| Throughout the long river of economic development,although the market economy system has become stricter day by day,the supervision departments have paid more and more attention to the monitoring of the securities market.However,the chaos of listed companies' violations is still common and repeated,which will not only damage the interests of investors and creditors.The vital interests of the people will also affect the orderly and healthy development of the capital market.Due to the early start of foreign capital markets,violations such as insider trading and financial fraud have also appeared earlier.Correspondingly,foreign scholars have also studied the violations of listed companies.However,China's capital market system is still not perfect,and domestic scholars' research on the violation of listed companies mostly starts from the level of corporate governance and supervision system.After a large amount of literature research,this paper believes that in China,executives play a pivotal role in the violations of listed companies,especially CEO with final execution rights,and the influence of their background characteristics on individual subjective initiative cannot be ignored.Therefore,this thesis combines high-order theory,leadership trait theory,principal-agent theory and fraud motivation theory,and starts to deeply analyze the influence of CEO background characteristics on listed company's violations from the theoretical aspect,and selects Shanghai and Shenzhen A shares from 2012 to 2016.Listed companies and their matching companies that have violated regulations and are processed constitute sample data.The background characteristics of listed company CEO are selected as independent variables,and work experience,salary incentives and other indicators are innovatively added.Logistic regression is used to study CEO background.The relationship between the characteristics and the probability and severity of the listed company's violations shows that:(1)female CEO can reduce the probability of violations of listed companies to a certain extent compared with male CEO;(2)the more the CEO's education High,the lower the probability of a listed company's violations;(3)the CEO's tenure has a positive U-type relationship with the probability of a listed company's violations;(4)the CEO's participation in an external part-time job will increase the possibility of a listed company's violations;(5)The proportion of CEO's equity holdings and the probability of violations of listed companies and violations There is a significant negative correlation between the degree of ownership,that is,the higher the proportion of CEO equity holdings,the more favorable it is to reduce the possibility ofviolations of listed companies or to reduce the seriousness of violations;(6)CEO's age,senior titles and monetary compensation There is no significant correlation between the situation and the listed company's violations. |
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