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摘要近年来，我国经济发展迅速，投资在我国经济平稳快速增长中起了重要作用。然而，投资也并非全是效率的。非效率投资这种投资行为与传统财务理论下合理投资的表现形式相背离，公司实施了一些净现值为负的投资项目，同时也可能会少作用于一些净现值为正的投资项目。一个企业要想生存以及发展，投资在其中起着至关重要的作用，因此，对于非效率投资的研究，有着一定的现实意义。企业的非效率投资行为主要是由几种因素造成的，那便是信息不对称和委托代理等因素，所谓的公司治理其实就是为缓解信息不对称和委托代理而引入的一系列制度安排。在现代企业的公司制度中，董事会已经成为了治理的关键，同时他也是治理的核心区域。所以，作为关键因素的董事会对公司治理必然产生了重要的影响，能够在一定程度上缓解代理问题和信息不对称，进而会影响到公司的投资决策。 19299
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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
目 次
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