Heterogeneity Of Senior Management Team,Executives' Stock Reduction And Enterprise Value

Since the inception of the second-board market,it occurs the phenomenon about the sale of shares of management.After the restricted stock circulation,during the first batch of 28 companies,21 companies have occurs the executives holdings decline.Since then,second-board market appears the phenomenon of executives' stock reduction.This caused damage to the interests of outside investors,it also influence the health of the market.As for executives' stock reduction,many scholars have studied on it,securities also issued a series of measures to limit it,all of this have showed the executives' stock reduction is valued highly.For the aim of executives' stock reduction,existing research is focus on the angle of company,to find the motivation of the executives.From the perspective of executive itself,to find the reason of this phenomenon is very little.This paper focus on the perspective of executive,research the influence of the heterogeneity of senior management team on the stock reduction of executives and the enterprise value.This paper selects 2010-2015 in stock market that occurs executives' stock reduction as sample,Combine the principal-agent theory,upper echelons theory,human capital theory,signaling theory,theory of heterogeneity,empirical study the impact of the heterogeneity of the senior management on the phenomenon of executives' stock reduction.This article selects the age heterogeneity and the heterogeneity of education background to respect the heterogeneity of senior management team,use tobin q to respect the value of company,empirical study the impact of executives' stock reduction on the enterprise value,and then bring in cross terms of executive holdings and age heterogeneity and cross terms of executive holdings and education heterogeneity,research during the executives' stock reduction,the different agree of age heterogeneity and the different agree of heterogeneity of education background,the different influence on the value of the company.The results showed that: Age heterogeneity and executives' stock reduction are notably negative related,heterogeneity of education background and executives' stock reduction is negative related,but not notably.Executives' stock reduction and the value of the company are inverted u-shaped relationship,namely with the scale of executives' stock reduction increase,the value of the company appears the trend of rising and then downward.When a small amount of executives' stock reduction appears,it will benefit to the upward of the enterprise value.When a big amount of executives' stock reduction appears,it will bring negative impact on the enterprise value.Bring cross terms of executive holdings and age heterogeneity and cross terms of executive holdings and education heterogeneity,result showed that compared to the company that the age heterogeneity is low,during the degree of age heterogeneity is high,the influence on the value of the company is small,but not notably.Compared to the company that the heterogeneity of education background is low,during the degree of heterogeneity of education background is high,the influence on the value of the company is small,but not notably.In the end,according to the result,put forward some proposals.