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In order to systematically understand the field of enterprise investment efficiency, this paper analyzes the trend of the development of investment efficiency in the enterprise over time, establishes a cross-sectional research direction and a vertical timeline system, and combines the economic background and research status to make scientific predictions on future development trends. This paper selects “CNKI” and “web of science” as the literature search engine in 2003-2018, and uses the tool (CiteSpace) to cluster and analyze the data, showing the relationship between knowledge structure, main research institutions and evolution law of enterprise investment efficiency. The research results show that the research path of domestic and foreign investment efficiency is different. The domestic undergoes the process from the micro-features of enterprises to the combination of macro-economy. Foreign countries are cutting from macroeconomics and industry factors, gradually combining the micro-features of enterprises, and changing with time. There is a clear trend in research direction. The future development direction of enterprise investment efficiency mainly focuses on the combination of micro-characteristics with economic environment and policies, the commitment of social responsibility, and the influence of market participants' behaviors and emotions on corporate investment efficiency. This research combs the development of research on investment efficiency in domestic and foreign enterprises, and provides a directional reference for the future development of this field. Keywords—Enterprise investment efficiency; Research theme; Research method; Future development

Investment Efficiency Research Theme Changes and Development Trends on the basis of CiteSpace