of new energy listed companies.Then,theoretically analyses the impact of ownership structure,board characteristics,board of supervisors and executive incentives on investment efficiency and puts forward research hypothesis,using Richardson model to study the investment efficiency of new energy listed companies,and construct a regression model of the impact of corporate governance on investment efficiency;then use descriptive statistics,correlation analysis and regression analysis methods,discusses the influence of corporate governance on investment efficiency from four aspects:ownership structure,board of directors,board of supervisors and managers.The research results show that the Chairman concurrently serves as general manager have a significant negative correlation with investment efficiency.And the proportion of shares outstanding,the size of the board of directors,the shareholding of the board of supervisors,and the proportion of shares held by senior executives are positively related to investment efficiency.Finally,the paper combines the management issues of new energy listed companies and proposes how to improve the investment efficiency of China’s new energy listed companies.It includes improving the share capital structure of new energy listed companies,giving full play to the functions of the board of directors and the board of supervisors,and improving the incentive mechanism for senior management,in order to optimize the corporate governance mechanism for investment decisions and promote the sustainable development for new energy listed companies.