管理层能力与投资效率

Managerial Ability and Investment Efficiency

疫情过后,我国经济高质量发展的步伐将更大。我国经济转型发展阶段,经济增长动能需从投资规模驱动转向投资效率驱动。何以提升投资效率?本文以2008-2017年我国A股上市公司为研究样本,实证检验管理层能力与企业投资效率之间的关系,研究发现随着管理层能力的提高,企业投资效率显著提升。此外,研究还发现管理层能力对企业投资效率的积极影响主要通过如下两个渠道:资金配置效率和信息透明度。研究还发现,在市场化进程较高的地区,企业内部控制较完善的情境下,管理层能力对企业投资效率的促进作用越显著。本文还进行了一系列稳健性检验,包括采用管理层能力和投资效率的不同测度方法,探究管理层能力变动对企业投资效率变动的影响,采用不同研究样本区间,考虑潜在的内生性问题,采用倾向得分匹配方法以及格兰杰因果检验等方法,研究结果依然稳健。本研究不仅丰富了管理层能力和投资效率的相关理论研究,也为企业提高投资效率提供思路和方法,更为我国经济高质量发展提供政策性建议。

After the COVID-19,the pace of high-quality economic development in China will be even faster.China’s economy has shifted from high-speed growth to high-quality development,and its growth momentum needs to be driven by investment efficiency rather than investment scale.Right now the question is how to improve investment efficiency.Using China’s A-share listed companies from 2008 to 2017 as research sample,we empirically test the impact of managerial ability on investment efficiency,and we find that management ability impacts investment efficiency significantly and positively.The significant and positive impact of managerial ability on investment efficiency is achieved mainly through improvements of capital allocation efficiency and information transparency.We also find that in regions with a higher marketization process and in context of a better internal control system,managerial ability plays an even stronger role in promoting investment efficiency.We also conduct a series of robustness tests,including using different measurement methods for management capacity and investment efficiency,a change model,an alternative sample,considering possible endogenous issues,using propensity score matching method and Granger causality test method,and all the results are consistent.This study not only enriches the relevant theoretical research on managerial ability and investment efficiency,but also provides decision-making references for enterprises to improve investment efficiency,and more importantly provides policy suggestions for the high-quality development of China’s economy.