The Relationship Between Executive Team Background Characteristics And Enterprise Over-investment In Property Right Perspective

In recent years,the investment level in our country has maintained a rapid growth.Compared with the investment level,the investment efficiency is relatively low.The issue of investment efficiency has always been the focus of attention both in theory and practice.According to the research of many scholars,the problem of inefficient investment in listed companies is the most obvious.The investment decision of listed companies is made by the senior management team.Therefore,in the study of investment efficiency is concerned about the background characteristics of executives on the impact of investment efficiency,different background characteristics of executives in the investment,there will be different investment preferences.Because of the low investment efficiency is divided into over-investment and under-investment,this article only selected over-investment to study.Due to the particularity of China's national conditions,the background characteristics of executives with different property types have different effects on overinvestment.Therefore,this article also analyzes the relationship between background characteristics and overinvestment from the perspective of property rights.Based on principal-agent theory and high-level echelon theory,this paper studies the relationship between executive background characteristics and overinvestment.This article first reviews the literature from four aspects: the nature of property rights,the background characteristics of senior management,overinvestment and the background characteristics of executives and overinvestment.Second,define the nature of the property,the background characteristics of the executive and the concept of overinvestment.According to the top echelon theory and the agency theory,we analyze the relationship between the background characteristics of the executives and overinvestment and put forward hypotheses: The average age of the team is negatively correlated with the level of overinvestment;the second is that the male proportion of the senior management team is positively correlated with the overinvestment;the third is the negative correlation between the qualifications of the senior management team and overinvestment;the fourth is the senior manager's workin accounting and finance The proportion of executives is negatively correlated with overinvestment.This paper first selects the data of A-share listed companies from2014 to 2016 and uses Richardson's model to measure the level of over-investment,screened out the listed companies with over-investment,rebuilds the model and studies the background of executives of listed companies The relationship between features and overinvestment.The total sample is divided into state-owned enterprises and non-state-owned enterprises and then separately verified,further examining the relationship between the background characteristics of executives and over-investment.Empirical research shows that: the higher the average educational level of the top management team of listed companies in our country,the lower the level of overinvestment;the higher the level of overinvestment when there are two kinds of the combination of the chairman and the general manager in our country's listed companies;The age,education background,the proportion of male,occupational background,the relationship between the two directors and the general manager are not significantly related to the relationship between over-investment and non-state-owned enterprise executive team over-investment;Non-state-owned enterprise chairman and general manager of a combination of one,it will have an adverse impact on the level of over-investment.This paper studies the background characteristics and over-investment of senior executives from the perspective of property rights,which is of guiding significance to the selection of executives and the promotion of corporate value of listed companies.