Journal of Northeastern University(Social Science) ›› 2018, Vol. 20 ›› Issue (2): 131-139.DOI: 10.15936/j.cnki.1008-3758.2018.02.004

• Economics and Management • Previous Articles     Next Articles

Managerial Ability and Enterprises' Investment Efficiency——Based on an Empirical Study of A-share Listed Companies in China

LI Yan-xi, GAI Yu-kun, XUE Guang   

  1. (Faculty of Management and Economics, Dalian University of Technology, Dalian 116024, China)
  • Received:2017-09-12 Revised:2017-09-12 Online:2018-03-25 Published:2018-03-29
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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.

Key words: managerial ability, investment efficiency, property right, ownership concentration, managerial power

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