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本文以高层梯队理论为基础,以2009—2014年沪深两市的上市公司为研究样本,区分产权性质,实证检验了管理者特质对负债融资及企业过度投资行为的影响。研究结果表明:管理者的性别、受教育水平和财务经历更能增强负债融资对企业过度投资行为的抑制作用。和国有公司相比,在非国有公司中,管理者教育水平、工作经历更能显著提高负债融资对企业价值的提升作用。本文的研究结论为企业如何选拔高层管理人员等人力资源问题提供了一定的启示。
Based on the high-rise echelon theory and the listed companies in Shanghai and Shenzhen from 2009 to 2014 as the research sample, this paper empirically tests the influence of managers’ traits on debt financing and corporate overinvestment behavior. The results show that: manager’s gender, education level and financial experience can enhance the inhibitory effect of debt financing on corporate overinvestment behavior. Compared with the state-owned companies, among the non-state-owned companies, the education level and work experience of the managers can significantly improve the promotion effect of debt financing on the enterprise value. The conclusion of this paper provides some enlightenment for enterprises on how to select top management personnel and other human resources issues.