First, the reasons for low investment efficiency
(A) the corporate governance mechanism is weak. Managers are naturally motivated to invest too much, which is the main reason for the low investment efficiency of enterprises. A good corporate governance mechanism should be able to effectively curb the excessive investment of managers. However, there are some problems in China's corporate governance mechanism, such as "the absence of owners", the board of directors and the board of supervisors in name only. The major investment decisions of enterprises are completely decided by managers, which leads to the lack of necessary feasibility demonstration for project investment of enterprises, and the result of blindly launching projects is bound to be inefficient and unrewarded.
(2) Serious government intervention. For the sake of employment, stability and political achievements, local governments at all levels in China often interfere with the investment decisions of enterprises, such as forcing enterprises to launch some "political achievements projects" and "employment projects". These projects have social service functions and are often unprofitable, resulting in low returns or even losses.
(3) Poor management in the later stage of the project. Some enterprises have the phenomenon of "emphasizing construction but neglecting management". The main reasons for this phenomenon are:
1. Some managers value scale over efficiency, thinking that as long as they are completed and put into production, they can achieve their goals by expanding the scale of enterprises with sales revenue. But they don't care if they can reach the profit target;
2. Blind diversification leads some managers to lack the knowledge of project investment management in new industries, do not know how to manage, and the project investment efficiency is low.
Second, measures to improve the investment efficiency of listed companies
Based on the above analysis, relevant departments and enterprises can take measures to improve the investment efficiency of listed companies from the following four aspects:
(1) Strengthen corporate governance. Relevant government departments should make it clear that state-owned asset management companies are the specific investors of state-owned assets in state-controlled listed companies; Listed companies should establish a reasonable shareholding structure, increase the number of independent directors, optimize the composition of the board of directors, increase the number of directors holding shares, and encourage directors to strengthen supervision and restraint on excessive investment by managers; Linking investment efficiency with managers' salary can urge managers to restrain excessive investment, strengthen post-project management and strive to improve investment efficiency.
(2) Strengthen the government's prior governance. On the one hand, it is necessary to speed up the legislative process of government behavior, clarify the scope of local governments at all levels, and strictly limit the administrative intervention of local governments in enterprises; On the other hand, improve the evaluation index system of local government officials and eliminate the motivation of government intervention in enterprises.
(3) Feasibility analysis of project investment. In view of the problems existing in the feasibility analysis of project investment in some enterprises at present, such as formality, few comparable schemes and lack of in-depth analysis, enterprise stakeholders should invite experts in finance and technology to strengthen the review of the feasibility analysis report of project investment to ensure that the feasibility analysis report really serves the investment decision of enterprises.
(D) Establish scientific investment decision-making procedures. Scientific investment decision-making procedures generally include the following six steps: determining decision-making objectives; Collect relevant information; Propose alternatives; Preliminary evaluation of alternative schemes through quantitative analysis; Considering the influence of other factors, determine the optimal scheme; Evaluate the implementation of decision-making and information feedback. In order to ensure the scientific nature of investment decisions, enterprises can refer to the above procedures when making investment decisions.
The above are the reasons for the low investment efficiency and the specific situation of the countermeasures to improve the investment efficiency of listed companies, hoping to help you solve your problem. For disputes arising from judicial practice, if litigation procedures are needed, it is suggested to consult relevant experts and lawyers in advance to avoid detours and better solve the problems faced.