职业经理人引入对公司非效率投资的影响——基于上市家族企业的数据

The Influence of the Introduction of Professional Managers on the Inefficient Investment of Companies:Based on the Data of Listed Family Enterprises

以沪深两市2010—2015年上市家族企业作为研究对象,实证检验我国上市家族企业引入职业经理人对公司非效率投资的影响,并进一步研究在成长性水平不同的企业中职业经理人引入对企业投资效率影响的差异。实证研究结果表明:非效率投资普遍存在于我国上市家族企业中;上市家族企业引入职业经理人对公司非效率投资具有抑制作用;与低成长性企业相比,高成长性企业引入职业经理人对公司非效率投资的抑制作用较弱,即企业成长性水平的逐步提高会削弱职业经理人引入对企业非效率投资的影响。

Taking the data of the listed family enterprises in Shanghai and Shenzhen Stock Exchanges from 2010 to 2015 as research object,this paper makes an examination on the influence of the introduction of professional managers on the inefficient investment companies and further research on the influence of the introduction of professional managers on the investment efficiency of enterprises in different growth levels. The results of empirical research show that inefficient investment generally exists in China’s listed family enterprises; the introduction of professional managers in listed companies can inhibit inefficient investment. What’s more,in the enterprises with high growth,compared to those with low growth,the introduction of professional managers will have a weaker effect on the inefficient investment,that is,the gradual improvement of the level of enterprise growth will weaken the impact of the introduction of professional managers on the inefficient investment of enterprises.