管理者能力与企业投资效率——基于中国A股上市公司的实证研究

摘要 以中国沪深两市2011—2015年A股上市公司为研究样本，运用DEA-Tobit两阶段模型衡量管理者能力，采用OLS回归检验了管理者能力对企业投资效率的影响机理，并进一步考察了产权性质、股权集中度及管理者权力在其中发挥的调节作用。研究结果表明，管理者能力与企业投资效率显著正相关，即管理者能力的提高有助于提升企业的投资效率。进一步研究发现，国有产权和股权集中度会弱化管理者能力对企业投资效率的促进作用，而管理者权力则有助于强化管理者能力对企业投资效率的促进作用。
Abstract：Based on the research sample of A-share listed companies in Shenzhen and Shanghai Stock Exchanges from 2011 to 2015， the DEA-Tobit two-stage model was used to measure managerial ability and the OLS regression model was applied to empirically test the influence mechanism of managerial ability on investment efficiency. In addition， the moderating effect of property right， ownership concentration， and managerial power was also investigated. The results showed that managerial ability is positively and significantly correlated with enterprises' investment efficiency， that is， the improvement of managerial ability is helpful to improve firms' investment efficiency. A further analysis found that the state-owned property right and ownership concentration may weaken the promoting effect of managerial ability on investment efficiency while managerial power may play a reinforced role.