경영자 능력이 투자효율성에 미치는 영향: 중국 신삼판(新三板)기업을 중심으로

As the economic recession continues in the post-COVID-19 era, corporate investor sentiment is shrinking. In this situation, it is most important for managers to find profitable investment plans and make efficient investments. In addition, since corporate investment should also be converted from large-scale investment to efficient investment, the ability of managers with various investment decisions of companies is very important. Therefore, this study analyzed the effect of managerial ability on investment efficiency using corporate data from the Chinese New Third Board market whose settlement month is December from 2014 to 2021. Specifically, corporate investment efficiency was measured by referring to the Richardson (2006) model, and the managerial ability index was calculated through the two-step model of DEA-Tobit regression presented in the study of Demerjian et al. (2012).
In addition, the under-investment sample showed a significant negative (-) relationship between managerial ability and inefficiency investment at the 1% level, but the over-investment sample showed non-significant negative (-) value. This result shows that managerial ability has a stronger impact on investment in the under-investment sample, and the higher managerial ability, the more confidently invest based on a high understanding of companies and industries, which strongly reduces the possibility of investment shortage. There was a significant relationship in the over-investment sample because Chinese SMEs have a governance structure in which the founder or family of the founder is the owner and manager of the company, so managers tend to pursue long-term profits, scale effects, high market share, and sales than short-term profits. In the Shinsampan market, which is an equity trading market for unlisted small and medium-sized enterprises, corporate managers actively reduce the problem of lack of investment for the effect of scale, high market share, and sales, and rather do not interfere with investment overload. The results of regression analysis by taking the value of the independent variable in t-1 can also be confirmed to be consistent with this. In addition, the asset turnover rate was used as a variable representing the efficient use of resources and funds held by companies. As a result of regression analysis using the asset turnover rate as a parameter, it was confirmed that the asset turnover rate had a mediating effect between managerial ability and investment efficiency. Further analysis also found a significant positive (+) relationship between corporate investment efficiency in managerial ability according to the company's registration status and industry to which it belongs.