The Influence Of The Heterogeneity Of The Board To The Culture Media Investment Behavior Of Listed Companies

In recent years, China’s economy is no longer blindly pursue high GDP, the third and eighteen senior Plenary request in steady increase, indicating that listed companies should pay more attention to the investment behavior. The board of directors as the company’s decision-making department plays the key role in the investment behavior and decisionmaking guidelines. According to the heterogeneity of the board of directors to the board of directors governance behavior, investment behavior model, this paper discusses the board heterogeneity influence on culture media investment behavior of listed companies, and the mediation effect of further analysis of the board of directors governance behavior, puts forward how to build the board is more advantageous to culture media of the investment behavior of listed companies.Since January 1, 2008 deadline to December 2013,we selects Chairman of the board of 33 culture media firms as sample. We collect sex, age, education, the proportion of independent directors, board meetings, fixed assets, intangible assets and long-term equity the rate of change in net investment as a research paper sample data. This paper uses the methods of normative analysis, literature research and statistical analysis to research on the culture media of the board of directors of listed companies and investment behavior heterogeneity effect, the behavior of the board of directors as a mediating variable. We draw the conclusion that the proportion of women directors and board governance behavior positively correlated, and there was no correlation between age heterogeneity and the Board of Directors governance practices, and Exists negatively correlated between the degree of heterogeneity and the Board of Directors governance practices, and there was a negative correlation between the proportion of independent directors and corporate governance practices, and a positive correlation between the strength of governance practices the board of directors and the listed companies investment behavior and board governance behavior in the presence of an intermediary role between the Board of heterogeneity and investment behavior,Innovation in this article is board heterogeneity influence on culture media company listed on the investment behavior basis on the perspective board governance mediating effect behavior. And explores the mediating effect between heterogeneity and cultural media investment behavior of listed companies to strengthen or weaken. Guidelines listed company directors to build structures conducive to investment behavior. Inadequacy of this article is the data that is not comprehensive so that the analysis of the results there will be some errors. What proportion of the board of directors for the specific structure of the company is the most effective needs further study.