Characteristics Of The Executives,Agency Cost And Corporate Performance ——Mechanism Research Based On The Perspective Of Human Capital

At present,the international industrial division of labor and the pattern of competition have undergone a major adjustment,China's economic development has changed to the direction of domestic circulation as the main body,and the market competition is fierce.Top level design plays an important role in standardizing corporate governance.The new securities law,which have been implemented in March 2020,is a new measure to regulate and supervise the capital market in China.Some of its provisions are aimed at strengthening the responsibilities and obligations of directors,supervisors and senior executives of listed companies.Therefore,it is still very important to strengthen the internal governance of listed companies at this stage.As we all know,the principal-agent problem is very important to corporate governance,and the agency cost of listed companies is mainly affected by the internal governance mechanism.As the decision-making level and executive level of a company,the human capital quality of the management will affect the operation effect of the internal control mechanism of the company,and then affect the performance of the company.Based on the previous theoretical basis and research results of experts and scholars,this paper combs the past literature from two paths of executive human capital and agency cost,and deeply understands that the agency cost of listed companies is affected by the quality of executive human capital,equity structure,capital structure and incentive plan,And corporate performance will be inhibited by agency cost.After that,this article uses the 2008-2019 Shanghai and Shenzhen A-share panel data to analyze the the impact of various indicators of executive human capital quality on the performance of listed companies through a fixed-effect model,and tests the mechanism role of agency cost between them.Then this paper makes a group heterogeneity analysis according to whether it is a state-owned enterprise,the size of the company and the proportion of R?D expenditure.At the end,two stage regression of Heckman model is used to remedy the endogenous problem.The research results show that:(1)The human capital quality of executives have a significant positive impact on company performance;(2)The human capital quality of executives affect company performance by restraining agency costs;(3)Stateowned enterprises,large-scale enterprises,and executives with a lower proportion of R?D expenditure have a relatively small impact on corporate performance by the quality of their executive human capital.Based on the above conclusions,this paper puts forward some suggestions on strengthening executive education and training,vocational training and school enterprise cooperation,so as to give better play to the role of managers in corporate governance.