Managerial Background Characteristics And Non-efficiency Investment Research Based On The Perspective Of Growth

With China's sustained and rapid economic growth,many enterprises have access to unprecedented investment and development opportunities.Investment efficiency is declining,the specific performance of low-level redundant construction and overcapacity in many industries.Therefore,the domestic and foreign scholars have carried out extensive and in-depth discussions on the theory of investment efficiency.The level of development of science and technology reflects the strength of a country's economy to a certain extent,China's high-tech enterprises in various industries to fully display the latest achievements of a variety of high-tech,has become an important force to promote economic development,it is of strategic significance to the development process of a country,so the development of high-tech enterprises has been widely the attention economy.In this paper,high-tech enterprises are selected as samples to discuss the problems of managers and investment efficiency.By combing the literature summary,research on non efficiency investment mainly concentrated in the perspective of corporate governance,free cash flow and investment limited perspective,corporate debt leverage on investment angle,and affect the quality of accounting information on the efficiency of investment.As an important component of the enterprise,the top management team is the core of the strategic decision,and plays an important role in the investment decision.This article is from the perspective of TMT to study the efficiency of investment.The executive team is the strategic resources and the core competition of an enterprise,is responsible for coordinating the entire enterprise organization,excellent executive team has decided the enterprise in the market competition ability and decision-making ability,give full play to the executive team decision-making and coordination ability,is conducive to improve the quality of decision-making,so as to ensure the realization of business objectives,only to realize the enterprise net profit growth,in order to achieve the maximization of shareholder value.This paper selects 3230 high-tech enterprises in Shanghai and Shenzhen Stock Exchange from 2011 to 2015 as the sample data of the year.Based on the theory of the top echelon and the principal-agent theory,the author selects the senior management team's age,education,tenure,gender and profession as explanatory variables to measure the relationship between the investment and inefficient investment.Using the factor analysis method,the overall sample was divided into high growth group and low growth group according to the growth score.Through the comparative discussion concluded:the prevalence of non efficiency investment,and in high-tech enterprises due to the different growth stage,non efficiency investment performance is not the same,the investment in high growth group shortage phenomenon is serious,but in the low growth group generally overinvestment.At the same time,the relationship between TMT background characteristics and investment efficiency is also verified.In the overall sample age and investment expenditure are negatively correlated,lack of regression results demonstrated that age group samples can inhibit the high growth group investment,reduce the excessive investment in low growth group;positive correlation between academic and professional,gender effect is not very significant,the term of investment behavior that is not authenticated.