A Study On The Human Capital Of Board Direction,Managerial Overconfidence And Investment Efficiency

There is no more mature conclusion about the study on the human capital of board direction,managerial overconfidence and investment Efficiency in China.Most of the size of the board of directors,board governance and other aspects of the investment efficiency,The study on investment Efficiency from the perspective of human capital is less,the existing research results have ignored the fundamental premise of the board directors can provide resources for the companies is the board directors has the human capital.Research results at home and abroad show that the board directors of human capital has a direct impact on the investment efficiency,but also to adjust the role of managerial overconfidence,thus affecting the investment efficiency.The research on this aspect of our country is still in the primary stage.Therefore,this paper study its role in the managerial overconfidence and investment efficiency.According to resource dependence theory,behavioral finance theory and free cash flow theory,using the software of SPSS18.0 to explored the relationship of the human capital of board direction,managerial overconfidence and investment Efficiency among listed companies in China,taking China's GEM between 2010 and 2015 as samples.Firstly,the study to test how the human capital of board direction impact the investment efficiency,including comprehensive index regression and regression respectively using principal component analysis of the board directors of various indicators of human capital;Then,further verified on the basis of previous studies on the influence of managerial overconfidence to investment efficiency;Finally,test how the human capital of board direction impact the relationship between the managerial overconfidence and investment Efficiency.The empirical results shows:(1)The board of directors comprehensive index of human capital and investment efficiency is significantly positively correlated,Among them,the average age of the members of the board directors and the level of education have a significant positive correlation with the investment efficiency,while the relationship between the term of the board directors and investment efficiency is not significant;(2)The managerial overconfidence has a significant negative correlation with investment efficiency;(3)The board directors of human capital has a significant inhibitory effect on the relationship between the managerial overconfidence and the investment efficiency.