How Do The Background Characteristics Of Private Entrepreneurs Affect Their Enterprises?

In 2019,the world economy show a slow growth trend,the international and domestic environments facing China's economic development are undergoing profound changes.On a global scale,although the economy is generally good,there is more uncertainty.From the domestic perspective,China's demographic dividend is gradually disappearing,and the cost pressure facing enterprises is also increasing.For China's private enterprises,small,medium and micro enterprises,the deteriorating living environment will make their survival difficult,or even close to bankruptcy.In the process of economic transformation and upgrading in China,how to bear the pressure,which talents to choose to lead the development of enterprises,and which development strategy to choose to improve the performance of enterprises to the greatest extent,these problems are of vital importance,which are related to the survival of enterprises,and are the problems that every enterprise urgently needs to solve.In previous studies,economists tend to homogenize all entrepreneurs,ignore individual uniqueness,and assume that they have infinite rationality,which is obviously unrealistic.As the actual controller of an enterprise,entrepreneurs have the supreme power in the enterprise.Their decisions affect the development direction and process of the enterprise,as well as the working environment and atmosphere of employees.It can be said that entrepreneurs determine the success of the enterprise.In recent decades,international scholars began to study the influence of senior management team on corporate performance.They can from the theory of enterprise performance reflected in some biographical sketches of the top management team characteristics,such as enterprise performance with the senior management team of the average degree of correlation,the more average degree,its leading enterprises to better financial performance,these studies also gradually obtained the recognition in academia.However,these studies also have some shortcomings.First,their research objects are generally the senior management team rather than the actual controller of the enterprise.Secondly,many researches simply make empirical analysis on the influence of entrepreneurial background on enterprise performance,ignoring the interaction between various variables.Therefore,this paper attempts to use the data of Chinese private enterprises and private entrepreneurs to empirically test these theories,and combined with the empirical test results to provide some theoretical references for the selection of talents for Chinese private enterprises,small,medium and micro enterprises in dire straits.At the same time,the conclusion of this paper also has certain enlightenment for the majority of investors,help investors to polish their eyes,choose better quality enterprises for investment.In this paper,private companies listed on the small and medium-sized board of shenzhen stock exchange and the growth enterprise market are selected as research samples,and panel data of 2340 observed values of 585 enterprises from 2013 to 2016 are selected.The gender,overseas background and education level of private entrepreneurs were taken as the core explanatory variables,while the size,capital structure and industry of private enterprises were taken as control variables,and the interaction terms of gender,overseas background of private entrepreneurs and scale,capital structure and industry of private enterprises were introduced.The background characteristics of private entrepreneurs and the interaction between these characteristics and control variables on the performance of private enterprises are studied.First,the author made descriptive statistics on the data,analyzed the mean value,variance,maximum value,minimum value,frequency and percentage of some data,and figured out the Pearson correlation coefficient between each variable.Secondly,empirical analysis is made to find out whether there is multicollinearity in variance inflation coefficient test,and then regression is conducted to observe the actual situation of sample data.Finally,the robustness test was performed.This paper draws the following conclusions: Firstly,the main effect of the gender of private entrepreneurs on the performance of private enterprises is not significant,but the interaction between gender and overseas background,education level and assetliability ratio has a significant positive impact,and the interaction with the size of private enterprises has a significant negative impact.Secondly,the main effect of overseas background of private entrepreneurs on the performance of private enterprises is not significant,but its interaction with gender and industry produces significant positive effect.Thirdly,the education level of private entrepreneurs has a significant positive impact on the performance of private enterprises,but among all the educational background of private entrepreneurs,those who have obtained doctor's degree have a significant negative impact on the performance of private enterprises.Finally,based on the research conclusions of this paper,the author puts forward specific policy Suggestions for entrepreneurs,management and investors.This study is an extension of the space application of the higher-order theory and other related theories,which enriches and develops its research results,and enhances its practicability,explanatory power and vitality.