Research On The Relationship Between Chairman's Human Capital Characteristics And Company Performance

The development of the Growth Enterprise Market has brought many opportunities for enterprises since it is founded.In 2015,Premier Li Keqiang put forward the call of "mass entrepreneurship and innovation",supporting innovation and entrepreneurship service platform,encouraging small and medium-sized enterprises to develop innovation,and supporting Internet and high-tech enterprises to go public on the GEM.Policy support at the national level provides a lot of investment opportunities for GEM listed companies.Therefore,we should pay more attention to the role of GEM listed companies in promoting the national macro-economy.To give full play to the role of GEM in China's macroeconomic structure,the first thing is to improve corporate performance.In most GEM listed companies,the managers with actual control rights are often the chairman of the company.They are closely related to the strategic development of the company,and their important position can not be replaced.This paper chooses four characteristics of chairman's human capital to study the relationship between them and company performance.The two characteristics of the chairman's education and working time are based on the formation of human capital,while the pay and shareholding of the chairman are based on the property rights of human capital.These two characteristics are the embodiment of the right to use human capital and the right to gain.Chairman's human capital characteristics include personality characteristics and professional characteristics.Personality characteristics are mainly related to the characteristics of the chairman himself,with educational background as the research variable;professional characteristics are mainly the characteristics of human capital endowed by the chairman in the appointment process,including working hours,pay and share-holding.This paper takes 141 listed companies in the GEM as a sample,based on the panel data from 2013 to 2017 and the theory of human capital and principal-agent theory in corporate governance,to study the relationship between the characteristics of the presidents' human capital and the company's performance.This study examines the mixed regression model,stochastic effect model and fixed effect model,and uses fixed effect model to study.The results show that the chairman's educational background,working hours,pay and shareholding are statistically significant with the company's performance ROE,and positively correlated with the company's performance ROE.In order to improve company performance,from the perspective of chairman's human capital characteristics,we should improve the appointment criteria of chairman and improve the professional characteristics of chairman's human capital.