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论文编号：	10111
作者编号：	2120162711
上传时间：	2018/6/8 17:48:53
中文题目：	具有高管任职经历的独董对公司投资效率的影响研究
英文题目：	The Research on the Effect of Independent Directors With Senior Management Experience on the Investment Efficiency of the Company
指导老师：	周建
中文关键字：	独立董事；公司投资效率；高管任职经历
英文关键字：	Independent Directors; Corporate Investment Efficiency; Working Experiences
中文摘要：	投资活动作为公司财务管理的核心之一,是管理层通过主观能动行为对公司资源进行配置的过程且与公司的长远发展休戚相关。投资过度或投资不足都是抑制投资效率的因素，严重阻碍了公司的全面可持续发展。董事会是公司治理研究的核心，尤其是独立董事的治理作用得到了学术界的广泛关注。独立董事在公司中主要承担着两种作用：监督职能和咨询职能。而具有高管任职经历的独立董事往往具有更为丰富的实践经验，熟悉公司投资运作，能够更加准确、快速地对公司投资项目做出合理地判断，从而能够对管理层不合理的投资项目表达反对意见以及提出更为合理、可靠的投资建议。 本文以2012—2016年沪深两市的非金融上市公司为研究样本，采用统计分析软件stata14.0对样本数据进行描述性统计、相关性分析及固定效应回归分析。研究了具有高管任职经历的独董、同行业任职经历的独董、兼任的独董与公司投资效率之间的关系。实证结果显示：首先，具有高管任职经历的独立董事与公司投资效率呈显著正相关关系。其次，同行业任职经历的独董，能够正向调节二者之间的关系。而兼任独董并不会调节二者之间的关系。进一步研究发现，在国有企业与民营企业中，具有高管任职经历的独立董事与公司投资效率呈正相关关系，但只民营企业表现出显著正相关关系。 因此本文得出了以下结论：独立董事的任职经历会对公司投资效率产生影响，具有高管任职经历的独立董事会促进公司投资效率得到提升。而独立董事的同行业经验，会进一步促进具有高管任职经历的独董的履职有效性，进一步提高公司的投资效率。而兼任独董并不发挥明显作用。具有高管任职经历的独董在民营企业中对公司的投资效率发挥更为显著促进作用，而在国有企业中这种作用并不明显。
英文摘要：	Investment activities as one of the core of the company's financial management is related to the management process of company resources through the subjective and dynamic behavior of the company and the long-term development of the company. Over-investment or under-investment are all constraints that inhibit investment efficiency and seriously hinder the company's overall sustainable development. The board of directors is the core of corporate governance research. In particular, the governance role of independent directors has received extensive attention from the academic community. The main roles of independent directors are oversight and advisory functions. Independent directors with senior management experience often have richer practical experience. They are familiar with the company’s investment operation and can make more accurate and rapid judgments on the company’s investment projects, so that they can express opposition to management’s unreasonable investment projects and provide reasonable investment suggestions. This thesis takes non-financial companies in Shanghai Stock Exchange and Shenzhen Stock Exchange as research samples from 2012 to 2016, and uses statistical analysis software stata14.0 to conduct descriptive statistics, correlation analysis, and regression analysis on sample data.To study the relationship between independent director with senior management experience,the independent director with the same industry experience,the independent director who is concurrently employed and the company's investment efficiency. The empirical results show that: First, independent directors with senior management experience are positively related to the company's investment efficiency. Secondly, the independent directors who have experience in the industry can positively adjust the relationship between the two. And the independent director who is concurrently employed does not regulate the relationship between the two. Further research finds that among state-owned enterprises and private enterprises, independent directors with senior management experience are positively related to the company's investment efficiency, but only private enterprises show significant positive correlation. Therefore, this thesis draws the following conclusion: The experience of independent directors will have an impact on the company's investment efficiency. An independent board of directors with senior management experience will promote the company's investment efficiency. The same industry experience of independent directors will further promote the effectiveness of the duties of independent directors with senior management experience, and further improve the company's investment efficiency. And the independent director who is concurrently employed does not play a significant role. The independent director with senior management experience plays a more significant role in promoting the company's investment efficiency in private enterprises, but this role is not obvious in state-owned enterprises.
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