管理者能力、不确定性与公司投资效率

Management Ability, Uncertainty and Company Investment Efficiency

已有大量研究表明不确定性会降低企业投资效率,而管理者能力的提升是否能降低两者之间的负相关关系是本文研究的重点。本文以2010-2018年我国A股上市公司为研究样本,通过实证分析发现:管理者能力的提高可以有效抑制环境不确定性与公司投资效率之间的负相关关系,而对政策不确定性与公司投资效率之间的负相关关系无效。研究还发现,管理者能力对环境不确定性与公司投资效率之间关系的抑制作用仅在非国有企业和市场化进程较高地区的公司中显著存在。

A lot of researches have proved that uncertainty has resulted in reducing the corporate investment efficiency, and the paper focuses on whether the improvement of the management ability can reverse the negative relationship or not.This paper takes the A-share listed companies in China from 2010 to 2018 as the research sample, and the empirical analysis is found that the improvement of management ability can effectively inhibit the negative correlation between environmental uncertainty and the company’s investment efficiency, while the negative correlation between policy uncertainty and the company’s investment efficiency is invalid. The study also found that the inhibitory effect of management ability on the relationship between environmental uncertainty and corporate investment efficiency was only significant in non-state-owned enterprises and companies in areas with higher market-oriented processes.