Nomination of directors, agency costs and investment efficiency

摘要

Listed companies usually set up anti-takeover clauses in their articles of association to resist the risk of hostile merger control transfer. Based on the anti-takeover clause, this paper takes the financial data of all A listed companies in Shanghai and Shenzhen for 2014-2018 as a sample. This paper explores the influence of director nomination on investment efficiency and the intermediary effect of agency cost between them. The research show s that the establishment of director nomination clause in the articles of association has a positive impact on investment efficiency, and further research shows that agency cost plays an intermediary role in it, that is, director nomination right improves investment efficiency by reducing agency cost. This paper studies the transmission path of director nomination right affecting investment efficiency in order to provide theoretical reference for the legislative perfection of anti-takeover clause in China.