本文在以往研究的基础上依据现有理论从 CEO 与董事背景特征入手,以
2010-2015 年沪、深两市 A 股主板上市公司作为研究样本,基于 Richardson 投
资效率测度模型,运用 OLS 方法研究了 CEO 与董事背景特征相似性对公司投资
效率的影响,并在此基础上延伸开来检验了产权性质的调节作用。研究结果显示,
上市公司 CEO 和董事间背景特征相似性与公司投资效率存在着显著的相关关系
其中年龄相似度、受教育程度相似度以及受教育专业相似度都与上市公司投资效
率存在显著地负相关关系,但是在性别相似性和任职年限相似性这两方面却并没
有表现出显著的相关性。此外,上市公司产权性质在年龄相似性、受教育程度相
似性和受教育专业相似性对公司投资效率的影响上面具有显著的负向调节作用
本文的研究在以往学者集中在个体特征进行研究的基础上,从整体视角分析
了 CEO 和董事会的背景特征相似性对上市公司投资效率的影响。不仅在理论上
丰富了上市公司投资效率影响因素的相关理论,并且完善了关于管理层背景特征
对公司投资效率的研究,同时在实践上为其任用 CEO 等高层管理人员及制定正
确的投资决策提供了科学的依据,从而在改善投资效率和提高公司绩效的具体措
施上给予了指导建议
关键词:上市公司,背景特征,相似性,投资效率,产权性质II
Study on the Impact of the Similarity
between CEO’s and the Directors’
Background Characteristics on the
Investment Efficiency of Listed Companies
Abstract
Investment is the most important content of the business activities of the listed companies,
whether internal investment or foreign investment is a necessary part of daily decision-making,
and the decision is related to investment efficiency, as the same, investment efficiency determines
the company&39;s future destiny, and the efficiency of investment has also always been the business
indicators focused by the listed companies. But with many researchers carry on the statistics of the
listed company investment efficiency, results show that insufficient investment accounted for
more than 55%, which is obviously unreasonable Compared with mature market. With the
research developing, many theorists found that the principal-agent theory and asymmetric
information theory cannot explain the non-efficiency investment behavior by the management of
the companies. However High Order theory has made a new breakthrough in the research of
investment efficiency in the context of demographic characteristics, and to a large extent, it
explains the reasons for the management personnel to make inefficient investment decisions.
Based on the data of Chinese listed companies from 2010-2015, this paper use OLS method
examines both the CEO and directors&39; background characteristics with the Richardson investment
efficiency measurement mode in the perspective of CEO and the background characteristics of the
directors, and the adjustment function of property right is observed. The result showed that there is
a significant correlation between the background characteristics of CEO and the directors of listed
companies on the investment efficiency. Among them, all the age similarity、degree of similarity in
education and educational professional similarity has a significant negative correlation with the
investment efficiency of listed companies. But there is no significant correlation about gender
similarity and tenure similarity. In addition, the property rights of listed has a significant impact
on the relation between the age similarity、degree of similarity in education、educational
professional similarity and investment efficiency.
Based on the study of individual characteristics, this paper analyzes the impact of CEO and
the directors’background characteristics on the investment efficiency of listed companies from the
perspective of the whole, not only enriched the relevant theory of the factors which affecting the
investment efficiency of listed companies, perfect the research on the impact of backgroundIII
characteristics on the investment efficiency of the company, but also provide a scientific basis for
both the appointment of CEO and other senior management personnel and make the correct
investment decision, so as to give guidance and advice for improving the efficiency of investment
and improve the company&39;s performance.
Key words: listed companies,background characteristics,similarity,investment
efficiency,property right目录
中文摘要. I
AbstractII
第一章 绪论.......... 1
1.1 研究背景 .... 1
1.2 研究目的与意义 .......... 3
1.2.1 研究目的 .......... 3
1.2.2 研究意义 .......... 3
1.3 研究方法、内容安排及思路4
1.3.1 研究方法 .......... 4
1.3.2 研究的内容安排及研究思路 ...... 5
1.4 论文创新点及研究难点 .... 6
1.4.1 论文创新点 ........ 6
1.4.2 研究难点 .......... 7
第二章 理论基础与文献回顾 ........ 8
2.1 相关概念的界定 .......... 8
2.1.1 背景特征 .......... 8
2.1.2 相似性8
2.1.3 投资效率 .......... 9
2.1.4 产权性质 ......... 10
2.2 相关理论 ... 10
2.2.1 行为决策理论 ..... 10
2.2.2 相似吸引理论 ..... 11
2.2.3 委托代理理论 ..... 12
2.2.4 投资效率相关理论 . 132.3 国内外研究现状 ......... 14
2.3.1 国外研究情况 ..... 14
2.3.2 国内研究情况 ..... 16
2.4 文献评述 ... 17
第三章 理论分析与研究假设 ....... 19
3.1 背景特征相似性对投资效率的影响 ..... 19
3.2 产权性质对背景特征相似性与投资效率关系的影响 ... 22
第四章 研究设计..... 24
4.1 样本选择与数据来源 ..... 24
4.2 主要变量的选取及定义 ... 24
4.2.1 被解释变量 ....... 24
4.2.2 解释变量 ......... 25
4.2.3 调节变量 ......... 26
4.2.4 控制变量 ......... 26
4.3 模型的构建 . 27
4.3.1 投资效率测度模型 . 27
4.3.2 背景特征相似性与投资效率关系模型 ......... 28
4.3.3 产权性质对背景特征相似性与投资效率间关系调节模型 ..... 28
第五章 实证过程与结果分析 ....... 29
5.1 投资效率测度模型分析 ... 29
5.1.1 Richardson 模型描述性统计 ..... 29
5.1.2 Richardson 模型主要变量相关性检验 ......... 30
5.1.3 Richardson 模型回归结果 ....... 30
5.2 变量的描述性统计与相关性分析 ....... 31
5.3 回归结果及分析 ......... 33
5.3.1 背景特征相似性对上市公司投资效率影响的回归结果 ....... 33
5.3.2 产权性质对背景特征相似性与投资效率关系调节的回归结果 . 355.4 稳健性检验 . 38
第六章 研究结论与展望 ........... 41
6.1 研究结论 ... 41
6.2 研究建议 ... 42
6.3 研究的局限性与展望 ...
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