中文摘要：

董事会内部非正式的隐性特征如董事们的才能、地位、影响力等在群体决策过程中发挥无形的作用。以董事会内部非正式的隐性层级为出发点,研究它与公司投资行为及投资效率的关系。研究结果表明：董事会隐性层级分化程度越高,公司投资规模越大;相对于非国有上市公司,国有上市公司中董事会隐性层级分化度对投资规模的影响显著变小;董事会隐性层级分化度越大,公司投资效率越低,出现投资过度或投资不足可能性越大。

英文摘要：

Board informal and invisible characteristics, such as status and influence of mem- bers in the board in the decision-making process for the other directors. The informal and intangi- ble power affects the efficiency of group decision. This paper, with the informal hierarchy of the board of directors as a starting point, studies its relationship with the company investment behav- ior and investment efficiency. Research shows that： the higher the board of directors of informal level differentiation degree, the higher the company investment scale l relative to the non-state- owned listed companies, the influence of the informal level differentiation degree of the board of directors in the state-owned listed company on the investment scale is significantly smaller~ the greater the invisible hierarchy differentiation of the board of directors, the lower the investment efficiency, the higher possibility of excessive or insufficient investment.