The Empirical Study Of The Characteristics Of Board Of Directors And Investment Behavior Of Listed Manufacturing Companies

With the investment plays an increasingly important role in the process of stimulating economic growth, we should study the investment behavior more thoroughly and more comprehensive. The study on the impact of the Characteristics of Board of directors on investment behavior allows us to build a more scientific board, thereby enhancing the efficiency of investment and better highlight the role of investment in boosting the economy.The main contents of the article is divided into five parts:The first part is an introduction of the research background,the research method and the structure of this article; the second part introduce the status of domestic and international research and the Assessment of these research, at the same time put forward my views; the third part is about the theoretical analysis of the Relationship between the Characteristics of Board of directors and the investment behavior,this part also include the establishment of the assumptions. This section describes the theory of agency theory and asymmetric information and signaling theory to construct the theoretical framework of this article, analyzes the mechanism of the impact of the characteristics of Board on the investment behavior, including Board leadership structure, board meetings, the proportion of independent directors, board size, board compensation, and other factors, in this part the writer lay a theoretical foundation as well as build a hypothesis; the fourth part is the sample selection, correlation analysis and regression analysis. The fifth part is about the suggestions to strengthen the corporate Board.When study the impact of the characteristics of Board of directors on the investment behavior, we choose the main growth rate of fixed asset as the measure of investment behavior. The characteristics of Board of directors include the main board size, board meetings, the proportion of independent directors, leadership structure of Board, board payment, in addition to these, we use the firm size, internal cash flow, business growth capacity, corporate debt structure as control variable. After the regression analysis of the date of the 1845 A-share listed companies for three years of 2007,2008,2009,we can get the following conclusions:the board of directors remuneration, the proportion of independent directors of these two factors has not statistically significant results, but not to say that these two factors has no impact on the corporate investment,it is also possible that these factors is not a simple linear relationship, not in this embodiment. The Board of Directors meetings, the Board leadership structure, board size have more significant results:the increase in the number of meetings will help improve the business investment decision-making; separation of chairman and general manager is more conducive to business investment decisions; the expansion of the board help to improve board oversight functions, plays an active role in the process of investment decisions.Through the analysis of the conclusion, we propose the following suggestions: (1) improve the incentive paying arrangements. (2) improve the system of independent directors to strengthen board independence. (3)control the size of the board of directors at a relatively reasonable level. (4) chairman and CEO is one of two staff. (5) improve the efficiency and quality of board meetings. The purpose of these proposals is to improve the efficiency of investment based on the improvement of the Board.