The Research Of Management Of Characteristics On Corporate Over-investment Behavior

In recent years, with the rapid growth of our country economy, many enterprisesbecause of blind investment in different level appeared on the " investment overheat"phenomenon, enterprise as economic operation main body, on macroscopic andmicrocosmic level" overheating" company" excessive investment" is inseparable. Theso-called" excessive investment", is refers to the enterprise beyond their ability andgrowth opportunities, the capital investment in the negative NPV is non-profitprojects, thus damage to the value of the enterprise. The investment behavior of theenterprise is effective or not directly affect the development and expansion ofenterprises, but also relates to the development of macro economy.Upper echelon theory thinks, internal management values and cognitivefoundation can influence the strategic choice of the enterprise and organizationalperformance, more and more scholars through empirical study also demonstrates themanagement characteristics and enterprise output correlation. Therefore, this articlefrom the management background characteristics of this perspective, trying toanalysis of Over-investment of listed company behind the management to itsinfluence, in order to prevent and inhibit the excessive investment and provide atheoretical basis, while the listed company’s human resources management,organizational management and strengthen the construction of high-qualitymanagement team and has certain practical significance.The article with " upper echelon theory" as the basis, from2007to2009ofnon-financial listed companies data as the research sample, the measured overinvestment in listed companies from the management level, age, gender, education,educationbackground,compensation,ownership,management, analyzes the backgroundof enterprise the impact of over-investment. The main conclusion of the study showthat: executive team size, age, salary and corporate over investment are significantlycorrelated, chairman of the background characteristics in age, education, educationbackground and salary levels of excessive investment effect. To further distinguishbetween state-owned enterprises and non state holding enterprises research findings,management background characteristics on overinvestment lehas a certain difference.