The Effect Of Board Capital On Investment Efficiency

Steady growth and structural adjustment has been the two core objectives of China's economic development,in which investment efficiency is an important measure to achieve these two goals.In the second half of 2008,the "package plan" put forward by our government is an important measure to promote China's economic growth under the international financial crisis,especially for our stateowned enterprises.However the investment efficiency of state-owned enterprises and corporate governance in the board of directors is closely related to the situation.In this paper,we review the domestic and foreign literatures on the board capital and investment efficiency,sort out the research in this field,clarify the research thread,and construct the overall research ideas and framework.This paper chooses the state-owned listed companies in the constituent stocks of China's Shanghai and Shenzhen 300 Index in 2009-2013 as the research samples.After sorting and screening the data,according to the agency theory and resource dependence theory,this paper constructs the "Board Capital Model",and divides the board capital from two dimensions: the board capital breadth,(including functional heterogeneity,occupational heterogeneity and interlock heterogeneity)and the board capital depth(including industry depth and chain directors),And the empirical research method is used to establish the empirical research model based on theoretical analysis,descriptive statistics,correlation analysis and regression analysis are carried out.And study the influence of board capital on the investment efficiency of state-owned listed companies.Through the research,this paper mainly has the following two aspects of innovation: First,the investment efficiency as the explanatory variable,the contribution of the board capital.The existing literatures mainly focus on the studies of the influence of board capital on strategic change and business performance,little attention to the influence of board capital on investment efficiency,and neglect the important role of board capital in investment behavior.Second,build the capital model to improve the capital division of the board dimension.This dimension division avoids the interdependence of the human capital and social capital of the board capital.The classification of the board capital will rise from the individual level to the enterprise level,which will make the study more complete and comprehensive.