高管团队背景特征与投资效率——基于高管激励的调节效应研究

发布时间：2018-04-15 08:04

本文选题：高管团队 + 背景特征　；参考：《审计与经济研究》2017年02期

【摘要】：以高管激励为主要切入点,通过研究2010—2014年A股上市公司数据,在分析我国企业高管团队背景特征对投资效率影响的基础上,结合高阶理论、委托代理理论和激励理论,探讨高管激励对高管背景特征与投资效率关系的调节效应。研究结果表明:(1)高管团队的平均年龄和平均任期与投资效率呈正相关关系;(2)高管薪酬激励对高管年龄和投资效率的关系以及高管学历水平和投资效率的关系均具有正向调节效应;(3)高管晋升激励对高管年龄和投资效率、高管学历水平和投资效率以及高管任期和投资效率这三种关系具有正向调节效应,但对高管性别与投资效率的关系具有反向调节效应。此外,具体划分投资不足组和过度投资组,国企组和民营企业组,并做了进一步检验,对不同企业如何通过适当的激励制度提升投资效率提供了更有针对性的实践思路。
[Abstract]:By studying the data of A-share listed companies in 2010-2014, this paper analyzes the influence of the background characteristics of the senior management team on the investment efficiency, and combines the higher-order theory, the principal-agent theory and the incentive theory.To explore the regulatory effect of executive motivation on the relationship between executive background characteristics and investment efficiency.The results show that: 1) the average age and average tenure of the executive team are positively correlated with the investment efficiency. 2) the relationship between executive compensation incentive and the age and investment efficiency of the senior management, as well as the relationship between the education level of the executive and the investment efficiency.There are positive regulative effects on senior executives' age and investment efficiency.The three relationships of education level and investment efficiency, tenure and investment efficiency have positive adjustment effect, but reverse regulation effect on the relationship between senior executive gender and investment efficiency.In addition, it is divided into underinvestment group and over-investment group, state-owned enterprise group and private enterprise group, and further tests are made, which provide more targeted practical ideas for different enterprises how to improve investment efficiency through appropriate incentive system.
【作者单位】：暨南大学管理学院;
【基金】：国家自然科学基金项目(71171097);国家自然科学基金面上项目(71572068) 2017年广东大学生科技创新培育专项资金项目
【分类号】：F272.92

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