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投资效率关系到企业未来价值创造,对企业经营绩效、企业成长和国家经济增长产生了深远影响。本文对企业投资效率财务机理、制约因素和计量模型三方面现有研究成果进行梳理述评,发现现金流是企业投资效率高低的决定因素;企业可以通过改善公司治理和适当限制管理层权力提高投资效率;采用Richardson计量模型能更有效地测度企业投资效率程度。本文进一步认为,研究企业投资效率,一方面要结合企业所处地区环境,从企业所在外部环境和内部环境两方面综合考虑,使结果更有意义;另一方面,既要从持有过量现金角度,也要从现金持有量不足角度分析我国企业投资效率低下问题,使结果更全面。
Investment efficiency is related to the future value creation of the enterprise, which has a profound impact on the business performance, business growth and national economic growth. This paper reviews the existing research results on three aspects of the financial mechanism, constraints and econometric models of the investment efficiency of enterprises, and finds that cash flow is the determining factor of the efficiency of the enterprises’ investment. Enterprises can improve the investment efficiency by improving the corporate governance and appropriately restricting the management power ; Using Richardson measurement model can measure the degree of efficiency of business investment more effectively. This article further believes that the study of corporate investment efficiency, on the one hand to combine the regional environment, from both the external environment and the internal environment of enterprises are considered both to make the results more meaningful; the other hand, it is necessary from the perspective of holding excessive cash , But also from the perspective of insufficient cash holdings of China’s investment in low efficiency, so that the results more comprehensive.