Study On Relation Between Human Capital Characteristics Of Board Chairman And Corporate Performance Of Listed Company

For a long time, it is an important content to study corporate goverance in security market and management area. As the shareholders' attorney and the managers' superviser, board chairman is the core man in the directorate and is the most important operater in the company. Board chairman is in charge of the orginazition, stratagem, plan and even the response according the circumstances of the company and controls the objective of the company. Such board chairman affects the performance of the company.How the human capital of board chairman to affect the performance of the company, what characteristics play a role part? The paper pays attention on the relation between human capital characteristics of board chairman and the performance of the company, looks for the human capital characteristics that the board chairman should possess. Perhapse such work would help the construction of the executives' selection and employment.corporate goveranceAccording the process that the board chairman affects the performance of the company, combined with the corporate goverance theory, human capital theory and the company performance theory, the paper sorts the board chairmans in two types: executives with diect owners, executives without diect owners. Then the paper pays attention to the first type stipendiary (type A) and the second type (type B) and finds that: except the industry and the scale of the company, board chairmans' human capital characteristics of individuality ( sex, education) don't affect the company performance in statistic, age affects the company performance in statistic. But board chairmans' human capital characteristics of employment play different part in company performance according the two types, for type A, source in, plurality, tenure and salary play positive part on company performance, duality don't affect the company performance; for type B, source in, tenture and salary ositive part on company performance, but duality, plurality and proportion of stock owning play don't affect the company performance in statistic.Finally, combined with the listed company in China, the paper anylizes the stastistical result and advises that: consummating the property of the board chairmans' human capital characteristics, framing the incentive and control mechanism of the board chairmans, constructing the split-share structure reform and the perfect market envirment, and so on.