Research On The Influence Of Managers Characteristics On Inefficient Investiment In State Holding Listed Company

Investment is the most important strategic decision of enterprise, whether the enterprise investment behavior is efficient has a great influence on the realization of the rights of the enterprise value maximization goal. Due to the information asymmetry and moral hazard, as a corporate decision makers, managers have the motivation and ability to use it to grab control private benefits by control of the company, driven by this motivation, managers are more likely to make decisions based on self-interest maximization but not business value maximization, which leads to the occurrence of inefficient investment behavior. This paper bases on the state holding listed companies, researches the effect of the management characteristics of enterprise on long-term investment efficiency and short-term investment efficiency respectively, and provides guidance to state holding listed companies to improve management provides guidance in order to improve the investment efficiency.Firstly, reviews and hackles literature of the relationship between management characteristic and the enterprise investment efficiency, on this basis, put forward the breakthrough point of this paper; defines the related concepts and expounds the related theory.Secondly, on the basis of theoretical analysis, selects the state holding listed companies of 2011-2013 as samples, makes statistical analysis on the relevant data, points out that the state holding listed company’s long-term investment and short-term investment are widespread inefficient investment behavior.Thirdly, makes a regression analysis with the managers’ features of state-owned holding listed companies as explained variables, the efficiency of investment level to be explained variables, and the results show that the managers five characteristics variables have different degrees impact on the efficiency of long-term and short-term investment levels, and the impact on long-term investment is more significant.Finally, put forward relevant countermeasures and suggestions to perfect the implementation from the management level and system level. Enterprise should select office managers from each feature dimension for different reasons, trade-offs according to the enterprise actual situation, at the same time should improve the salary incentive and information disclosure mechanism to reduce the efficiency of the investment behavior of the enterprise effectively and improve the efficiency of investment level.