Research On The Influence Of Managerial Academic Experience On The Efficiency Of Capital Allocation

The reform and opening-up has resulted in the phenomenon of "scholar going to the sea" in economic development.Some scholars who once worked in universities,scientific research institutes or associations have engaged in business deals and become executives.This phenomenon makes some executives have some academic experience.The managerial academic experience is a kind of work experience,which makes executives form some marks matching the work,and these marks can affect the company’s operation and management decisions to a certain extent.Some scholars have proposed that the managerial academic experience is an internal governance mechanism of a company,which can restrain the self-interest behavior of executives,and the self-interest behavior of executives can affect the capital allocation efficiency.Based on the perspective of corporate governance,this paper explores the mechanism of the impact of the managerial academic experience on the capital allocation efficiency.Using the theoretical analysis and empirical test,this paper selects Shanghai and Shenzhen A-share listed companies’ date from 2010—2017as samples.Firstly,this paper discusses the managerial academic experience has an impact on the capital allocation efficiency.Secondly,taking the degree of earnings management as an intermediary variable,it tries to verify earnings management is a way to affect the capitalallocation efficiency through the managerial academic experience.Finally,taking the internal control and the marketization level as the adjusting variables,it analyzes their mediation roles in the process of affecting the capital allocation efficiency through the managerial academic experience.The results show that(1)The managerial academic experience helps to improve the capital allocation efficiency,(2)The managerial academic experience improves the capital allocation efficiency by restricting executives’ earnings management behavior,(3)When the company’s internal control level is lower,the managerial academic experience can improve the capital allocation efficiency more significantly,(4)Compared with the companies in the regions with higher market-oriented level,the managerial academic experience has more significant effect on the capital allocation efficiency in the regions with lower market-oriented level.These conclusions expand the research perspective of capital allocation efficiency,enrich the research results of the managerial academic experience,and also have an important enlightenment on the selection and employment of executives.