Study On The Impact Of The Similarity Between CEO's And The Directors' Background Characteristics On The Investment Efficiency Of Listed Companies

Investment is the most important content of the business activities of the listed companies,whether internal investment or foreign investment is a necessary part of daily decision-making,and the decision is related to investment efficiency,as the same,investment efficiency determines the company's future destiny,and the efficiency of investment has also always been the business indicators focused by the listed companies.But with many researchers carry on the statistics of the listed company investment efficiency,results show that insufficient investment accounted for more than 55%,which is obviously unreasonable Compared with mature market.With the research developing,many theorists found that the principal-agent theory and asymmetric information theory cannot explain the non-efficiency investment behavior by the management of the companies.However High Order theory has made a new breakthrough in the research of investment efficiency in the context of demographic characteristics,and to a large extent,it explains the reasons for the management personnel to make inefficient investment decisions.Based on the data of Chinese listed companies from 2010-2015,this paper use OLS method examines both the CEO and directors' background characteristics with the Richardson investment efficiency measurement mode in the perspective of CEO and the background characteristics of the directors,and the adjustment function of property right is observed.The result showed that there is a significant correlation between the background characteristics of CEO and the directors of listed companies on the investment efficiency.Among them,all the age similarity?degree of similarity in education and educational professional similarity has a significant negative correlation with the investment efficiency of listed companies.But there is no significant correlation about gender similarity and tenure similarity.In addition,the property rights of listed has a significant impact on the relation between the age similarity?degree of similarity in education ?educational professional similarity and investment efficiency.Based on the study of individual characteristics,this paper analyzes the impact of CEO and the directors' background characteristics on the investment efficiency of listed companies from the perspective of the whole,not only enriched the relevant theory of the factors which affecting the investment efficiency of listed companies,perfect the research on the impact of background characteristics on the investment efficiency of the company,but also provide a scientific basis for both the appointment of CEO and other senior management personnel and make the correct investment decision,so as to give guidance and advice for improving the efficiency of investment and improve the company's performance.