Managers' Background Characteristics,Governance Mechanisms And Overinvestment

In recent years,China's sustained and rapid economic development,but the steel industry has emerged a serious phenomenon of excess capacity.Iron and steel industry to support the development of the national economy,but there have been problems of excess capacity.It is imperative to study the causes of overcapacity in the steel industry,to find effective measures to achieve the purpose of production capacity.Related research has shown that a large part of the overcapacity is due to overinvestment,while the manager's background characteristics are inextricably linked to overinvestment.Based on this,this paper discusses the relationship between managers' background characteristics and overinvestment,and validates the regulatory role of governance mechanism in the steel industry listed companies as the research object.This paper first reviews the domestic and foreign scholars on the background characteristics of managers,governance mechanisms and over-investment of the main research results,and review,and then determine the content of this article;Secondly,this paper analyzes the relevant theory used,on this basis In this paper,the amount of overinvestment is calculated by Richardson model,which is used as the dependent variable,and the independent variables and control variables are selected at the same time,and the regression model is established.The regression model is established by using the Richardson model.,And the hypothesis was tested by the hierarchical linear regression method.The main conclusions of this paper are as follows: In China's steel industry listed companies,managers of the average age,education and over-investment have a significant negative impact;managers in the proportion of male and over-investment showed a significant positive impact;There is no significant correlation with overinvestment.In addition,the proportion of independent directors and managerial remuneration as the adjustment variables,the following conclusions: the proportion of independent directors for the proportion of managers and over-investment in the relationship between the performance of a significant negative adjustment;managers pay on the manager's age and excessive investment There is no significant regulatory effect.This paper systematically studies the relationship between background characteristics and overinvestment of listed companies in China's steel industry,and validates the regulation of different governance mechanisms.The conclusion of this paper can make some reference value for the future research direction of scholars.