摘要
本文以2007—2015年沪深A股非金融类上市公司为研究对象,实证检验董事长的EMBA背景和所属企业投资效率间的关系。研究发现:(1)相较于其他企业,拥有EMBA背景的董事长所属企业的投资不足现象明显更少,而投资过度水平却更高,该结论在采用工具变量法、Heckman两阶段模型、倾向得分匹配法和安慰剂检验等控制可能的内生性问题后依然成立。(2)分样本检验发现,董事长EMBA背景对企业投资效率的影响仅存在于缺乏商科知识储备、社会关系网络较弱的董事长所属企业,说明EMBA背景通过改善董事长的知识结构、拓宽社会关系网络作用于企业的投资效率。(3)进一步研究发现,拥有"名校"EMBA背景的董事长更擅长投资决策,其所属企业的投资不足和投资过度现象相对不明显。本文丰富了高层梯队理论的研究内涵,为教育部门制定相关政策及市场对EMBA项目价值的正确认识提供了实证支持。
Sampling on Chinese A-listed firms from 2007 to 2015, and collecting EMBA background information of chairmen of the board by programming Python in Chinese listed companies’ annual report and university websites, we examine the relationship between the EMBA background of chairmen of the board and the efficiency of investment. The results show that the EMBA background of chairmen of the board really reflects in relieving the lack of investment in enterprises, but in promoting overinvestment. This conclusion is still established after using the Instrument Variable,Heckman, PSM and Placebo test to control the possible endogenous problems. Sub-sample test shows that the effect of the EMBA background of chairmen of the board on the efficiency of investment only exists in the chairman group that lacks knowledge reserves and social relation networks, which proves that elite education affects the efficiency of investment by improving managers’ decision-making ability and constructing a'classmate circle'. Finally, considering the'famous school'effect of EMBA program,we find that the EMBA provided by famous universities can alleviate the investment shortage of enterprises, but it will not lead to excessive investment, rather than a famous school project.The results of this paper enrich the relevant literature of Upper Echelon Theory, and expound the impact of the educational background of chairmen of the board on the efficiency of investment from the perspective of EMBA program experience with the educational property and social relation networks.Through the systematic training of EMBA program, chairmen of the board could enhance the structure of their own knowledge, improve their ability and level of decision-making under the information asymmetry, and extend their network in the'classmate circle'. Moreover, it helps to understand the investment efficiency of enterprises under the condition of the imperfect formal system in Chinese markets, and the results also provide empirical references for regulators to establish a
作者
余威
陈秋平
李梦丹
Yu Wei;Chen Qiuping;Li Mengdan(School of Management,Xiamen University,Xiamen 361005,China;Xiamen National Accounting Institute,Xiamen 361005,China)
出处
《外国经济与管理》
CSSCI
北大核心
2019年第2期99-111,共13页
Foreign Economics & Management
基金
国家自然科学基金面上项目(71572158
71372071)
关键词
教育属性
社会关系网络
投资效率
工具变量法
educational property
social relation networks
investment efficiency
instrumental variable method
