董事会特征与非效率投资行为的实证研究
本毕业论文要研究的就是在实际背景下董事会特征对非效率投资的影响，会产生怎样的影响。本文通过运用理论与实证相结合的分析方法，探讨了董事会特征中的宏观总体特征：独立董事特征、董事会规模特征、行为性特征以及激励特征，通过这四个文度对上市公司非效率投资行为的影响，并提出了改进的建议。
关键词 董事会特征 非效率投资 公司治理
Title An Empirical Study of the board characteristics of inefficient investment Behavior
Abstract
In recent years， China's rapid economic development， stable and rapid
economic growth in China has played an important role in investment.
However， the investment is not all efficiency. Inefficient investment as
the company's investment behavior deviates from the traditional financial
theory forms a reasonable investment that the company did not fully
implement positive NPV investment projects， or the implementation of a
number of negative NPV investment projects. Investment for an
enterprise’s survival and development， it plays a vital role， therefore，
for the study of non-efficiency of investment， has some practical
significance. Enterprise inefficient investment behavior is mainly due to
asymmetric information and agency triggered by factors such as corporate
governance is to alleviate asymmetric information and agency introduced
a series of institutional arrangements. Modern corporate system， the
critical and core governance is the board. Accordingly， the Board is an
important part of corporate governance， through the impact on corporate
governance， thereby alleviating the problem of asymmetric information and
agency ， thereby affecting inefficient investment behavior.
This article will board characteristics and inefficient investment company
as a research topic of this paper. In the actual context， the Board of
Directors of the Company inefficient investment characteristics is
affected， and what impact. Through theoretical and empirical analysis using a combination of the Board discussed the characteristics of the
macroscopic overall characteristics : Impact features independent
directors ， board size and characteristics of the excitation
characteristics of the three dimensions of listed companies inefficient
investment behavior ，and made possible improved methods.
Keywords Board characteristics Inefficient investments Enterprise value
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