企业高管团队特征对金融投资行为的影响研究

Research on the Characteristics of Enterprise Executive Team and Financial Investment Behavior

选择2008年至2015年中国非金融上市公司数据,实证分析了高管团队特征对企业金融投资的程度和是否选择投资等行为的影响,并探索了企业属性的调节效应。结果发现高管团队的平均年龄、年龄异质性、学历水平、学历异质性、持股比和不领报酬比例等特征,在企业不同金融资产投资决策过程中存在显著影响,而且其中企业属性具有一定的调节效应。此外,管团队特征对企业是否选择投资金融资产和投资程度往往存在截然相反的作用。

This paper chooses the data of non-financial listed companies in China from 2008 to 2015,analyzes the extent of the senior management team＇s financial investment and the choice of investment And the influence of the behavior of the enterprise,and explore the regulatory effect of the enterprise attribute.It is found that the average age,age heterogeneity,educational level,academic heterogeneity,female ratio,share ratio and non-compensation ratio of executive team have significant influence in different financial asset investment decision-making process.Enterprise attributes have a certain regulatory effect.In addition,the management team characteristics of the enterprise whether to choose to invest in financial assets and investment levels tend to have diametrically opposed role.