The Background Characteristics Of Chairman On The Impact Of Company Performance In GEM

The performance of listed companies on the GEM is affected by many factors,and the part related to the managers is particularly important.From 2009 to 2019,China's GEM listed companies grew from 28 to 744,and the market value of the listed market broke from 161 billion to 495.88 billion.In the past ten years,the number and scale have increased by 30 times.This decade coincides with China's pursuit of a major economic restructuring.The GEM has played an important role in the transformation of experimental fields of economic kinetic energy.It studies the factors affecting the performance of GEM listed companies and can provide guiding policy advice to GEM securities investors.In order to improve the financing scale of listed companies on the GEM and promote the technological progress of listed companies on the GEM.Based on relevant literatures at home and abroad and the latest research results,this paper combines high-level echelon theory,principal-agent theory,behavioral incentive theory,etc.from the perspectives of the background characteristics of the chairman such as “gender,age,education and whether or not to hold unrestricted restricted shares”.New economic growth theory,economic man hypothesis and other related theories,in-depth analysis of the impact of the background characteristics of the chairman on the company's performance.In the empirical analysis section,the panel data of the GEM from 2009 to 2017 were manually compiled through relevant databases and capital market public information,involving 500 companies and 3072 sample points,and descriptive statistics and correlation analysis were performed on these panel data.Considering that there are many financial indicators in the company's performance,this paper uses the factor analysis method to process the company's performance as a comprehensive evaluation index of the company's performance,and finally draws on the relevant logic and regression analysis.Analytical conclusions.It should be noted that there are very big differences in the management systems of domestic and foreign companies.The modern foreign corporate governance system is mature,and there are widespread cases of professional managers managing companies.There are differences between state-owned companies and private companies in China.There are also differences in control radii.Therefore,the research target selected in this paper is listed on the GEM;most of the current research literature focuses on the influence of the background characteristics of the management team on the company's performance,and pays less attention to the influence of the background characteristics of the chairman on the company's performance.In the research literature on the influence of long background characteristics on company performance,many of them do not distinguish between the attributes of state-owned companies and private companies.Therefore,the research object of this paper is limited to GEM listed companies,and the state-owned companies are excluded.The final research conclusions show that the gender and academic characteristics of the chairman of the board will have a positive correlation on the performance of the listed companies on the GEM;the age characteristics will not have a positive impact on the company's performance,which may be related to the technology attributes and Internet attributes of the GEM listed companies.Relevant;the chairman holding the unreleased restricted shares will help improve the performance of the GEM listed companies,but the number of unreleased restricted shares held by the company will not affect the company's perfo rmance.