CAJ | 학술논문

从企业层面提升企业投资效率是推动经济持续、健康发展的重要途径。行为财务学理论认为，管理者的个人特质反映到企业会形成“企业性格”，从而影响企业的经营决策及投资效率。基于高层梯队理论的理论阐释，以2004-2011年中国沪、深两市A股上市公司为研究对象，实证考察高层管理者背景特征对企业投资效率的影响，研究表明，企业高层管理团队平均年龄越大，企业越不容易发生非效率投资行为；而高层管理团队年龄差异性越大，越容易发生非效率投资，在国有控股企业中表现得更为显著；CEO在任期中形成的企业专用人力资本能够对企业投资效率产生影响，即专用人力资本能够对CEO克服认知偏差、理性决策作出贡献。
종기업층면제승기업투자효솔시추동경제지속、건강발전적중요도경。행위재무학이론인위，관리자적개인특질반영도기업회형성“기업성격”，종이영향기업적경영결책급투자효솔。기우고층제대이론적이론천석，이2004-2011년중국호、심량시A고상시공사위연구대상，실증고찰고층관리자배경특정대기업투자효솔적영향，연구표명，기업고층관리단대평균년령월대，기업월불용역발생비효솔투자행위；이고층관리단대년령차이성월대，월용역발생비효솔투자，재국유공고기업중표현득경위현저；CEO재임기중형성적기업전용인력자본능구대기업투자효솔산생영향，즉전용인력자본능구대CEO극복인지편차、이성결책작출공헌。
To improve investment efficiency at the corporate level is an important means to promote sustained and sound economic development. According to the Behavioral Finance Theory, the personalities of managers will be reflected in the corporate management thereby bringing forth a ＂corporate personality＂ ,which has an impact on enterprises＇ decision-making and investment efficiency. Based on the theoretical interpretation of Upper Echelons Theory, this paper studies the impact of senior managers＇ background characteristics on enterprises＇ investment efficiency by using the data of China＇s A-share listed companies in the stock markets of Shanghai and Shenzhen from 2004 to 2011. The results show that non-efficiency invest- ment behaviors decrease as the average age of senior managers increases, but they are more likely to occur when there is a big age difference in the top management. This effect is more pronounced in state-owned enterprises. Specific human cap- ital acquired during a CEO＇s tenure can help the CEO to avoid errors of perception and to make rational decisions thereby exerting an influence on investment efficiency.