基于多元回归分析CEO职业经历丰富度对投资效率的影响研究

Research on the Influence of Generalist CEO on Enterprise Investment Efficiency Based on Multiple Regression Analysis

摘要: 在就业市场，公司更喜欢雇用职业经历丰富度高的CEO，而不是专业性更高的CEO。这种趋势带来的影响尚未分析透彻。因此，本文通过对CEO职业经历丰富度与企业投资效率之间关系的研究，旨在深入探讨二者之间的作用机制及其对企业发展的影响。本文选取了2008至2022年间中国A股的上市公司作为样本，运用多元回归分析等统计方法，对CEO职业经历的丰富度与企业投资效率之间的关系进行了系统的分析。研究发现，随着CEO职业经历丰富度的提高，企业的投资效率会相应降低。这一结果表明，虽然职业经历丰富的CEO可能拥有更广泛的知识和经验，但他们在面对投资决策时，可能会过度自信，从而忽略或低估风险，导致投资效率的下降。值得注意的是，这一影响在非国有企业中尤为显著，而在国有企业中则不具有统计学意义。这可能是因为国有企业在投资决策过程中，受到更多外部监管和内部控制的约束，从而减弱了CEO个人职业经历对投资效率的影响。本研究不仅丰富了CEO职业经历与企业投资效率关系的理论研究，也为企业的人力资源管理和投资决策提供了实践指导。建议企业在选拔和培养高层管理者时，应综合考虑候选人的职业经历丰富度与企业的所有制特征，以促进投资效率的提高。

Abstract: In the job market, companies prefer to hire CEOs with extensive career experience rather than those with higher levels of specialization. The impact of this trend has not been thoroughly analyzed. Therefore, this paper aims to delve into the mechanisms and effects of the relationship between CEO career experience and corporate investment efficiency. Using listed companies on the A-share market in China from 2008 to 2022 as samples, this study employs statistical methods such as multiple regression analysis to systematically analyze the relationship between CEO career experience and corporate investment efficiency. The research findings indicate that as the CEO’s career experience increases, the efficiency of corporate investment decreases correspondingly. This suggests that although CEOs with rich career experiences may possess broader knowledge and experience, they may become overly confident in making investment decisions, thereby overlooking or underestimating risks and leading to a decline in investment efficiency. It is noteworthy that this impact is particularly significant in non-state-owned enterprises, while it is not statistically significant in state-owned enterprises. This may be because state-owned enterprises are subject to more external regulations and internal controls during the investment decision- making process, thereby weakening the impact of CEO personal career experiences on investment efficiency. This study not only enriches the theoretical research on the relationship between CEO career experience and corporate investment efficiency but also provides practical guidance for human resource management and investment decision-making in enterprises. It is recommended that companies consider both the richness of candidates’ career experiences and the ownership characteristics of the enterprise when selecting and cultivating senior managers, in order to promote the improvement of investment efficiency.