| Managers control the most important resource of enterprise, playing a crucial role in corporate management and development. As decision maker and major executer, obviously, it is very significant. On the basis of upper echelons theory, demography will affect managers cognitive base and value preference, thus impacting their behaviors. The remuneration incentive system aimed to managers will effectively reduce the agency cost, making them service for corporations better. Therefore, the study on demography and incentive restrain features is greatly meaningful to company performance.The article used public listed manufactured companies in2012as study samples, making an empirical analysis about the relationship between managers from stated and non-stated listed companies and corporate performance. Analysis is based on managers’ age, gender, education, tenure, remuneration, shareholding proportion, combination of director and manager, and regulate effect of relevant variables. The result shows that in state-owned companies, there is an obviously positive correlation between managers’age, tenure remuneration and corporate performance. In non-stated companies, there is a positive relation between managers’education, tenure, remuneration and corporate performance. While managers’age, gender, shareholding proportion and combination of director and manager don’t have an obvious impact on performance. In addition, managers’age and education of stated and non-stated companies affect corporate performance in different degree. In the view of tenure and remuneration, both of which affect non-stated companies more seriously. Moreover, the assumption about incentive restrain feature will affect the relationship between demography and performance can’t be proved. The article not only enrich the theoretical research in relevant area, but also offering a reference in manager selecting in various property right, perfecting remuneration incentive system and optimizing corporate governance. |
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