Research On Executive Team Heterogeneity, Internal Control Quality And Corporate Valu

In the face of complex and changeable market environment and refined social division of labor,the company’s operation,management and strategic decision-making often need to involve a wide range of knowledge,only relying on the knowledge and experience of senior executives can not fully cope with the current complex economic environment,so enterprises need to build a diversified top management team.Due to individual differences,different executives will have different working methods and cognitive concepts,which will affect the strategic decision-making of enterprises,and thus affect the operation and development of enterprises.The rapid development of the Internet makes the information of enterprises more open and transparent,and the characteristics and background of the members of the top management team are more and more studied by people.As an important part of the enterprise,internal control will have a certain restraint effect on the behavior of senior executives.Effective internal control can prevent risks through control activities,avoid strategic errors and affect the value of the enterprise.Therefore,this paper will study the impact of heterogeneity of top management team on enterprise value,and take internal control quality as a moderating variable to study the relationship between the three.In terms of empirical research,this paper selects the data of Shanghai and Shenzhen Ashare listed companies from 2017 to 2021 as samples for analysis,constructs A multiple regression model,conducts regression analysis on the gender of the senior management team and the heterogeneity of overseas background and the enterprise value,and then tests the moderating effect of internal control quality on the two and analyzes the relationship between the three.In terms of case study,taking Luzhou Laojiao as an example,this paper first introduced the basic situation of the heterogeneity of senior management team,internal control quality and enterprise value of Luzhou Laojiao,then analyzed the influence path of the heterogeneity of senior management team on enterprise value,and conducted a comparative analysis of Luzhou Laojiao and Bailun Shares to study the regulating effect of internal control quality on the relationship between them.Finally,suggestions are put forward according to the results of empirical analysis and case analysis.The results show that the gender heterogeneity and overseas background heterogeneity of top management team positively affect firm value.Good internal control quality can promote the positive effect of gender heterogeneity and overseas background heterogeneity on enterprise value.Some suggestions are put forward: enterprises should allocate top management team reasonably,cultivate the closeness between top management and enterprises,and pay attention to the quality of internal control.