The Individual Characteristics Of The Independent Directors Impacts On The Investment Efficiency Of Enterprises

The investment activities of enterprises is the core part of enterprise financial management content, have lasting effects on the long-term development of enterprises,investment efficiency can reflect the condition of running business assets by management layer,whether to fulfill their duties.Since the introduction of independent director system, many scholars generally study the function of independent directors in corporate governance. In recent years, many scholars make researches from the perspective of independent director's personal background characteristics, most from the background of the bank, or political background, or financial background of related research. On the basis of previous studies, this paper studies the influence of the individual characteristics of the independent directors on the investment efficiency from the financial background, political background, financial background, research background and gender.The principal-agent theory, conflict of interest theory, asymmetric information theory, resource dependence theory and Upper echelon theory are considered as the principle theories for research. A-share listed companies from 2009 to 2014 are considered as samples to study the background characteristics of independent directors effects on the investment efficiency. statistical software SPSS17.0 is used to taken Correlation and regression analysis. Through the study, we found:(1) In private enterprises, the independent directors with financial background are significantly negative correlated to corporate under- investment, significantly positive correlated with corporate over-investment;(2) In the A-share listed companies, the percentage of female independent directors is 36, less than male proportion of independent directors in enterprises,significantly negative related with under-investment in private enterprises;(3) In the enterprises, the more political resources was not correlated with corporate under-investment, not associated with over-investment;(4) In the enterprises,the proportion of independent directors with research and development background is significantly positive correlated with over-investment.Therefore, on the enterprise level, private enterprises, should focus the importance of independent directors on the recommendation and advisory role on corporate investment activities; improve human resource management system for the hiring of independent directors, should give more consideration on candidates' experience and other factors, establish a comprehensive quality assessment system,hire candidates with management experience or female background, select a certain proportion of women to serve as the company's independent directors, significantly improve the investment efficiency of the enterprise. From the investor protection level,investors need timely pay attention to the independent directors' personal information of target companies for understanding the investment projects,then have a more rational understanding, avoid ineffective investment. from establishment of professional managers market, should fully build production and exit mechanism.Through effective professional managers market, shareholders according to professional reputation of the independent director, to select qualified and matching business needs with the independent directors, at the same time, establish smooth channels of independent directors career information feedback, so you can supervise the effective fulfillment of independent directors responsibility for non-performance of personnel, we can gradually withdraw from the market managers through this mechanism, lose the qualification of independent directors.