| Investment plays a vital role in the process of enterprise operation and development, the enterprise’s investment behavior is the main driving force to promote the sustained growth of enterprise economic, and it is also an important guarantee to realize the sustainable development of enterprise. In other words, enterprise investment behavior plays a decisive role for the survival and development of enterprise. In recent years, enterprises in our country constantly improve the level of overall investment and expand the scale of investment, the results cause that over-investment behavior becomes more and more serious. At the same time, because the merger and reorganization phenomena of Listed Company are intensified, the long-term investment level of enterprise always keeps a rising trend, it will increase the enterprise investment’s risk coefficient. These factors in different degrees influence investment efficiency of Chinese enterprises. Previous research on enterprise investment mostly includes two aspects, one is the company governance and the other is enterprise financial angle, which is the lack of the attention for enterprise top managers. The top management team as the most important human resources in the company possesses the highest decision-making power, and plays an indispensable role for the effectiveness of enterprise investment behavior. The members of top management team have differences in age, tenure, education level and professional background, so it will cause that each member’s personal experience, knowledge system and thinking mode have large differences, and then affecting the enterprise’s investment decision and investment behavior. At present, our country is in the process of the industrial structure adjustment and transformation, the competition of between existing enterprises is becoming more and more intensified, many factors cause the complexity and dynamics of business environment in our country. Therefore, the investment behavior which is taken by enterprise managers must be able to adapt to changes of the external environment, in order to realize the dual goal of enterprise "effect" and "efficiency". Based on the above analyses, this article will regard top management team heterogeneity as the breakthrough point to explore the influence relationship between top management team heterogeneity and corporate investment behavior under the unique dynamic environment of our country. It not only provides theoretical basis for correctly guiding the enterprise’s investment behavior, but also provides some references for the enterprise to select suitable senior managers and build efficient executive team. Therefore it will have important theoretical and practical significance.This paper is based on Upper Echelons Theory, through reviewing the related literature to analyze the influence relationship between top management team heterogeneity and enterprise investment behavior, and explore the moderating effect of environmental dynamism in the process, finally to come up with the research hypothesis. This article selects age heterogeneity, tenure heterogeneity and education level heterogeneity and professional background heterogeneity of top management team four dimensions as the independent variable, enterprise investment scale and enterprise investment risk preference two indicators as the dependent variable, and it regards environmental dynamism as a moderator variable, in order to build multivariate linear regression model. This paper selects 2009-2013 A-share Listed Companies as the research object and finally determines 1492 sample data. With the aid of Excel and SPSS 19.0 statistics analysis software carries out empirical analysis to the sample data. First of all, making the descriptive statistics analysis of relevant variables; Secondly, using the Person correlation coefficient to perform the linear relationship and correlation analysis between the main variables; Again, through multivariate regression analysis to verify this research hypothesis; Finally, through the redefinition of the variables to test the robustness, in order to ensure the validity and reliability of research results in this paper.The research results of this paper are as following:Firstly, the top management team age heterogeneity is positive related to enterprise investment scale, and it is also positive related to enterprise investment risk preference; top management team tenure heterogeneity and education level heterogeneity are both negative related to enterprise investment scale, and they are also negative related to enterprise investment risk preference; top management team professional background heterogeneity is positive related to enterprise investment risk preference. Secondly, taking moderating effect of environmental dynamism into account, the results are as following:When the environmental dynamism becomes higher, the positive relationship between age heterogeneity and enterprise investment scale will be strengthened, and the positive relationship between age heterogeneity and enterprise investment risk preference will be strengthened too. When the environmental dynamism becomes higher, the negative relationship between education level heterogeneity and enterprise investment scale will be weakened. When the environmental dynamism becomes higher, the positive relationship between professional background heterogeneity and enterprise investment scale will be strengthened. Finally, on the basis of the research conclusions, this article provides some suggestions for the top management team construction, and puts forward to the research limitations and the future outlook of this paper. |
PDF Full Text Request