中文摘要：

以2007~2013年沪深A股上市公司为样本,实证检验企业生命周期不同阶段CEO权力配置与投资效率关系。研究发现,成长期和衰退期企业CEO权力与投资效率显著正相关,成熟期企业CEO权力与投资效率显著负相关。进一步研究发现,国有产权性质和产品市场竞争对以上关系具有调节作用。研究说明CEO权力配置治理效应随着企业周期异质性发生改变,提出相机配置CEO权力观点。

英文摘要：

The paper empirically investigate the relationship between CEO power allocation and investment efficiency at the different stages of the corporate life cycle utilizing data of China＇ listed firms from 2007 to 2013. The study finds that CEO power is positively related to investment efficiency at the growth and decline stage,but it is negatively related at the maturity stage. Further study shows that the property nature and product market competition have significant regulations for the above relationship. The paper shows that CEO power configuration governance effect change with corporate life cycle heterogeneity,therefore,it proposes the view of CEO power camera configuration.