A Research On The Effect Of Board Characteristics On The Efficiency Of Investment

Investment,exports and consumption are the three troikas of driving China's economic growth.the third is exports,The second is consumption,and investment as the first.In the past more than 30 years,economic growth is mainly driven by large investments.As China's economic growth gradually slowed,but investment remains a major force in driving economic growth.The Consequences of large-scale investment there is serious problem of excessive investment.New norm should be in a slowing of economic growth at the same time improve the quality of economic growth,improvement of the economic efficiency.In order to ensure a stable economic growth,not only to pay attention to the number of investment,but also to concern with the quality of the investment.Due to the governance imbalances and enterprise investment behavior lacking "hard constraint",due to the long-standing non-efficiency investment.The asymmetric information theory is that,ex ante asymmetric information that occur can cause adverse selection problems,not asymmetry can lead to moral hazard,would cause "inefficient".Study on principal-agent theory proposed by designing a mechanism to alleviate this problem.Good corporate governance can ease due to asymmetric information and principal-agent problem between the shareholder and the Manager of the Board,be alleviated to a certain extent,inadequate investment and over-investment,the Board of Directors is the core of corporate governance,and to some extent will affect the efficiency of investment.Firstly,theoretical analysis of the influencing factors on inefficient investment,detailing how governance influences of non-efficiency investment.Select 2011-2013 empirical study of Shanghai and Shenzhen stock market data,combined with relevant theories and assumptions affect results of possible causes,and put forward some suggestions on improving the role of the Board of Directors in corporate governance.