Founder Characteristics Of High-tech Enterprise, Ownership And Performance

As technology develops more and more each day, not only brings the rise ofhigh-tech enterprises, but also has a huge impact on the national economy, society andculture. At present, the competitiveness of a national high-tech determines the country’scomprehensive national strength in a large extent. Many high-tech enterprises haveongoing technological innovation, the production of revolutionary products, innovativeservices; therefore its business achievements constitute the basis of the contemporarynational economy, which greatly promoted the development of the country and even theworld economy. The high-tech enterprises of Shenzhen GEM, are attracting stronginterest of many scholars. As the founder of the high-tech enterprises, he has a veryimportant influence to the enterprise, with facing very rapid technological change andproduct upgrading, how to keep high-tech enterprises sustained and healthy developmentis his primary mission. Therefore, from the perspective of the founder, the research forperformance has some theoretical and practical significance.This paper selects samples of281high tech enterpises in Shenzhen GEM that IPOare from2009to2011, and the data is from2011Annual Report. First, the paper analysesthe relationship between the founder’s age, tenure, degree, political connection, dual,ownership and operating performance, market performance and the developmentperformance, and analyses the level of ownership impacting this relationship. Next, thispaper mix the age, tenure, degree, political connection, dual mix into power index, studyits relationship with performance, and analysis whether founder the level of ownershipaffects this relationship. Analysis whether founder ownership affect this relationship, andfinally uses Oaxaca-Blinder decomposition method to study the characteristics of thefounder characteristics’ explanatory ability of performance difference. The study foundthat:①the age, political connection, dual status have a negative correlation withoperating performance; the tenure, ownership and degree have a positive correlation withoperating performance;②the age, degree, political connection, ownership have a positivecorrelation with market performance; the tenure, dual status have a negative correlationwith market performance;③the age, tenure, degree, ownership have a positive correlationwith development performance; the political connection and dual status have a negativecorrelation with development performance;④the level of ownership has the changed therelationship of other characteristics with performance;⑤general characteristics of founder–founder powers, has a negative correlation with corporate performance, andoperating performance shows a significant negative correlation, at the same time the levelof shareholding also changes the relationship with founder power and performance;⑥inaddition, the use of the Oaxaca-Blinder decomposition finds that the differences ofcharacteristics can explain27.93%of the difference of operating performance,33.00%ofmarket performance and48.01%of development performance.