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dc.contributor.author林朝南
dc.contributor.authorLIN Chao-nan
dc.contributor.author林怡
dc.contributor.authorLIN Yi
dc.date.accessioned2016-01-11T08:56:06Z
dc.date.available2016-01-11T08:56:06Z
dc.date.issued2014-04
dc.identifier.citation厦门大学学报(哲学社会科学版), 2014, 222 (2):100-109zh_CN
dc.identifier.issn0438-0460
dc.identifier.urihttps://dspace.xmu.edu.cn/handle/2288/94346
dc.description林朝南,厦门大学管理学院助理教授,管理学博士;林怡,厦门大学管理学院博士研究生。zh_CN
dc.description.abstract【中文摘要】从企业层面提升企业投资效率是推动经济持续、健康发展的重要途径。行为财务学理论认为,管理者的个人特质反映到企业会形成“企业性格”,从而影响企业的经营决策及投资效率。基于高层梯队理论的理论阐释,以2004—2011年中国沪、深两市A股上市公司为研究对象,实证考察高层管理者背景特征对企业投资效率的影响,研究表明,企业高层管理团队平均年龄越大,企业越不容易发生非效率投资行为;而高层管理团队年龄差异性越大,越容易发生非效率投资,在国有控股企业中表现得更为显著;CEO在任期中形成的企业专用人力资本能够对企业投资效率产生影响,即专用人力资本能够对CEO克服认知偏差、理性决策作出贡献。 【Abstract】To improve investment efficiency at the corporate level is an important means to promote sustained and sound economic development. According to the Behavioral Finance Theory,the personalities of managers will be reflected in the corporate management thereby bringing forth a “corporate personality”,which has an impact on enterprises’ decision-making and investment efficiency. Based on the theoretical interpretation of Upper Echelons Theory,this paper studies the impact of senior managers’ background characteristics on enterprises’ investment efficiency by using the data of China's A-share listed companies in the stock markets of Shanghai and Shenzhen from 2004 to 2011. The results show that non-efficiency investment behaviors decrease as the average age of senior managers increases,but they are more likely to occur when there is a big age difference in the top management. This effect is more pronounced in state-owned enterprises. Specific human capital acquired during a CEO's tenure can help the CEO to avoid errors of perception and to make rational decisions thereby exerting an influence on investment efficiency.zh_CN
dc.description.sponsorship国家自然科学基金项目“财务分析师信息转化机制研究”(71002043);国家自然科学基金项目“审计师个体行为特征与审计质量研究” (71372074);教育部新世纪优秀人才(NCET-11-0297);福建省新世纪优秀人才(于李胜);霍英东青年教师基金“财务分析师信息攫取机制研究”(131083);教育部人文社科青年基金“产品市 场竞争、公司治理与控制权私制:基于中国上市公司的实证研究”(10YJC630137);中央高校基本科研业务费项目 “非金融企业套期保值行为及监管模式研究”(2012221010);中央高校基本科研业务费项目“审计师个体行为特征与审计质量研究”(2013221014);教育部人文社科重点基地重大项目“我国证券市场财务分析师引导机制及其监管研究 ”(2009JJD790041)zh_CN
dc.language.isozhzh_CN
dc.publisher厦门大学学报(哲学社会科学版)编辑部zh_CN
dc.subject高层管理者zh_CN
dc.subjectsenior managerszh_CN
dc.subject投资效率zh_CN
dc.subjectinvestment efficiencyzh_CN
dc.subject专用人力资本zh_CN
dc.subjectspecific human capitalzh_CN
dc.subject行为财务学zh_CN
dc.subjectBehavioral Financezh_CN
dc.title高层管理者背景特征与企业投资效率——来自中国上市公司的经验证据zh_CN
dc.title.alternativeBzh_CN
dc.title.alternativeBackground Characteristics of Senior Managers and Investment Efficiency:Evidence from China's A-share Listed Companieszh_CN
dc.typeJournal Paperzh_CN


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