Research On Relationships Among Ownership Concentration,TMT Faultline Strength Based On Age And Corporate Value

As the main body of the company’s operation and management,the senior management team has an important impact on the company’s development.Different demographic characteristics,differences in characteristics among members and the interaction between characteristics will affect the relationship between senior management team members,and then affect the company’s business decisions.The ownership structure has the governance function,affects the efficiency and effect of the company’s business decision by affecting the agency cost,and then affects the company’s value.Some scholars have studied the relationship between the fault zone of the senior management team and corporate performance,which mainly focuses on the impact of the task-related fault zone,the social classification fault zone,and the information fault zone on corporate value.However,there are few studies on the relationship between the age fault zone of the senior management team and corporate value.Taking A-share listed companies in Shanghai and Shenzhen from 2005 to2018 as the research object,this paper studies the relationship between ownership concentration,senior management team age fault zone and corporate value.The empirical results show that:(1)senior management team age fault zone reduces corporate value;(2)Ownership concentration increases company value;(3)Ownership concentration can weaken the negative effect of senior management team age fault zone on corporate value.The findings of this paper further enrich the relevant literature on the relationship between the age fault zone of senior management team and corporate value.Based on the empirical analysis,this paper further selects Shanghai Bairun Flavors &Fragrances Co.,Ltd.(hereinafter referred to as Company B)as a case enterprise to analyze the relationship between the ownership concentration of the case company,the age fault zone of the senior management team and the company value,and draws the same conclusion as the empirical analysis.Based on the empirical results and case analysis,this paper proposes that the age structure of senior management team members of listed companies should be reasonably allocated,the synergy spirit of senior management team members should be fostered,the ownership structure should be optimized,and the positive governance role of centralized ownership structure should be brought into play,which can provide useful reference for regulatory departments to optimize supervision and listed companies to improve governance.