Research On The Relationship Between Executive Team Heterogeneity,Executive Incentives And Corporate Performance

This paper takes the financial data disclosed by China's GEM listed companies in 2009-2017 as a research sample,and combines the high-level echelon theory and principle-agent theory to put the relationship between executive team heterogeneity and company performance in different company incentives.In the instisutional environment,to explore the utility relationship between different executive incentives and different executive heterogeneity characteristics and company performance.First of all,based on the relevant literature,this paper analyzes and expounds the existing deficiencies and gaps in the existing research,and further clarifies the research themes,research ideas and methods,as well as the practical significance and theory of the research.significance;Secondly,the key concepts and research objects involved in this paper are explained and defined.Then,based on the knowledge of high-level echelon theory,principal-agent theory and incentive theory,this paper constructs a team of executives under different incentive systems.Mechanism model of the impact of quality on company performance;Thirdly,this paper combines information decision theory,socialization theory,and the support of existing literature to propose how four different types of executive heterogeneity affect corporate performance,and the company's executive incentive system.The hypothesis of the role of regulation between the relationships.Using the method of hierarchical regression,regression analysis was carried out by means of statistical software such as STATA and SPSS,and the test results were analyzed and discussed.Finally,it summarizes the research results,and puts forward suggestions for related management and policies,pointing out the defects and future research directions of this paper.The main conclusions of this paper are as follows:(1)There is a significant negative correlation between executive team age and educational level heterogeneity and company performance;(2)The heterogeneity of executives' term and the company's performance have a "U" relationship,that is,when the executive's term heterogeneity is at a certain level,the increase in term heterogeneity can promote the company's performance;(3)Equity incentives and compensation incentives can significantly alleviate the negative impacts caused by the age of executives and the heterogeneity of education levels,and strengthen the positive impact of term heterogeneity;However,in the state-owned and private enterprises,the incentive effects produced by the two incentives are different.In general,the incentive effect of private enterprises is better than that of state-owned enterprises.The empirical results of this paper show that certain heterogeneous characteristics of the executive team will affect the company's performance,and this effect will be affected by executive incentives.The significance of this paper is to deepen the understanding of the impact of the corporate management executive team in China.The results are rich and complement the research content in related fields,and also provide a deep and comprehensive understanding of the company's senior management team.The targeted design of an incentive system suitable for the company provides ideas.