Background Characteristics Of The Executives、Reduction Behavior And The Value Of Company

At present, China’s growth enterprise market of listing Corporation in the limitedban the sale of shares have underweight executives stock phenomenon iswidespread.In higher-order theory, human capital theory, principal-agent theory andsignal transmission theory, this article selects the2010-2012in shenzhen stockexchange executive holdings in listed companies as research samples.In this paper,empirical research on the senior management team the homogeneity andheterogeneity characteristics influence on executive holdings, it is found that the gemof the executive team background characteristics affecting the personal behavior ofexecutive holdings of stocks.Heterogeneity of executive education background andexecutive holdings significantly positive correlation; Senior professional backgroundheterogeneity and executive holdings significantly negative correlation; Executives atage heterogeneity is negatively related to the executive underweight; The moreexecutives have overseas background, the greater the proportion of underweightexecutives occurrence; Government-backed executives of its own, there is no directinfluence on the size of the holdings of shares; The greater the executive team size,the greater the proportion of underweight.Then through empirical model to study theexecutives reduce its impact on the enterprise value changes, the result shows thatwith the percentage of executives underweight stocks continue to increase, theenterprise value showing a downward trend after rising first, namely the invertedu-shaped relationship.In addition, in order to further analysis in executiveheterogeneity of different conditions, the executive holdings and enterprise valuerelations, through the establishment of the model, finally got under the condition ofthe heterogeneity of different size of executives, executive holdings differentinfluence on changes in the size of the enterprise value.Under the condition ofeducation degree difference is bigger, the proportion of underweight and negativelycorrelated with changes in the enterprise value relations; Relative to the professionalbackground heterogeneity of smaller companies, professional backgroundheterogeneity of the larger companies, executives decrement of the team members, the behavior of the stock’s influence on the enterprise value changes.Finally, according to the empirical results, the article put forward somerationalization suggestions such as strengthening the supervision of the gem listedcompany’s senior management team and to strengthen the information disclosure ofcompany executives underweight stocks management.