| Chairman of the board as the enterprise's top management,is the enterprise's "number one",but also the core of the whole team.The chairman thought and behavior affect the formulation and implementation of the company's highest strategic decision-making,but also affect the company's daily production,operation and management activities,determines the future direction of development of a company,even in the political state company,chairman of the role is still obvious.All decisions of the chairman are closely related to their personal background and ability to act.Therefore,the improvement of the company's performance has put forward higher requirements for the chairman's ability to act.Foreign researchers found that top management features has some relation to corporate performance,there are many domestic researches on the impact of top management of the company's performance,but most concentrated in the top management team characteristics,from the perspective of executives' personal characteristics of relatively small,therefore,the upper echelon theory and the principal-agent theory as the theoretical basis,with China's Shanghai and Shenzhen A shares of listed companies as the research object,through empirical research methods to study effects of background characteristics on the performance of the company chairman of.In this paper,a total of 2011-2015 year five years in Shanghai and Shenzhen A shares of 995 listed companies a total of 4975 samples as the research object,establish regression model,adopt the method of linear regression,empirical analysis of the impact of background characteristics on the performance of the company chairman.At the same time,the article distinguishes the nature of property rights,and further studies whether the background characteristics of the chairman of state-owned companies and non state owned companies affect the performance of the company.Finally,according to the empirical results,the following conclusions are drawn:(1)the relationship between the age of the chairman and the company performance is negatively related,and the young chairman has more advantages to improve the company's performance.(2)the chairman's gender is positively related to the company's performance,which shows that the chairman is female,which will help to improve the company's performance.(3)the salary level of the chairman is positively related to the company performance,which indicates that raising the chairman's salary will help to improve the company's performance.(4)the chairman's educational background,profession,and the "two posts in one" and company performance have not been tested by significance.(5)the nature of property rights distinction,found in the company,chairman of gender on corporate performance is not significant,while the two level one on company performance is positively related to non state-owned companies;the regression results are consistent with the full sample.The innovations of this paper are as follows:(1)innovation in research angle.The existing research of corporate performance literature from various aspects such as the chairman of the individual characteristics,generally concentrated in the capital structure,corporate governance,equity structure and financing structure,is also part of the study is focused on the characteristics of the senior management team,from the study of chairman of personal characteristics of less.From the perspective of the chairman's personal characteristics,this study is of innovative significance.(2)further empirical study on the nature of property rights.The domestic and foreign research literature on relationship between Chairman characteristics and corporate performance,usually only stay in the whole sample,not on the property rights division,based on this,this paper divides the samples into state-owned companies and non state-owned companies,to explore the influence on corporate performance characteristics under different property rights chairman whether there are differences. |
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