The Influence Of The Chairman Characteristics On The Market Value-Empirical Analysis Based On A-share Listed Private Enterprise

The implementation of the split-share structure reform started from 2005,the market value of listed companies has become an important indicator to measure the overall strength of the company and the wealth of shareholders.China’s private enterprises play a great role in the development of the national economy.Private listed companies account for a huge proportion of the country’s capital market and are important investment targets in the capital market.This paper further refines the educational background of the chairman on the basis of the demographic characteristics,adding graduate schools and whether he has business management learning experience;at the same time,considering the theory of principal-agent,increasing the shareholding ratio of the chairman as one of his personal characteristics,Personal characteristic combination composed of six factors including gender,age,education background,graduate institution,whether there is business management learning experience,and shareholding ratio is formed.This paper selects private listed companies on the Shenzhen main board as the research object,collects public data in the empirical research part,establishes a multiple regression model,and adopts linear regression method to empirically analyze the sample data,and obtains the relationship between the personal characteristics of the chairman and the market value of the company he works for.This paper finds that the age,education,colleges and universities of the chairman are positively correlated with market value growth,but the correlation of age is not strong;whether the chairman has business management learning experience and shareholding ratio are negatively correlated with the market value growth;Male directors have a certain positive correlation with market value growth,but this conclusion does not pass the significance test.