Executive Academic Experience And Corporate Investment Efficiency

This paper takes Chinese A-share listed companies in Shanghai and Shenzhen Stock exchanges from 2011 to 2021 as the main research samples to explore the relationship between executive academic experience and corporate investment efficiency,and further analyzes the specific mechanism and path of executive risk preference and corporate financing constraints in the relationship between executive academic experience and corporate efficiency investment.Through empirical analysis,this paper finds that the academic experience of senior executives can significantly improve the inefficiency investment of enterprises.Then,the inefficiency investment is divided into overinvestment and underinvestment,and it is found that the academic experience of senior executives has a certain improvement effect on both overinvestment and underinvestment.By senior academic experience’s influence on enterprises investment efficiency mechanism analysis found that the academic experience can reduce the risk preference of executives or reducing financing constraints to improve the efficiency of corporate investment,and further to over-investment and under-investment in research respectively,found that executives risk appetite to the excessive investment enterprise almost non-existent influence mechanism,But there is an influence mechanism for enterprises with insufficient investment;The performance of enterprise financing constraint is different.It has obvious influence mechanism on over-investment enterprises,but almost no influence mechanism on under-investment enterprises.The research of this paper not only broadens the research on the influence of executive personal characteristics on corporate investment decisions,but also enriches the specific influence mechanism of executive academic experience on corporate investment efficiency.The research results provide a new idea for how to improve the investment efficiency of enterprises based on the personal characteristics of senior executives,and provide a certain reference for the personnel selection and appointment conditions of senior executives and the investment decisions of enterprises.