An Empirical Study Of The Influence Of Intergenerational Differences After Executives' Replacement On The Performance Of Listed Companies

The turnover and incentives of managers are important research topics in the field of corporate governance.In China,an early batch of senior executives have reached retirement age,and with the development of the stock market,many listed company executives have cashed in.How to supplement successor executives and form a better management team,which is an important issue for enterprises in the development process.Many studies at home and abroad have conducted research from the aspects of executive characteristics,background behavio r and salary incentives to provide answers.Compared with the research on the characteristics of executives' executive population and salary incentives,the research in this paper is mainly based on the dynamic difference of demographic characteristics and salary after executive change--the difference in age,education,and salary between the new and old executive teams.And analyze its impact on the company's follow-up performance.Through theoretical analysis,and selecting the Shanghai-Shenzhen A-share private listed company with the change of the chairman and general manager from 2000 to 2015 as the research object.This paper finds that listed companies in different states have different characteristics for the choice of executives:First,companies with poor performance and constant losses are more likely to change executives.They hope to use the "hidden resources" of social relationships and contacts behind executives to help the company's performance.And age is a reflection of whether or not "hidden resources" are abundant.Therefore,loss-making companies are more inclined to hire senior executives with “hidden resources”,resulting in a positive effect on the company's performance due to the age difference between executives.Second,the difference in salary of executives in loss-making private listed companies has a positive effect on the company's performance.Because loss-making companies need to increase their salary to attract and retain executives who can play a prominent role.Unlike loss-making companies,intergenerational compensation differences among executives in private listed companies that have maintained profitability in the early stage have a negative effect on company performance.Third,the effect of intergenerational academic differences between executives on company performance is not significant in the sample of loss-making listed companies.However,it has a significant role in profitable listed companies that are biased towards strategic adjustment and long-term development.In addition,due to the weakening of the academic qualifications of the executive group,the difference in the level of education between executives and the intergenerational generation is not clear on the company's performance.