| China's economic development has shifted from a high-speed growth stage to a quality development stage.Therefore,how to create a high-quality development has become a problem to be solved urgently in the current economic context.From the macro perspective to the micro level,corporate investment efficiency is more worthy of attention.When the investment efficiency of a company is higher,it shows that investment behavior is rational and the quality of investment decision is optimal,which will drive the “quality”development of the entire economic environment and will help improve the market mechanism;conversely,when there are too many the non-efficient investment behaviors happening in enterprises,the market's effectiveness will be significantly reduced.As executives of investment decisions,their executives directly determine the future development direction of company.At the same time,as the most dynamic resource of an enterprise,its reasonable structure will help enterprises to gain competitive advantage and achieve long-term business operations.However,the non-perfect factors such as agency conflicts and information asymmetry brought about by the separation of the two powers of the modern enterprise system will induce managers to self-interest and make their investment decisions biased.This will not only damages the rights and interests of stakeholders,but also hinders the company reaching the final business goals.In order to ease the negative effects of executives' irrational behavior,many scholars do research on demographics to study the influence of differences in the behavior of managers with different characteristics on the level of investment.However,most of the existing literature shows that the research subjects are mainly including individuals in the senior management team or the senior management team,and the research objects are the characteristics of homogeneity or heterogeneity of each member;there is less reference to the internal interaction process of team,that is,the mutual interaction effect between different levels of managers at different levels.In a sense,this interactive effect can open the internal “black box” of the senior management team,and show the communication,coordination and organizational capabilities of managers in the formulation of enterprise decision plans and the allocation of limited resources.This article takes the 2007-2016 SH and SZ A-share listed companies as research samples,selects the vertical relationship between the chairman of the board and the seniormanagement team as the main body of research,and determines vertical differences in feature characteristics from the three aspects of age,education,and gender,and forms the research object.Using a combination of literature research,normative research,and empirical research,this paper specifically analyzes the impact of vertical differences in the characteristics of the senior management team on investment efficiency.In addition,executive incentives and executive powers were introduced to study the possible regulatory effects of the two types of variables.The results of the research are as follows:(1)When the other conditions are constant,the greater the difference in the characteristics of the age-vertical pair of social norms,the higher the investment efficiency;and the more obvious in the state-owned enterprises.(2)Both executive incentives and management authority have a moderating effect,and can adjust the correlation between vertical differences in characteristics(age,education)and investment efficiency.The above conclusions are instructive for carrying out people-oriented governance,power governance,and incentive governance for non-efficiency corporate investments. |
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