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论文编号：	11817
作者编号：	2120182998
上传时间：	2020/6/22 11:32:03
中文题目：	董事长-CEO背景特征差异、权力差距与 企业投资效率的关系研究
英文题目：	Research on the Relationship between Board Chair-CEO Background Feature Difference, Power Gap and Enterprise Investment Efficiency
指导老师：	周建
中文关键字：	董事长；CEO；背景特征差异；权力差距；环境动态性；投资效率
英文关键字：	Board Chair；CEO；Background feature difference ；Power gap； Environmental dynamics；Investment efficiency
中文摘要：	投资是企业发展的基础，对企业盈利能力和成长能力有着重要的影响，投 资决策是企业管理中最重要的决策之一，而投资效率是衡量投资决策效果的重 要指标，高效率的投资会给企业的发展带来积极的推动作用，而低效率的投资 则会阻碍企业的成长甚至会威胁到企业的生存，企业投资效率是学术界重点研究的话题之一。 本文搜集整理国内外相关文献，结合董事长-CEO 两职分离结构被广泛运用 的实践情况，探讨董事长、CEO 在企业投资行为中发挥的作用。根据高阶梯队 理论和现代管家理论，选取 2008 年-2018 年在沪深上市的 A 股公司作为研究样 本，分析董事长-CEO 的背景特征差异、权力差距与投资效率的关系，及其环境 动态性带来的影响。研究结果表明，董事长与 CEO 的年龄差异与投资效率正相 关，职能背景差异与投资效率正相关，而且环境动态性正向调节董事长-CEO 背 景特征差异与投资效率的关系；此外，董事长-CEO 的权力差距与企业投资效率 呈负相关关系，其中持股数量是形成董事长与 CEO 权力差距的重要因素，需要 合理配置董事长、CEO 的权力，缩小权力差距，才能有效发挥董事长、CEO 的作用。 本文的研究根据近期学者提出的董事长-CEO两职分离结构同时发挥监督和 协作作用的观点，更加深入的了解董事长、CEO 在企业中的定位及其所发挥的 作用，本文得出的研究结论对于采用董事长-CEO 两职分离治理结构的企业如何 选择 CEO、董事长，及其如何配置董事长、CEO 两者的权力具有一定的参考借鉴意义。
英文摘要：	Investment is the foundation of an enterprise’s development and has an important impact on its profitability and growth ability. Investment decision is one of the most important decision in business management, and investment efficiency is an important indicator to measure the effectiveness of investment decisions. High-efficiency investment actively promotes the development of enterprises, while inefficient investment will hinder the growth of enterprises and even threaten the survival of enterprises. Enterprise investment efficiency is one of the key research topics in academic. According to the practical background of the widely used separation structure of the Board chair and the CEO, this paper collects and collates relevant domestic and foreign literature, and discusses the role of the Board chair and the CEO in corporate investment behaviors. According to the Upper Echelons Theory and Stewardship Theory, This paper selects A-share companies listed in Shanghai and Shenzhen from 2008 to 2018 as research samples, analyzes the relationship between the background characteristics of the Board chair and the CEO, the power gap of the Board chair and the CEO and investment efficiency, and the impact of environmental dynamics. The paper show that the age difference and the functional background between the Board chair and the CEO is positively related to investment efficiency, and the environment dynamics positively regulate this relationship. In addition, the power gap between the Board chair and the CEO is negatively related to the investment efficiency of the company, And the number of shares hold is an important factor that constitutes the power gap. It is necessary to rationally allocate the powers of the Board chair and CEO and narrow the power gap. The paper is based on the view that the separation structure of the Board chair and CEO play the role of supervision and cooperation at the same time, and has a deeper understanding of the role of the Board chair in the enterprise.The conclusion of this paper has some reference significance for how to choose the CEO and the Board chair and how to allocate the power of the Board chair and the CEO in the enterprise which adopts the separation governance structure.
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