高管改革开放经历与企业投资效率  

The reform and opening-up experience of senior managers and investment efficiency of enterprises

作　　者：廖静 刘星[1] LIAO Jing;LIU Xing(College of Economics and Business Administration,Chongqing University,Chongqing 400030,China)

机构地区：[1]重庆大学经济与工商管理学院,重庆400030

出　　处：《管理工程学报》2022年第2期61-72,共12页Journal of Industrial Engineering and Engineering Management

基　　金：国家自然科学基金重点项目资助(71232004)。

摘　　要：本文以2007—2017年间的沪深A股上市公司为样本,基于“烙印理论”,对高管改革开放经历对企业投资效率产生的影响进行了理论与实证研究。研究结果发现,相较于高管没有改革开放经历的企业,高管具有改革开放经历的企业的投资效率更高,这一结论在控制了内生性问题后仍然成立,而且董事长的改革开放经历会对企业投资效率产生更为明显的影响,以及高管改革开放经历在民营企业、过度投资企业中具有更强的解释力度。从影响机制来看,教育程度更高、具有行政事业单位经历或学术经历的董事长,其改革开放经历对企业投资效率的影响作用更强。本文首次针对中国企业高管改革开放经历进行研究,对理解中国企业管理实践问题,以及新兴市场国家企业的高管选择问题具有重要的启示与现实意义。Executives are the influential decision-maker in enterprises,so their personal characteristics will affect their judgment,selections and decisions,thereby impacting corporate decision-making.However,most existing literature focuses on the executives′influence on corporate decision-making from the perspective of their personal“innate”characteristics,with overlooking the influence of executives′early experiences and lacking the studies on the issue with“China′s feature”.Therefore,in this paper,the Reform and Opening up,which is a typical major event with“China′s feature”was selected to explore the impact of executives′experience ofReform and Opening up on the efficiency of corporate investment,which of great enlightening and practical significance for understanding problems in Chinese corporate management practices and executive selection in emerging market economics.Thereupon,a theoretical analysis was carried out on the basis of the branding theory,and a research hypothesis was put forward.In view of cognitive branding,the experience of Reform and Opening up influences the educational history of corporate executives,thereby affecting their cognitionof finance and investment efficiency,followed by their investment decisions.From the perspective of ability branding,the experience influences executives′career selection and entrepreneurial abilities.In particular,many executives have undergone the transformation from administrative institutions to enterprises,which gives them unique normative thinking and an ability of merging social capital and resources,and the decision rationality they thus acquire from which will affect the investment results of an enterprise.Hence,the paper puts forward a research hypothesis that the executives′experience of Reform and Opening up will help to improve the efficiency of corporate investment.On this basis,research and design were conducted in the paper to prove that companies with executives experiencing Reform and Opening up have higher investment efficie

关 键 词：改革开放经历 企业高管 投资效率 烙印理论 

分 类 号：F273[经济管理—企业管理]