Empirical Research On Female Executives And Inefficient Investment Behavior In China Private Listed Companies

Market participants are becoming more and more diversified in the development of market economy, as it is with private enterprises. In2011, the number of China’s Private Corporation exceeds one thousand, private enterprises gradually become the main force of China’s economic development. Through the prism of China’s emerging market economy, and its unique institutional structure, we are able to critically assess the extent to which the balance of private-to state-based ownership drives CEO gender change. It is therefore timely to investigate the effect of such ownership change on Chinese women’s positions in the business sphere.Investment is one of important indicators to measure business performance, investment behavior is one of the most important economic activities in enterprises, the enterprise profit is up to whether the investment successed or failured. In the production process, enterprises could improve the efficiency of the allocation of resources through investment, investment is also an important way for enterprise profits.The limited rationality hypothesis suggests that managers are not always rational, their decisions influenced by personal characteristics, emotions, etc. In addition, the investment environment managers face is complex and changeable, which requires managers have comprehensive ability to process information. Compared with male manager, female executives had different characteristics. Senior women are more democracy, more affinity, more inclined to share information and power, and these characteristics of women executives are closely linked with enterprise strategic decision.This paper selects private enterprises as the study sample and selects upper echelons theory as the foundation to study the proportion of female executives in the enterprise, top management team in female CEO and corporate inefficient investment from the team and individual perspective. Meanwhile, we select women executives’human capital and social capital as moderator variables to study the relationship among the proportion of female executives, female CEO and corporate inefficient investment.This thesis includes six parts in total.The first part proposes this research background, a brief study show that the theoretical and practical significance, explained the need for this study. Then put forward the basic logic of this analysis framework and research methods. Finally, we illustrate this feature.The second part puts forward the theoretical foundation of the thesis, and reviews the related literature.The third part is holistic theory design about the research, which include frame of theory, hypothesis and design questionnaire.The fourth, the hypothesis was studied on the basis of design. This paper selected the2010and2011in the Shanghai Stock Exchange and Shenzhen Stock Exchange listed companies as a401sample of empirical research. Second, build an empirical model of this article. And define the model and measure the variables, the empirical analysis for the next preparation, which is non-efficient investment level explanatory variables we refer to Richardson’s method, the level of investment equation residuals as a non-efficient level of investment instead of a variable.The fifth, it will be mixed together to form a mixed data in2010and2011sample data to be401samples at the basis of the previous paper, and use SPSS13.0software to analysis, such as the model for each regression analysis to test the foregoing theoretical assumptions.The sixth, according to the above analysis come to the conclusion. First, the efficiency of China’s listed companies, the prevalence of non-investment behavior; followed by the proportion of female executives, female CEO of non-influential role in the efficiency of investment behavior, female CEO of non-influential role in the efficiency has a regulatory effect and give the recommendations which include the construction of the senior management team, optimization of executive human capital, etc.The main feature of this study is not only to examine the analysis of the characteristics of the individual managers of non-listed companies and the efficiency of investment behavior, but also to analyze the mechanism of regulation of corporate governance under the personal characteristics and business managers non-relationship between the efficiency of investment behavior with corporate governance mechanisms as variables.