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本文采用超效率数据包络分析法来度量公司过度投资水平,并以2006年我国制造业上市公司为样本,实证检验了战略委员会的特征对上市公司过度投资水平的影响。研究表明,我国2006年制造业上市公司存在明显的过度投资行为,设立战略委员会能够降低过度投资均值;董事长与总经理两职合一、战略委员会的勤勉程度、平均学历水平与过度投资显著负相关;平均职称水平、兼职程度与过度投资显著正相关;知识结构、任职年限、性别结构与过度投资正相关但不显著;战略委员会的规模、平均年龄与过度投资负相关但不显著;独立董事比例、年度薪酬、持股比例与过度投资的关系既不显著也不确定。过度投资与公司业绩显著负相关,战略委员会对过度投资的影响方向与对公司业绩的影响方向相反。
This paper uses super-efficient data envelopment analysis to measure the level of over-investment in the company. Taking the 2006 listed companies in China’s manufacturing industry as a sample, it empirically tests the influence of the characteristics of the strategy committee on the level of over-investment of listed companies. The research shows that there are obvious over-investment behaviors in China’s manufacturing listed companies in 2006. The establishment of a strategy committee can reduce the average value of over-investment; the chairman and general manager of the two positions are united; the diligence level, average academic level, and excessive investment of the strategy committee are significantly negative. Relevant: The average level of professional titles, part-time degree and over-investment are significantly positively correlated; knowledge structure, length of service, gender structure and over-investment are positively related but not significant; the size and average age of strategy committees are negatively correlated with over-investment but not significant; independent directors The relationship between proportion, annual salary, shareholding ratio and excessive investment is neither significant nor certain. Over-investment is negatively related to the company’s performance. The influence of the strategy committee on over-investment is in the opposite direction of the company’s performance.