高管改革开放经历与企业投资效率

The reform and opening-up experience of senior managers and investment efficiency of enterprises

本文以2007—2017年间的沪深A股上市公司为样本,基于“烙印理论”,对高管改革开放经历对企业投资效率产生的影响进行了理论与实证研究。研究结果发现,相较于高管没有改革开放经历的企业,高管具有改革开放经历的企业的投资效率更高,这一结论在控制了内生性问题后仍然成立,而且董事长的改革开放经历会对企业投资效率产生更为明显的影响,以及高管改革开放经历在民营企业、过度投资企业中具有更强的解释力度。从影响机制来看,教育程度更高、具有行政事业单位经历或学术经历的董事长,其改革开放经历对企业投资效率的影响作用更强。本文首次针对中国企业高管改革开放经历进行研究,对理解中国企业管理实践问题,以及新兴市场国家企业的高管选择问题具有重要的启示与现实意义。

Executives are the influential decision-maker in enterprises,so their personal characteristics will affect their judgment,selections and decisions,thereby impacting corporate decision-making.However,most existing literature focuses on the executives′influence on corporate decision-making from the perspective of their personal“innate”characteristics,with overlooking the influence of executives′early experiences and lacking the studies on the issue with“China′s feature”.Therefore,in this paper,the Reform and Opening up,which is a typical major event with“China′s feature”was selected to explore the impact of executives′experience ofReform and Opening up on the efficiency of corporate investment,which of great enlightening and practical significance for understanding problems in Chinese corporate management practices and executive selection in emerging market economics.Thereupon,a theoretical analysis was carried out on the basis of the branding theory,and a research hypothesis was put forward.In view of cognitive branding,the experience of Reform and Opening up influences the educational history of corporate executives,thereby affecting their cognitionof finance and investment efficiency,followed by their investment decisions.From the perspective of ability branding,the experience influences executives′career selection and entrepreneurial abilities.In particular,many executives have undergone the transformation from administrative institutions to enterprises,which gives them unique normative thinking and an ability of merging social capital and resources,and the decision rationality they thus acquire from which will affect the investment results of an enterprise.Hence,the paper puts forward a research hypothesis that the executives′experience of Reform and Opening up will help to improve the efficiency of corporate investment.On this basis,research and design were conducted in the paper to prove that companies with executives experiencing Reform and Opening up have higher investment efficiency than others through multiple regression,endogeneity and heterogeneitytests.Moreover,the chairmen′experience of Reform and Openingup generate more prominent impact on the efficiency of corporate investment,and the experience of executives has a stronger explanatory force in private enterprises and over-invested enterprises.Furthermore,the test results of the influence mechanism indicates that the Reform and Opening up experience of the chairmen with higher education level,or experience in administrative institutions or academic institutions has a stronger influence on the investment efficiency of enterprises.This paper mainly contributes to enrich the literature on the characteristics of corporate executives in emerging market economies,and enlighten emerging market economies with unsound external governance environment in the selection of executives to a certain extent.Based on the branding theory,it supplements the literature on the relationship between the life experience of corporate executives and the corporate decision-making.It was the first time,based on Reform and Opening up———an external event that influences executives′experiences,to prove that the executives′experience of Reform and Opening up has a significant explanatory force for the efficiency of corporate investment,and to verify the role of corporate executives in advancement of Chinese enterprises during Reform and Opening up.Finally,the paper clarifies the mechanism of the influence of senior executives′personal experience on corporate investment efficiency in view of Reform and Opening up,so that the influence can be explored better.