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论文编号：	7527
作者编号：	1120090706
上传时间：	2015/6/11 16:01:42
中文题目：	高管背景特征对国有企业投资效率的影响研究——基于知识基础观的视角
英文题目：	Executives Background Characteristics and Investment Efficiency of SOE：Based on Knowledge Perspective
指导老师：	李莉
中文关键字：	国有企业；高管团队；背景特征；投资效率；知识观
英文关键字：	state-owned enterprises; management team; background characteristics; investment efficiency; knowledge based view
中文摘要：	投资决策是企业成长和未来现金流量增长的基础，不仅会影响企业的盈利水平、经营风险和股利政策等，还会影响资本市场对企业经营业绩和发展前景的评价。在投资决策研究中，国有企业的非效率投资问题一直是宏观经济学、金融学和企业财务管理关注的焦点。长期以来，由于国有企业存在着预算软约束，相对于民营企业，其充裕的资金从某种意义上助长了国企管理者扩大投资规模、实施激进多元化战略的倾向，从而造成过度投资行为，降低了投资效率。由于企业高管掌握着投资决策权，在复杂多变的市场环境下，其能力对投资效率的提升起着非常关键的作用。 委托代理理论强调企业所有者和经营者的利益冲突，信息不对称理论则注重企业内外各个利益相关者的信息接收偏差，这些传统经典理论虽然在现代企业中仍然适用，但用来解释当前普遍存在的非效率投资问题却不够充分。长期以来，众多学者对投资问题做了大量研究，随着人口学、心理学等学科的领域逐渐被引入到管理学领域，人力资源越来越受到重视，一些学者也开始着眼于对企业决策制定者——高管人员的背景特征对企业绩效的影响，并终于打破传统理论的束缚，从企业管理者背景特征这一角度提出了影响企业投资效率因素的新观点，即高层梯队理论。高层梯队理论认为管理者的年龄、性别等人口特征，以及其自身的价值观念、认知基础和个人偏好等都存在差异，这些差异都会影响其做出决策，进而影响企业的投资效率。 现有关于高管背景特征的研究大多数基于高层梯队理论从以下两条路径进行：一是研究管理者的背景特征对企业绩效的影响，二是研究管理者背景特征对企业投资效率的影响。而对管理者的界定又分为高管个人和高管团队。对高管个人的研究，国外集中于企业的CEO，而中国则主要针对企业的董事长进行研究，两者的相同点在于都在企业决策过程中占据决定性地位，影响较大。而在当今经济全球化的大趋势下，高管团队这一群体是近年来相关研究的热点，因为市场环境的多变和竞争者带来的各项挑战，已经超出单个管理者能力的承受范围，而组建高管团队，将管理者个人的各项能力进行整合，则可以最大限度发挥每个人的作用，而本文综合考虑高管团队与高管个人两个方面，实证检验高管团队的背景特征对企业投资效率的影响，并采用高管个人特征对所得结果进行稳健型检验，以期得出更加准确的结论。 国有企业作为我国国民经济的支柱，控制着国民经济的命脉，其兴衰关系到国计民生的大事。改革开放以来，我国国有经济取得了稳定迅速地发展，总体实力不断增强，贡献了高比例的财政收入，同时也创造了大量的就业机会，为我国经济的发展做出了巨大贡献。但与此同时，由于我国国民经济起步较晚且发展速度迅速，发展过程中也伴随着不少问题。在我国独特的制度背景下，所有者缺位就是国有经济中存在的重要问题。在国有企业的经营实践中，国家只是一个虚拟的参与方，企业的控制权通过科层组织授予政府官员并由其再授予企业经营者。国家委派的企业高管具有较大的决策自主权，其对投资决策的影响可能更加突出。因此，研究国有企业高管团队的背景特征，提高国有企业的投资效率十分必要。 当今知识型社会，高新技术产业发展迅速，企业越来越重视人力资源的选拔和知识资本的积累，知识型人才竞争激烈。企业是独特的知识处理系统，企业内的知识以人为载体，通过各种手段如文本、技术系统、言传身教等来实现部分和完全共享，通过知识整合和创造，产生能带来经济价值的新知识。企业所拥有的知识以及创造和运用知识的能力，正是企业的独特的竞争优势，是企业核心竞争能力的来源。本文开辟新的视角，从知识观的角度出发，结合当今的知识经济背景，通过梳理企业知识基础观的相关理论，细致分析高管团队的知识背景，探讨其知识背景在制定投资决策过程中的影响，研究知识作用于企业投资效率的内在机理，是对现有相关理论的重要补充。 本文基于知识观的视角，综合运用多种研究方法，重点研究管理者的背景特征如何影响国有企业的投资效率。基于知识观理论，选择处于我国特殊文化背景与制度条件之下的国有企业作为研究对象，所开展的研究过程以及得出的研究结论，都能够校验并拓展以往的研究课题。在研究方法方面，在开展理论分析的过程当中参考了企业家社会资本理论的已有研究结论，从知识观这一新的视角，研究我国国有企业高管背景特征影响投资效率的内在机理与具体路径，以此为投资效率的相关研究提供新的思路，也为高阶梯队理论提供了思路上的拓展和方法上的尝试。基于大样本数据进行的实证研究，具有较高的可信度与可行性，所得出的结论不但能够给企业选拔与培养高级管理人员尤其是最高管理者提供理论支持，而且还能够方便企业开展投资决策分析与评估竞争对手投资战略提供实践参照，在此基础上有针对性的调整企业相关投资决策行为。 在分析国有企业管理者背景特征对企业投资效率影响基础上，深入探讨高管的知识水平及其对知识资源的整合与运用能力在企业的投资决策与公司治理中的重要作用，为高管背景特征影响投资效率提供了全新的解释路径，拓展了相关研究范畴。综合运用多种研究方法基于知识观视角对高管背景特征影响投资效率的具体路径进行深入探讨，同时注重实证研究的稳定性，大大提升了研究的信度与效度。通过考察在高度不确定性的市场环境中，国有企业管理者如何运用自身知识能力来提升企业投资效率，研究的内容与结论丰富了不确定性、知识观与投资效率的相关理论研究。 本文基于知识观的角度，立足于当前的市场经济环境与知识经济背景，加入不确定性这一调节效应变量，实证检验了国有企业高管团队的背景特征对投资效率的影响，运用高管个人的背景特征对实证结果进行检验。具体研究方法如下：首先，通过对现有文献的回顾与总结，发现现有研究的不足，从知识观的视角出发，以“高层梯队理论”为立足点，建立了高管团队背景特征影响国有企业投资效率的研究框架；其次，结合我国国有企业的发展历程与制度背景，确定研究主要分析的高管团队的几个背景特征，并结合知识基础观与我国的不确定性环境，分析其知识背景对企业投资效率的作用机理，从而根据模型提出假设，进行实证分析。实证分析部分对高管团队背景特征运用Richardson模型进行研究，并用高管个人（董事长）背景特征则进行稳健性检验，同时检验环境不确定性对高管背景特征异质性与国有企业投资效率关系的调节效应；最后，立足实证研究结果，结合案例分析，针对国有企业投资现存问题从不同角度和层面提出了有针对性的建议，不仅是对现存理论的重要补充，也是对实践工作的理论指导。
英文摘要：	Investment decision-making is the foundation of the growth of enterprises and the future cash flow. It not only affects the enterprises’profit level，management risk and dividends policies，but also affects the evaluation on enterprise performance and development prospect，which is made by the capital market. In the study of investment decision，the investment efficiency problem of state-owned enterprises is always the focus of macroeconomics，finance and enterprise financial management.For a long time，there is the soft budget constraint in the state-owned enterprises. Relative to the private enterprises，the state-owned enterprises have abundant funds which can help managers expand the scale of investment and investment direction，practice aggressive diversification strategy，then cause excessive investment behavior and reduce the investment efficiency. The managers hold the most important power of investment decisions，so the ability of state-owned enterprise's managers play a very key role in the promotion of the investment efficiency in the complicated and changeable market environment. Principal-agent theory stresses on the conflicts of interest between enterprise owners and operators，while information asymmetry theory focuses on the information deviation the various stakeholders inside and outside the enterprise received. Although these traditional classic theories still apply to modern enterprises，they are inadequate to explain the problems of present inefficient investment actives. For a long time，many scholars have made a large number of researches about investment. As demography，psychology and other disciplines gradually being introduced into the field of management，human resource attract more and more attention，some scholars begin to concentrate on theeffect of the background characteristics of the decision makers，executives，have on enterprise performance，and finally come up with a new theory- Upper Echelons Theory. Upper Echelons Theory breaks the traditional theory which consider customers rational enough，and it assume that managers population characteristics such as age，gender，values，cognitive basis and personal preferences are different，and these differences will affect their decision making，then affect the investment efficiency of the enterprise. Most of the present Upper Echelons Theory study about executives' background characteristics are in the following two paths： one is the research the influence executives' background characteristics have on enterprise performance，the other one is to research the influence executives' background characteristics have on corporate investment efficiency. The definition of management is divided into individual executives and senior management team. For executive personal study，abroad scholars focused on the CEO of the enterprise，while Chinese scholars are mainly aimed at chairman. Both of them occupies the decisive position in the enterprise，and have great influence on decision-making process. Under the trend of economic globalization today，senior management team is being a research hotspot in recent years，because the market variable environment and competitors challenges are beyond a single management’s ability，and forming a senior management team to integrate the personal abilities can maximize the function of each person. This paper，considering both aspects of senior management team and senior individual，research the influence senior management team has on enterprises investment efficiency，and in order to get more accurate conclusions，and use the executives personal characteristics to test the results. State-owned enterprises as the pillar of the national economy，controls the lifeline of the national economy and people's livelihood event. Since the reform and opening up，our countries’ state-owned economy has achieved stable development rapidly，and the comprehensive strength is growing. Also，the state-owned enterprises contribute a high proportion to fiscal revenue，as well as creating a large number of jobs，making a huge contribution to the economic development of China. But at the same time，our country started so late and the national economy develop so rapidly，that there are many problems in the process of development. Under the background of China's unique system，the absence of owners is the important problems existing in the state-owned economy. In the management practice of state-owned enterprise，the state is only a virtual participant，controlling the enterprise through the bureaucratic organization then government officials and then business operators. National appointed executives has great decision-making autonomy，the impact on investmentdecisions may be more prominent. So the research of background characteristics of state-owned enterprise’s senior management team is necessary enough to improve state-owned enterprise’s investment efficiency. In today's knowledge-based society，high and new technology industries develop rapidly. With fierce talent competition，enterprises pay more and more attention to the selection of human resources and the accumulation of knowledge capital. Enterprise is the unique knowledge processing system； the people of enterprise are like the carriers，through which knowledge can be shared by various means such as text，technical system，precept and so on. Integrating and creating knowledge can also bring economic valued new knowledge. The knowledge enterprise owned and the ability to create and use knowledge is the unique competitive advantage of enterprises and the source of enterprise core competitive ability. This article open up a new perspective from the knowledge based view，combined with today's knowledge economy background，carding the related theories of enterprise knowledge based view，analysis the senior management team knowledge background in detail，discuss the influence its knowledge has on the making process of investment decisions，and study the inner mechanism of the influence，it is an important supplement to the existing relevant theory. Under the knowledge perspective，the research at home and abroad on the influence of the executives’ background characteristics to the efficiency of the enterprise investment is relatively less. The scholars mainly focus on the influence of executives’ background characteristics to the enterprise’s non-excessive investment process. A few articles analysis the background characteristics of managers in state-owned enterprises，which could explore the path and efficiency of influence their knowledge learning，knowledge resources integration ability the path，the efficiency of the influence on investment decisions，as well as the role in corporate governance. The existing problem is，under the background of knowledge view，what is the influence mechanism that the executives’ background characteristics to the investment efficiency of state-owned enterprises? This article analyzes and discusses these problems. In this paper，we test the background characteristics of the senior management team of state-owned enterprises to the investment efficiency based on the perspective of knowledge view and the current market economic environment in background of knowledge economy. At the same time，we join the equity checks and balances as adjusted variable executives and use the personal background characteristics as Robustness testing. A specific research path is as follows： first，through to the existing literature review and summary，we find the shortage of the existing research. Starting from the perspective of knowledge concept with "upper echelon theory" as foothold，we established the executive team background characteristics influence the efficiency of the state-owned enterprise investment research framework； Secondly，combining with the development of China's state-owned enterprises and institutional background，we determine the research mainly analysis the senior management team of a few background characteristics，and combined with the concept of knowledge base theory and the uncertainty knowledge of environment in our country，we analyze its background knowledge on the efficiency of the enterprise investment mechanism，thus to put forward the hypothesis according to the model. We use Richardson model to calculate the state-owned enterprises investment efficiency and choose the chairman’s background characteristics for robustness test in the empirical analysis part，at the same time to join equity checks and balances the effect of regulation. In the end，we put forward the proposal to improve the existing problems at different levels in view of the state-owned enterprise investment based on the results of the empirical study. This is not only the important supplement of the existing theory，but also a theoretical guidance for practical work.
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