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以2008-2013年沪、深两市A股主板上市公司作为研究样本,基于Richardson投资效率测度模型,从CEO与董事背景特征入手,运用OLS方法研究了CEO与董事背景特征相似性对公司投资效率的影响。研究结果显示:CEO与董事会成员的年龄相似性、教育背景相似性程度越高,公司投资效越低。为了避免出现投资过度与投资不足等现象,任用的CEO等管理人员需与董事在年龄与学历方面进行互补,而性别和任职时间则不需过多关注。
Based on Richardson’s investment efficiency measurement model, this paper takes the listed A-share listed companies in Shanghai and Shenzhen stock markets for 2008-2013 as the research samples. Starting from the background characteristics of the CEO and the directors, this paper uses the OLS method to study the influence of the similarity of the background characteristics of the CEO and the directors on the company’s investment efficiency Impact. The results show that the higher age-similarity and educational similarity between CEO and board members, the lower the company’s investment efficiency. To avoid over-investment and under-investment, managers such as appointed CEOs need to complement their directors in terms of age and academic qualifications, while paying no attention to gender and working time.