Research On The Influence Of Executive Background Characteristics On Investment Efficiency Of Listed Companies

Through the analysis of the influence of executives background characteristics on investment efficiency of listed companies,to clarify the background characteristics of senior managers mechanism on investment efficiency of listed companies,the theory of extension of the study of factors affecting the efficiency of investment expansion,empirical evidence to deepen the background characteristics of senior managers affect investment efficiency of listed companies contribute.Executive background is an important indicator of the characteristics of executives,which can affect the investment efficiency of listed companies.In this paper,from 2009 to 2016 two city Shenzhen A shares of listed companies as the research object,said executives background characteristics by age,education,tenure,gender,overseas background,and using Richardson model to calculate the efficiency of investment,through the empirical analysis of the impact of executive background characteristics on investment efficiency of listed companies found that the investment efficiency significantly positive correlation between executives age,educational level and background characteristics and overseas listed companies,that is to say executives age,level of education and overseas background to be able to contribute to the investment efficiency of listed companies.Considering the differences in the nature of property rights,the listed companies found for state-owned enterprises and non state-owned enterprises,compared to the overall study,influence of age on the investment efficiency of state-owned enterprise executives from there is not significant,but never the executive office time impact on investment efficiency significantly changed significantly,other state-owned enterprises and non state-owned business executives background characteristics on investment efficiency are basically unchanged.This article is divided into five chapters.The first chapter is the introduction.This chapter mainly introduces the research background and significance,the research status,main contents and methods at home and abroad,and explains the writing basis and research framework of this paper.The second chapter is the concept,theoretical basis and research.This chapter first defines the relevant concepts,then introduces the transmission mechanism of the impact of executives' background characteristics on investment efficiency.Finally,it introduces the related theories and research hypotheses of executives' background characteristics affecting investment efficiency.The third chapter constructs the model of the impact of executive background characteristics on investment efficiency.In this chapter,we first select executives' background characteristics,then measure the investment efficiency of listed companies.Finally,we build a model of the impact of executives' background characteristics on investment efficiency.The fourth chapter is an empirical analysis of the impact of executive background characteristics on the investment efficiency of listed companies.This chapter first introduces the sample selection and data sources,followed by descriptive statistics of the study sample,regression analysis on the relationship between the background characteristics of senior managers and again listed company investment efficiency,and based on the property differences between executives background characteristics and corporate investment efficiency again test,finally the robustness test of.The fifth chapter is the research conclusion and policy suggestion.This chapter mainly introduces the conclusions of this paper and puts forward the policy suggestions.The innovation of this article mainly includes the following two aspects: first,this paper gives a more comprehensive definition of senior executives' overseas backgrounds.The existing literature reviews the overseas background of senior managers mainly from the overseas background of senior managers,and this article considers the overseas learning experience and overseas experience of senior managers,when senior managers have more than one year of overseas learning experience or overseas work experience.It can be identified that the top management has overseas background.Second,in order to test the difference in the impact of executive background characteristics on the investment efficiency of state-owned and non-state-owned enterprises,this paper uses the Z statistics to make a comparative analysis,while the existing literature does not find that the influence of executive background characteristics on the investment efficiency of the listed companies in the state-owned and non-state enterprises is not detected by the reference of Z statistics.