政府干预、高管特征对企业过度投资的影响研究——以“一带一路”沿线直接投资的上市公司为例

A Study on the Influence of Government Intervention and Executive Characteristics on Over-investment of Enterprises:Taking Listed Companies with Direct Investment along the“Belt and Road”as an Example

"一带一路"沿线对外直接投资(OFDI)企业的投资效率关乎中国"一带一路"倡议的顺利实施。基于"一带一路"沿线OFDI的中国上市公司样本,结合政府干预视角与高管团队理论,实证分析政府干预和高管团队特征对企业过度投资的影响。研究发现:总体上看,国有控股增加了企业过度投资的可能性,政治关联、高管薪酬与任职年限对企业过度投资行为有着强化作用,而高管持股和董事会监管对企业过度投资行为有着抑制作用;东道国民众话语权、政府管理质量调和了企业过度投资行为,使投资效率回归理性。然而,考虑到"一带一路"沿线国家的地理位置与经济环境等差异,上述研究结论因投资地区的异质性而有所不同。研究成果对中国政府优化"一带一路"倡议的有关政策,以及"走出去"企业提升投资效率有重要的启发和借鉴意义。

The investment efficiency of OFDI enterprises along the Belt and Road is related to the smooth implementation of China’s initiative of the"Belt and Road".Based on the sample of Chinese listed companies of OFDI along the Belt and Road,combined with the perspective of government intervention and the theory of senior management team,this paper empirically analyzes the mechanism of government intervention and the characteristics of senior management team on the excessive investment of enterprises.The study finds that,on the whole,state-owned holding increases the possibility of excessive investment.Political affiliation,executive compensation and years of service have a strengthening effect on excessive investment behavior of enterprises,while executive shareholding and board supervision have an inhibiting effect on excessive investment behavior of enterprises.The people’s right of speech and the quality of government management in the host country harmonize the excessive investment behavior of enterprises and make the investment efficiency return to rationality.However,considering the differences in geographical location and economic environment of countries along the Belt And Road,the above research conclusions are different due to the heterogeneity of investment regions.The research results of this paper have important inspiration and reference for the Chinese government to optimize the relevant policies of the"Belt and Road"initiative and the"going out"enterprises to improve the investment efficiency.