管理者背景特征对企业过度投资的影响分析word格式论文.docxVIP

优秀毕业论文 精品参考文献资料 ABSTRACT In the development of an enterprise, resource distribution plays a fundamental role. From the perspective of an overall analysis, the over-investment and resource-wasting caused by such factors as unreasonable capital structure, separation of management right from ownership, over-confidence of management staff and strategic mistake can all be attributed to humans factors. Such human factors as decisions and behaviors exert a most important function in enterprise development. Human decisions and behaviors, especially those of senior management staff, depend on different background characteristics. Therefore, this paper explores the correlation between background characteristics of management staff in Chinese listed enterprises and the over-investment of enterprises by taking the upper echelons theory as the basic idea, reviewing the theories and references related to background characteristics of management staff and enterprise investment, collecting data for empirical study, and carries out a check analysis of the two kinds of listed companies in China: state holding enterprise and non-state holding enterprise through regression model by combining the special state status and cultural system in our country so as to make a further explanation about the effect of management staff’s background characteristics on enterprise over-investment. This paper adopts all A-shares companies listed in stock markets of Shanghai and Shenzhen from 2009 to 2011 as research samples, measures the background characteristics of the manager team from following five aspects: average age, education level, tenure, scale and sex, establishes multiple linear regression model, assesses the enterprise investment efficiency through expected investment model, and chooses enterprise with over-investment to carry out further study. The study indicates that there is a negative correlation between the average age as well as education level and the over-investment of enterprise