Top Management Team Heterogeneity And Over-investment:an Empirical Research On Chinese Manufacturing Listed Companies

China’s economy in recent years has been unprecedented development and growth. But meanwhile enterprise or appeared investment unconscionably situation. It make overall capacity surplus situation and make originally resources of enterprise. Waste of resources phenomenon is quite normal. Comparison of the original operating conditions of many good companies experienced a bad investment after the occurrence of a serious loss. Of our investments not only related to business development and growth, but also related to the sustainable development of society, so how over-constrained corporate investment behavior, how to get under the constraints of limited resources is particularly important to maximize the benefits.Manufacturing is an important part of our national economy, is the guarantees of the embodiment of comprehensive national strength, the decision in the international business in China after the division of labor and status. Therefore, China’s manufacturing industry over-investment behavior of listed companies and senior management team has more significant to study the theoretical and practical significance. Modern financial experts believe that managers are not always rational, they are individual concepts, a clear binding, individual manager can not use their expertise to solve existing business problems that require high-level management Team effort. Modern theories about the over-investment are discussed and the ownership structure, capital structure, and so the relationship between the senior management ignored the role of over-investment that managers are homogeneous, there is no reason. Over-investment enterprises in the study problem, without considering the impact of the senior management team factors that may affect the results of the study, so we need the perspective from the executive team of over-investment behavior.This article by the manufacturing sector in China during2007-2009as a research sample of listed companies, in determining the over-investment enterprises, after considering other causes of over-investments, with the empirical approach of top management team heterogeneity on the over-The impact of investments, and finally obtained the following conclusions:the heterogeneity of the senior management team and corporate investment behavior over a certain correlation between. Education heterogeneity of top management team and heterogeneity of term display a significant positive correlation between over-investment and heterogeneity. In the top management team age heterogeneity and gender heterogeneity display a significant negative correlation between over-investment and heterogeneity.