Research On The Relationship Between CEO Educational Background And Enterprise Performance Under The Nature Of Property Rights

In the modern corporate governance structure,the separation of ownership and management rights becomes a general trend.And senior managers are endowed with great expectations to improve the performance of enterprises and thus enhance their competitiveness.In Chinese enterprises,the chairman and general manager who assume the top management functions of the enterprise,who are also the core characters of the enterprise operation,have the largest power support and influence in the operation of the enterprise.At the same time,their unique management style and skills,behavior decision-making,strategic choice and governance efficiency will not only have an impact on the enthusiasm,initiative and creativity of the members of the executive team and the employees of the whole enterprise.It will even lead to the formation of enterprise working atmosphere and corporate culture,and will ultimately have a huge impact on the performance and development direction of the enterprise.Therefore,The theoretical system represented by the higher order theory can give a more reasonable explanation for it.At present,the research of corporate governance structure based on higher order theory in our country is mostly in favor of senior management team,while the research of chairman or general manager,which is representative and influential among the members of the executive team,is relatively few.Moreover,considering that most of the existing research results of higher-order theory are based on the background of more mature and normative social and economic environment,compared with the background characteristics of low regularization and high dynamic in the current market environment and social environment of our country,its applicability has yet to be further tested.Therefore,from the perspective of educational background of manager,this paper studies the influence of academic level,professional background and overseas education background of manager on enterprise performance.In addition,in the analysis and study of the relationship between the two,considering the impact of China's institutional environment and the degree of marketization,this paper also takes the nature of property rights into account.It is intend to provide some suggestions for the optimization of the governance structure,general manager selection,appointment,training,etc.of listed manufacturing companies in China.In this paper,1416 observation values of 2011 manufacturing companies in 2014-2016 listed in Shanghai and Shenzhenstock markets A share were selected as the research objects which verify the six hypotheses proposed in this paper,and the robustness test was conducted.The main research conclusions include:(1)There is a significant positive correlation between the level of CEO education and enterprise performance.(2)Campared to the enterprise with CEO who has a single discipline background,the enterprise with CEO who has a multi-disciplinary background would have better performance.(3)Campared to the enterprise with CEO who doesn't have overseas learning experience,the enterprise with CEO who have overseas learning experience would have better performance.(4)Compared with the non-state-owned enterprises,the level of CEO education of state-owned enterprises has a more significant impact on the performance of enterprises.(5)Compared with non-state-owned enterprises,the CEO background of state-owned enterprises has a more significant impact on corporate performance.(6)Compared with the non-state-owned enterprises,the CEO overseas learning experience of the state-controlled enterprises has a more significant impact on their performance.Based on the above empirical analysis results,this paper finally gives a certain conclusion,which can provide a certain reference for the state,manufacturing listed companies and managers,as well as can help them to make more reasonable,scientific and accurate decisions.And It also provides some suggestions for the selection,appointment andtraining of CEO,which is expected to have some guidance for the optimization of corporate governance structure.