Heterogeneity Of Executive Team,quality Of Internal Control And Inefficient Investment Of Enterprises

As an important part of enterprise financial management,investment not only determine their own economic strength and growth rate,but also have a profound impact on the realization of sustainable development of enterprises.Look,Nowadays,many enterprises have the problem of low investment efficiency.Inefficient investment,such as underinvestment and overinvestment,is common.Resulting in a serious waste of resources.How to reduce the phenomenon of inefficient investment and improve the efficiency of enterprise investment becomes the urgent matter.Manufacturing as a pillar industry of national economy,For a long time,it has played an important role in stimulating the national creativity,enhancing the competitiveness and stabilizing the comprehensive national strength.With the acceleration of the process of external globalization and the increasingly fierce competition between internal enterprises,the group of senior management teams is gradually incorporated into the core competitiveness of enterprises.From the theory of higher order is also known.Some background features of executive team may be important factors influencing investment decision.Therefore,it is of great practical significance to study the heterogeneity of the executive team on the non-efficient investment of the listed companies in our manufacturing industry only because of the one-sided influence of the homogeneous characteristics of the executive team on the investment decision.Internal control is an important part of corporate governance,covering all aspects of corporate affairs,and plays a key role in the control of inefficient investment.So,as the decision-makers and guides of the enterprise and the consummate of the internal control system,which background heterogeneity of the executive team can reduce the inefficient investment of the enterprise?What is the path of the heterogeneity of these background features? Will the quality of internal control act as an intermediary? To solve the above problems,it is of great significance to clarify the influence of the heterogeneity of the executive team on the non-efficient investment of enterprises,and the intermediary role of internal control quality in it.In this paper,the domestic and foreign senior management team heterogeneity,internal control quality and enterprise inefficiency investment related literature,according to the high-level echelon theory,principal-agent theory and information asymmetry theory put forward the corresponding assumptions.Based on the empiricalanalysis of A-share listed manufacturing companies issued by Shenzhen and Shandong from 2013 to 2017,the conclusions are drawn as follows: first,the age heterogeneity of executive team is significantly positively correlated with the inefficiency investment of enterprises.There is no significant correlation between the heterogeneity of senior management team gender and education level and inefficient investment.Second,the heterogeneity of senior management team age and education level and the quality of internal control There was no significant correlation between the gender heterogeneity of executive team and the quality of internal control.Thirdly,there is a significant negative correlation between the quality of internal control and inefficient investment.Fourthly,the quality of internal control plays an intermediary role in the influence of age heterogeneity of senior management team on inefficient investment.The conclusion of this paper is of guiding significance for optimizing the executive team,reshaping the internal control and how to reduce the inefficient investment of manufacturing enterprises.Based on the significant positive correlation between the age heterogeneity of the executive team and the inefficient investment,it is necessary for the enterprise to avoid the age gap reasonably when selecting the members of the executive team.In addition,enterprises should attach importance to the construction of internal control system,on the one hand,the promotion of internal control quality can effectively reduce the inefficient investment of enterprises.On the other hand,we should give full play to its intermediary role and enhance the heterogeneity of the executive team in order to enhance the non-efficient investment of the enterprise through the quality of internal control.Has a significant impact on.