| The real estate industry as a pillar industry of the national economy, has become an important and indispensable part of modern socio-economic system at present. According to data released by the National Statistics, China's real estate investment accounted for the proportion of fixed assets was 23.34% in2013.And the investment growth rate was much higher than the average growth rate of total social investment. At the same time, real estate for sale reached 622 million square meters, which was a record high. The real estate industry is deeply affected by national macroeconomic regulation and control policy in China. The State Council had issued a" The Eleven Regulations of Country "," The Eight Regulations of New Country ", "The Five Regulations of New Country " and the local rules, such as real estate control policies, intended to curb the overheated real estate investment.Enterprise's top managers undertake the enterprise strategy formulation and implementation, directly determine the enterprise's investment decision. On the basis of upper echelons theory, demography affect managers'cognitive base and value preference, thus impacting their behaviors. The principal-agent theory is also pointed out that, due to asymmetric information, incomplete contract, the lack of market efficiency, corporate clients are difficult to detect and found the opportunistic behavior of agents in a short period of time. As the opportunism behavior of agent of enterprises, the top management,are likely to cause over-investment, damage the interests of the client enterprise. Therefore, this paper from the micro individual perspective has important theoretical and practical significance to study the influence between the heterogeneity of the top management characteristics and over-investment in enterprises.Based on higher order theory and principal-agent theory, this paper makes empirical analysis on the relationship between heterogeneity of top managers of gender, age, education level, professional experience and team term and over-investment, which is on the basis of China's A shares in listed real estate companies in 2008-2013 data as the research sample. The results show that top managers of gender heterogeneity is not siginificant with over-investment in listed real estate companies; Age of heterogeneity and over-investment has significant positive correlation in listed real estate companies; While the heterogeneity of professional experience has negative correlation with over-investment in listed real estate companies; The degree of heterogeneity, team term heterogeneity and over-investment has significant positive correlation only in non-state enterprises. In addition, the paper also finds that after the property nature of the enterprise to distinguish, over-investment is more serious in non-state-owned listed real estate companies, and heterogeneity characteristic of the top managers to explain the effect of the over-investment and more persuasive. |
PDF Full Text Request