Chairman's EMBA Education Background And Corporate Investment Efficiency

AS a special kind of educational experience,EMBA has both educational and social network attributes.On the one hand,managers can accumulate professional knowledge,thereby enhancing their's management capacity by joining the EMBA project.On the other hand,a certain number of years of management experience requirements and high tuition fees as access threshold available to EMBA education qualification,make the EMBA gather various fields of outstanding talents of the elite circle,information and resources in the network interact and integrate to efficiently.Therefore,the EMBA education background is not only a unique type of individual identity,but also a concrete representation of an important social network under the"relationship culture" situation in China.From this point of view,the study of executives' EMBA education background on the impact of corporate financial behavior has important theoretical and practical significance.This paper collects the EMBA education experience information of the chairman of the listed company from 2007 to 2015,examines the impact of the EMBA education background on the investment efficiency.The results show that the chairman's EMBA education background can significantly improve the corporate investment efficiency.After using PSM-DID to solve the endogeneity problem,and using a series of robustness tests such as the Placebo test,Hekcman two-stage regression and adjustment of the sample,the research conclusion is still robust.Further research also found that the positive impact of EMBA education background on corporate investment efficiency exists only in private enterprises and is not obvious in state-owned enterprises.In addition,chairman's elite-school EMBA education experience has significantly reduced the corporate investment efficiency,but this effect does not exist in the non-elite-school.Finally,those positive impact exists only in the EMBA chairman who have non-financial class professional,and for financial class original it is non-significant.This paper not only enriches the research on executive's characteristics,social relations networks and corporate financial behavior,but also provides direct evidence support for the market's insight into the economics of EMBA education,which helps the education sector to better develop policies for developing EMBA programs System,and then help China in the economic transition stage of the development of the entity.