Research On The Relationship Between Independent Director Governance And Non-efficiency Investment Based On Network Location

Investment provides a great impetus for the rapid development of the economy,and its efficiency has also become an important factor in the rapid growth of the national economy.However,due to the existence of principal-agent problem and the asymmetry of market information,there are much investment bias and operational errors in the listed company,and the resource allocation cannot reach Pareto optimal,which lead to the occurrence of inefficient investment in listed companies.In order to reduce the incidence of inefficient investment,China has continuously strengthened the intensity of corporate governance,And the independent director system introduced in 2001.The management of independent directors mainly affects the investment behavior of the management through the supervision mechanism and the policy suggestion mechanism,in order to reduce the increase in the cost of the agency and the emergence of adverse selection caused by the asymmetry of information,then,continuously improve the company's investment efficiency.However,the conclusion is very different,and some scholars even think that there are a large number of "vase directors" in the listed companies.Therefore,this paper analyzes the effect of independent director and the inefficient investment from the theoretical level and the role of independent directors' network location.Then,this paper analyzes the data of listed companies from 2006 to 2015 to verify the conclusion of the above theoretical analysis.This research shows that the independent director governance can effectively curb the lack of investment and the independent director network has a clear regulatory role,but The impact of the independent directors on the company's overinvestment is not obvious and The role of the independent directors' network is not obvious.Finally,this paper puts forward some countermeasures and suggestions from the aspects of information security mechanism,power and responsibility system and incentive mechanism,and hopes to reduce the inefficient investment behavior of the company further.