The Empirical Research On The Effect Of Entrepreneurs Reputation On The Performance Of Listed Companies

In recent years, along with the social and economic development, the competition between enterprises gradually from price competition, brand competition into entrepreneur’s reputation competition, are Entrepreneurs have a good reputation will ultimately affect the company’s performance. Therefore, establish and maintain entrepreneur’s reputations are getting more and more attention. The good reputation of the entrepreneur can reduce market transaction costs due to the asymmetric information reason, this will help increase the company’s financing opportunities, improve the company’s operational efficiency of capital, and ultimately achieve the purpose of improving company performance.Entrepreneur’s reputation is not a new concept in the academic, domestic and foreign scholars have conducted a lot of research on it, but in the current economic and social it is a new problem. As early as200years ago, Adam Smith has put forward the concept of the entrepreneur’s reputation, but at the time it is just an academic concept, rather than a social issue being concerned. In the21st century along with Xerox, Enron and other international companies financial scandals concentrated outbreak, the importance of the entrepreneur’s reputation was gradually be concerned by public. Causing scholars take it as a matter of practical significance in-depth study. Western scholars study earlier on entrepreneur’s reputation, from the entrepreneur’s reputation connotation formation process, measurement methods to application all have a lot of research results, these studies led to the establishment of foreign entrepreneurs’ reputation mechanism, and promote a perfect company governance structure. However, the research on the entrepreneur’s reputation of our country is still in the initial stage, in theory also mainly based on to foreign research, and in the empirical research has not proven entrepreneur reputation measurement methods. This greatly hinders China’s enterprises to establish and maintain entrepreneur’s reputation of enthusiasm and initiative, and hinders the improvement of our company governance structure and the entrepreneur’s reputation mechanism to play effect.In this thesis, three questions about the entrepreneur’s reputation have researched: What is the entrepreneur’s reputation? How to measure the entrepreneur’s reputation? How Entrepreneurs reputation impact on corporate performance? Starting from the three questions, this paper use2009-2012China’s Shanghai and Shenzhen A-share listed companies in the manufacturing sector as the research sample. Take company’s performance as the study, by building the regression model and empirical test of the impact of the entrepreneur’s reputation on corporate performance. Empirical analysis shows that, entrepreneur’s reputation and corporate performance are related, entrepreneur’s reputation is higher, the better the company’s performance; Furthermore, entrepreneurs reputation can significantly enhance the company late performance; But as time continued, entrepreneurs reputation to enhance the latter company’s performance will decline significantly. This study is divided into five parts:The first part is the introduction. This section introduces the background and significance of this research, review of domestic and foreign, research ideas and methods and innovation.The second part is the theoretical analysis. This section introduces the concepts of reputation, the entrepreneur’s reputation, and related concepts of corporate performance, theoretical basis of this study and entrepreneurs reputation mechanism on corporate performance.The third part is the study design. Based on the literature review and theoretical analysis, this section presents the research hypothesis and select the relevant indicators and measurement methods, built entrepreneurs a reputation model and company performance regression model.The fourth part is the empirical analysis. According to the numerical indicators, through the use of G1method to determine the weight of index weight, then get the measurement model of entrepreneur reputation. On this base, examine the impact of the entrepreneur’s reputation on corporate performance.The fifth part is the study conclusions, recommendations and prospect. This part on the above theoretical analysis and empirical testing, summarized the conclusions of the research about reputation and corporate performance Entrepreneurs, and put forward policy recommendations to optimize the entrepreneur’s reputation mechanisms. Finally, prospect the existence of deficiencies on this study, and pointed out the direction of future research in this field.