A Study On The Influence Of Corporate Executives Connection On Diversified Investment And Enterprise Value

For a long time, diversified investment and enterprise value has been a hot issue in academic research, many scholars at home and abroad from the enterprises themselves and the characteristics of the executives research and discussion, which conducted the research from the executive characteristics has become in recent years important research direction, but more from the executives demographic characteristics such as gender, age, educational background) research, and from the social attribute of top managers of diversified investment and enterprise value research is relatively inadequate.From the social network theory, the article first analyses influence on diversification level executives connection between enterprises. Secondly, it analyses the influence of executives association of enterprises to diversify the investment on the enterprise value. This paper based on sample data of 2008- 2014 based, influence of executives connection between enterprises on the degree of diversification investment and executive connection diversification level of enterprise value were empirical tests.The empirical results show that:(1) enterprise executives association and diversified investment exist positive correlation;(2) inter enterprise executives association will improve the enterprise value;(3) the diversification of investment can improve enterprise industry value;(4) the diversification of investment under the link of executive management can enhance the enterprise value.The innovation of this paper lies in:(1) in the full consideration of the executives of social attributes based on, from a new perspective reveals the company diversified investment of causes and effects, in a certain extent, enriches and develops the theory of corporate diversification;(2) in the study of executives connection, the relationship between diversification and firm value, from the perspective of inter enterprise executives association reveals the diverse impact on the enterprise value of the underlying causes. This in a certain extent helps to enterprises in-depth understanding of the diversification of investment and the value of the company the shadow ring for senior managers of enterprises in the implementation of diversification strategy to realize the enterprise value has an important reference significance.