【作者】 王成秋；

【导师】 韩传模；

【作者基本信息】 天津财经学院 ， 会计学， 2004， 博士

【摘要】 投资活动是企业财务活动的核心,是企业财务管理的根本。企业价值的增加从根本上取决于企业的投资决策,取决于投资效率的提高。因为只有科学的投资决策,高效率的投资决策,才能带来更多的现金流量折现值,从而增加企业价值。但现实是残酷的,我国企业在投资过程中普遍存在着投资效率低下的问题。正是基于以上思虑,笔者在借鉴西方已有研究成果的基础上,从企业的角度对投资效率的基本概念、投资效率的理论框架以及投资效率创造的途径等问题进行了梳理和系统地研究,以求丰富和发展投资理论,推动我国企业投资效率的提高。 本文研究的内容由导论和八章内容构成,其层次结构、主要内容如下: 导论部分。本部分首先论述了研究投资效率问题的背景;其次,对国内外有关投资效率问题的研究进行了梳理和评述;第三,介绍了本文的研究范围、研究目的和研究方法;第四,阐述了本文的逻辑思路与研究框架;最后指出了本文的创新之处。 第一章是投资效率概述。本章首先界定了投资效率的含义,指出投资效率是企业投资所取得的有效成果与所消耗或占用的投入额之间的比率,也就是企业投资活动所得与所费、产出与投入的比例关系。但此处的投资活动所得和所费比经济学中的投入与产出在范畴上要广泛的多。其次,讨论了投资效率的形式特征。指出投资效率标准的多样性、投资效率实现过程的跨部门和跨领域性以及投资效率的外部性是投资效率的最根本特征。第三,论述了投资效率的影响因素。 第二章是投资效率的环境分析。与投资效率相关的环境因素很多,但资本市场效率和公司治理结构具有其特殊性。资本市场具有效率性和混沌性,而资本市场效率的高低会间接影响到投资效率的提高,但我国的资本市场却是在以低效率运行,故而论文提出了有效提升我国资本市场效率,营造理想投资环境的措施。公司治理结构的有效性则会直接关系到企业投资效率的提高。有效的公司治理结构是投资效率提高的保证,是提高投资效率的内在动力。但是我国公司治理结构也存在着许多缺陷,笔者在此给出了相应的解决措施。 第三章是投资效率的目标。投资效率的目标具有多层次性,具有综合性。因而给投资效率目标一个准确的定义是件困难的事情,但可以通过多元化的形式表现出来。论文将投资效率目标分解为风险性与收益性的均衡、未来现金流量的折现值最大化和投资所需的资本成本最小化三个子目标。 第四章是投资效率的评价体系。本章首先探讨了投资效率的价值标准,并对传统的投资效率评价体系进行了评析;其次在此基础上通过调查问卷的形式,对美国和我国企业的投资效率评价指标体系进行比较,发现我国企业在投资效率评价指标体系的选择过程中,存在着诸多的不理性,回收期指标的高频率使用,折现指标的倍受冷落应该是比较贴切的概括;再次,针对我国现状,构建了理性的投资效率评价体系。 第五章是投资规模与投资效率。从这一章笔者开始论述投资效率创造的途径。本章主要探讨了投资规模与投资效率的关系,并指出我国企业进行投资规模扩张势在必行。但我国企业在规模扩张过程中存在许多的误区,针对我国企业规模扩张的误区,笔者提出了相应的解决措施。 第六章是投资结构与投资效率(上)。本章主要探讨的是投资的时序结构。首先对投资结构进行了划分,界定了本章对投资结构的研究范围,即时序结构;其次,论述了投资时序结构的特性;再次探讨了投资时序结构的理性选择。 第七章是投资结构与投资效率(下)。本章主要探讨的是多元化投资结构。关于投资结构与投资效率的关系分析,重点放在本章多元化投资结构上。本章首先对多元化投资结构进行了界定;其次,分析了投资结构的收益和风险;第三,阐述了有效投资结构的选择;第四.讨论了投资分散化与企业价值的关系;第五,在分析我国企业多元化投资现状的基础上,提出了适合我国企业的多元化投资的模式—在核心专长与核心产业支撑下的有限相关多元化模式。 第八章是投资规模与投资结构的协调效率。本章首先分析了投资规模与投资结构的矛盾与冲突,而后论述了投资规模与结构的协调趋势又投资规模与投资结构协调的绩效、投资规模与投资结构的协调,最后提出了我国现阶段的对策与思考。【关键词】投资效率投资规模投资结构评价体系多元化投资更多还原

【Abstract】 Investment which is the most important activity in the financial actions is fundamental to the operating management of corporations. It is the rational investment decision and efficient investment that greatly enhance the value of the corporations. Rational and efficient decisions can bring more the discounted values. However the practice is not always as we expected, inefficiency is common in many domestic corporation investments. So the writer reviews the achievements in the west word, conducts a systematic and thorough research of the definition, framework of investment efficiency, investigates how to enhance investment efficiency, enriches the theory of investment, put it in use.The paper is consisted of introduction and eight chapters, its structure and main contents is as follows:Introduction deals with the background of the topic in the dissertation the achievements in domestic and international literature, the research scope, the research objectives, the research methods, the logical clue, the research framework and the innovations in this paper.Chapter 1 discusses the basic problems of investment efficiency. First, the writer gives the investment efficiency a definition .The writer firmly believes that investment efficiency is the ratio of the effect and the expedition, in another words, it is the ratio of the income and the cost, it is the input output ratio. Of course, the field of the input and output in investment activity is more extensive than that of economics. Second, the writer discusses the features of investment efficiency which the writer points out are the diversity of investment efficiency criterion, the multi-department and multi-field and the externality of investment efficiency. Third, the writer introduces the factors that affect the investment efficiency.Chapter 2 focuses on the environment of investment efficiency. There are a lot of environmental factors related to investment efficiency, especially the efficiency of capital market and corporation governance structure. Efficiency and inefficiency are concurrent in capital market; simultaneously the efficiency of capital market will affect the enhancement of investment efficiency indirectly. Aiming at our inefficient capital market the writer gives the measures to upgrade the efficiency of capital market and improve the environment of investment. Corporation governance structure will affect the investment efficiency directly. A perfect corporation governance structure is the inner impetus to enhance investment efficiency. However in our country, there are still many deficiencies in corporation governance structure, here the writer gives corresponding recommendations.Chapter 3 deals with the goal of investment efficiency .Although it is difficult to give an accurate definition to the investment goal, we can express it through different ways .In my eyes, the investment goal can be decomposed into three sub goals which are the balance between the risk and the return; the maximization of the discounted value and the minimization of capital cost.Chapter 4 concentrates on the investment efficiency evaluation system. Firstly, the writer deals with the standard of value, and then gives an appraisal of investment efficiency evaluation system. Secondly, he writer compares the investment efficiency evaluation of American to that of Chinathrough questionnaire method, and finds out there are many unreasoning actions, such as using payback period frequently, applying discounted decision models infrequently. Thirdly, the writer constructs the rational investment efficiency evaluation system that is suitable to present situation.Chapter 5 involves in investment scale and investment efficiency. The writer begin with the creation of investment efficiency, analyzes the relationship between investment scale and investment efficiency, points out that it is necessary for our corporations to expand the investment scale, and puts forward some recommendations to correct the mistakes that happened in the course of expanding investment scale in China.Chapter 6 analy更多还原