Top Management Team Human Capital,Compensation Gap And Enterprise Value Of High-technology Enterprise

With the era of knowledge economy arriving,human resources has been of great importance,during which time,the top management team as a kind of scarce resource,plays an important role along with the development of society and the growth process of enterprises.The relationship between top management team characteristics and enterprise value will become the common concern of both theoretical field and practical field.Because of the "Upper Echelons Theory" and "Championship theory",the importance of executive compensation gap is self-evident.Because high-tech enterprises have special requirements for human resources,this thesis will start with high-tech enterprises,to explore the relationship between characteristics of TMT,executive compensation gap and enterprise value in high-tech enterprises.According to the industry division of China Securities Regulatory Commission in 2012,this thesis takes information transmission,software and information technology service industry A-shares listed in Shanghai and Shenzhen stock market whose 2012-2016-year-data are adopted as a sample to analyze.This thesis takes ROA as the explained variables,the top management average age,average tenure,the average level of education,the scale of the top management and the compensation gap between executives as explanatory variables,and besides takes asset and others as control variables.Through the descriptive analysis,correlation analysis,regression analysis and robustness test,this thesis draws the affection the top management team characteristics and the executive compensation gap towards enterprise value.In addition,The article conducts in-depth analysis and examines the influence of the characteristics of executives' human capital on firm value,and adds adjustment items to study the effects of the four characteristics of senior management team's human capital on the value of the company under the adjustment of senior management team pay gap.Further tracking.This paper concludes that in the high-tech enterprises,the senior management team's educational background,size,and pay gap are positively related to corporate value.The average age of senior management teams is negatively correlated with the average years of service and corporate value.In addition,this paper examines the influence of the four characteristics of the senior management team on the company's value,adding the remuneration gap of the remuneration executive team,and finally concludes that as the executive compensation gap expands,the value of the company is negatively affected by the age of the senior management team.Large,but the negative impact of the average term of the senior management team will be eased,the greater the positive impact of the average level of education of the senior management team,the positive impact of the scale of the senior management team will weaken,that is,the value of the company will show a change In the case of large and small,the value of an enterprise reaches its maximum value on the scale of an executive.Therefore,in the process of enterprise development,it is possible to improve performance by elevating the level of education for employees or nurturing and re-educating top management teams,appropriately expanding the size of senior management teams,recruiting talents to enhance corporate performance,and finding a suitable one for their own development.Team size: The rejuvenation of senior management team can promote the improvement of corporate performance,increase the vitality of corporate growth,and maintain senior managers' tenure.This guarantees both the mystery of the team members and mutual understanding among team members,increasing trust and understanding.Improve corporate performance.