An Empirical Study on the Background Characteristics of Executives and Enterprise Investment Efficiency

摘要

The company's various decisions and investment behaviors are affected by the "company personality" factor. This paper selects the Shanghai-Shenzhen A-share listed companies from 2010 to 2016 as research samples, and empirically tests the relationship between management background characteristics and corporate investment efficiency. The study finds that gender differences in senior management are not significantly related to investment efficiency; the higher the average age of senior management team is, the lower the level of investment in large and non-efficiency is; the higher the level of education of the senior management team is, the lower the level of non-efficiency investment is. The study can enrich relevant research literature and provide empirical evidence from transition countries.