Research on the Influence of the Leadership Structure of Private Listed Companies on Investment Efficiency

This article is based on two types of agency theory and information asymmetry theory, and selects private companies listed on Shanghai and Shenzhen A shares from 2015 to 2019 as a sample. Use the Richardson residual model to measure corporate investment efficiency. After controlling the influencing factors of investment efficiency, use a multiple regression model to empirically test the leadership structure (1. The actual controller serves as the chairman or general manager 2. The chairman serves as the general manager). The impact of corporate investment efficiency. This article mainly draws the following research conclusions: First, the actual controller concurrently serving as the chairman or general manager will significantly reduce the investment efficiency of private enterprises. Second, the chairman and general manager will significantly reduce the investment efficiency of private enterprises. Therefore, if a listed company adjusts the power distribution of the general manager and the chairman of the board according to the specific situation of each company, it can improve the investment efficiency of the company to a certain extent, and thus better achieve the business objectives of the company.