高管网络、产权性质与企业投资效率

Executive Network, Ownership Structure, and Firm Investment Efficiency

以中国2004-2014年沪深上市公司为样本,研究了高管连锁网络如何影响企业投资效率,检验了企业产权性质和政治联系对两者关系的调节作用。研究发现,高管网络规模越大,企业的投资效率越高。进一步考虑企业产权性质和政治联系调节作用的分析表明,民营企业高管网络关系对投资效率影响更为显著;高管网络在不具有政治联系企业对投资效率的影响更为显著。本研究丰富了高管团队和企业投资效率领域的文献,对企业选聘高管人员也有借鉴意义。

Using the samples of A-share listed companies from 2003 to 2013, this paper empirically investigates the impact of top executive network on firm＇s investment efficiency, and further examines the moderating effects of ownership structure and political connection. The study finds that top executive networks is positively related to firm＇s investment efficiency. Moreover, considering the moderating effect of firm＇s ownership structure, it shows that the positive relationship between top executive network and investment efficiency is more pronounced in private firms and firms without political connection. Our findings provides new empirical evidence for the research areas of top management team and investment efficiency, and contributes to the selection of firm＇ s top executives.