Research On The Impact Of Executive Characteristics On Corporate Performance

Our country's economy has changed from the stage of high-speed growth to the stage of high-quality development.It is difficult to meet the need of high-quality development by the rough way of performance improvement in the past.At the same time,the objective demand of competition and lean internal management urgently need to improve the performance of enterprises to adapt to the changing times and the trend of economic development.However,the improvement of enterprise performance needs the promotion of strategy,R&D,production,sales and other aspects of management,and the core of the improvement of management level lies in the operation of top management team.The differences in age experience,educational background and gender characteristics of each top management team member lead to significant differences in communication efficiency,coordination ability and leadership characteristics of the top management team.Therefore,it is necessary to study the characteristics of top management team,especially the characteristics of CEO,on the impact of corporate performance.This paper mainly studies the influence of executive characteristics on corporate performance.Firstly,this paper reviews the relevant research on the relationship between executive characteristics and corporate performance at home and abroad,and points out that the existing research has some shortcomings,such as lagging behind the use of institutional background,unclear impact mechanism,and so on.On the basis of introducing the relevant theories,this paper puts forward the hypothesis from seven perspectives: the influence of the education background of TMT and CEO on company performance,the influence of gender composition of TMT and CEO on company performance,the influence of age of TMT and CEO on company performance,the regulating effect of property right nature,the regulating effect of ownership concentration,the regulating effect of equity balance degree,the regulatory effect of CEO compensation.Secondly,this paper selects all listed companies of A-share as research samples,takes the period from 2015 to 2017 as sample,and collects9451 observation samples and 310529 observation values.Through the establishment of five models of benchmark regression,the adjustment effect of property rights nature,equity concentration,equity balance degree and CEO compensation,and with the help of SPSS19.0 and STATA,this paper carries out empirical analysis and further analysis.This paper concludes that,the higher the average education level of executives(CEO education level),the better corporate performance is;female executives(female CEO)perform betterthan male executives(male CEO);the average age of TMT(CEO age)of state-owned enterprises have more significant impact on corporate performance than that of private enterprises;within certain range,the bigger the average age of executives(CEO age),the better corporate performance is;equity concentration and equity balance degree can enhance the impact of the average age of TMT(CEO age)on corporate performance;CEO compensation enhances the impact of the age of CEO on corporate performance.Based on the above conclusions,this paper makes the following suggestions that enterprises should pay attention to the development of executives and properly balance the age distribution of TMT;increase the proportion of female executives appropriately;improve the average level of education of executives;improve the supervisory supervision mechanism of executives.