摘要
管理团队在公司经营发展中发挥着至关重要的作用,肩负着制定与实施企业战略的责任。要提高企业的经营与投资效率,必须要依靠高管团队的有效运作。基于沪深两市A股上市公司的实证研究结果显示,管理层团队稳定性与公司投资效率及过度投资行为存在显著的相关关系,表明上市公司管理团队稳定性越高,其过度投资行为就越少,因过度投资所引致的损失也就越低,从而投资效率越高。随着管理团队稳定性的提高,还助于减少投资短视问题,提高公司的长期资本收益率。在公司面临较好的成长性时,管理层更可能因为过度自信而导致过度投资行为。债权人的外部治理作用的发挥,以及公司内部治理机制的完善,有助于抑制管理层的无效率投资行为。上市公司要合理利用激励约束机制,提高管理团队稳定性,更好地发挥管理团队稳定性在减少过度投资、提升投资效率以及减少投资短视等方面的积极作用。
The management team plays a crucial role in the company’s operation and development and shoulders the responsibility of formulating and implementing corporate strategies.To improve the efficiency of business operation and investment,we must rely on the effective operation of the senior management team.The empirical research results based on A-share listed companies in Shanghai and Shenzhen stock exchanges indicate that management team stability is significant related to the company’s investment efficiency and excessive investment behavior,which shows that the higher the stability of the listed company management team,the less likely the excessive investment behavior,loss arising from excessive investment will be low,and the higher the investment efficiency.Improved management team stability also helps reduce investment myopia and improve the company’s long-term return on capital.When the company is facing better growth,the management is more likely to overinvest because of overconfidence.The external governance of creditors,and the improvement of internal corporate governance mechanism,will help restrain the inefficient investment behavior of management.Listed companies should reasonably use the incentive and restraint mechanism to improve the stability of the management team and better play the positive role of the stability of the management team in reducing excessive investment,improving investment efficiency and reducing investment myopia.
作者
张铁铸
曾玉新
刘颀
ZHANG Tie-zhu;ZENG Yu-xin;LIU Qi
出处
《科学决策》
CSSCI
2020年第6期16-40,共25页
Scientific Decision Making
