摘要
本文以2003—2013年发生高管变更的国有上市公司为样本,实证检验了国企性质和高管特征对于企业投资效率的影响。实证结果表明:若国企由市场性变为行政性、高管由非行政背景变为行政背景后,企业投资效率降低;若高管由非专业背景变为专业背景,企业投资效率提升。进一步发现:在行政性国企中,行政背景高管对投资效率发挥着更加重要的影响,而在市场性国企中,专业背景高管对投资效率影响更大;此外,相对于高管特征而言,企业性质对投资效率起到了更加主导的影响。本文对深入理解国企投资行为,国企性质和高管特征所产生的经济后果有重要的意义,也为进一步深化国企改革和国企高管的选拔提供了有益的指导。
In recent years,the Chinese government has been actively improving the investment system of state-owned enterprises(SOEs).In 2004,the state council issued the decision of the investment system reform to encourage the state-owned enterprises to move towards market-oriented investment.In fact,SOEs are under the control of the government.And the government can not only directly hold the shares of listed SOEs,but also indirectly control the listed SOEs through complex control chains.The investment decisions of the two types of SOEs are also influenced by different government controls to some extent.In addition,due to the absence of SOE owners in China,the executives,who hold the important investment decision-making rights of firms,play a crucial role in the investment efficiency of firms.On the one hand,executives may conduct rent-seeking and invest free cash flow in non-profit projects in order to seek personal gains(e.g.,political promotion,etc.)which results in an inefficient investment expansion.On the other hand,executives'personal professional experience and background can also be reflected in investment decisions.Thus,they also make rational investment decisions based on their professional and technical background.Domestic and foreign scholars make a series of research on investment efficiency based the agency theory and asymmetric information theory,and research scopes from the enterprise external government intervention,legal governance environment,the relationship between the corporate banking to the internal corporate governance,equity incentive,executive personal characteristics.However,as two important aspects that affect the investment efficiency,the nature of state-owned enterprises and characteristics of senior executives,which is the decisive factor of SOE's investment efficiency?That is to say,the nature of state-owned enterprises or the characteristics of senior executives plays the dominant role in investment efficiency of SOEs.So far,we do not know this answer.In order to answer the above questio
作者
闫伟宸
肖星
王一倩
Yan Weichen;Xiao Xing;Wang Yiqian(School of Economics and Management/Key Laboratory of Complex System Analysis,Management and Decision,Beihang University,Beijing 100191,China;School of Economics and Management,Tsinghua University,Beijing 100084,China;Institute for Global Private Equity,Tsinghua University,Beijing 100084,China)
出处
《科研管理》
CSSCI
CSCD
北大核心
2020年第8期148-159,共12页
Science Research Management
基金
国家自然科学基金面上项目(71472101,2015.01-2018.12)
北京航空航天大学2020年党建研究课题(2020.07-2021.7)。
关键词
国企性质
高管特征
投资效率
高管变更
firm nature
executive characteristics
investment efficiency
executive turnover
