| As the most important human resource and Strategic decision maker, the enterprise’s top manager has always been the focus of Academic. Hambrick&Mason(1984) pointed out that the Demographic Characteristic, including age, education, gender, period of job, experience, can be one of the most influential factor of the Cognitive model of top manager. As the result, the research of the Demographic Characteristic of top manager gradually become the popular topic in related fields, which contain the research of enterprise performance, Strategic decision-making, Management of cohesion, Diversification, Internationalization and so on. The Existing researches are very abundant, including the research of the relation between the Demographic Characteristic of enterprise’s top manager and all kinds of enterprise’s factor, but all the mentioned research are limited in the same enterprise that contain both the The dependent variables and the Independent variables. But what method and research paradigm should we take if we want to study the relationship between the Demographic Characteristic of enterprise’s top manager and some other factor that do not belongs to the same enterprise such as the decision of the investment of PE. The existing research have mentioned this field.but not profound enough.There are many factors that can influent the return of PE fund, so it is a hard job for the PE fund to choose an investments. In order to help the PE fund to make a better choice as well as the relationship between the enterprise and the PE fund, Based on the existing research, this paper take the Demographic Characteristic of enterprise’s top manager as the Independent variables, take the investment decision of PE fund as the dependent variables, trying to figure out the answer to all the questions above.Based on the analysis of basic theory and research status on the basis of the listed with226samples, under certain assumptions, the use of econometric software, empirical research on the relationship between the Demographic Characteristic of enterprise’s top manager and the investment decision of PE fund. This paper get4conclusions as below:1. There are particular Correlation between Demographic Characteristic of enterprise’s top manager and the investment decision of PE fund.2. There are Positive correlation between the education, specialty, experience of enterprise’s top manager and the amount of PE investment, there are negative correlation between the period of enterprise’s top manager and the amount of PE investment, there isn’t any correlation between the Demographic Characteristic of enterprise’s top manager and the return of PE fund.3. The empirical results in High-tech industry is highly differ from the result in traditional industry. We can tell from this phenomenon that the industry factor also is one of the important factor that influent the investment decision of PE fund.4. PE fund is lack of Scientific and objective evaluation system, it can be detected from the Inconsistence of the amount of investment and the return of investment.Certainly, there are far more factors that can influent the investment decision of PE fund and so on,and there are some problems that need further study, but this paper still make some contribution in the felid, but we need further study on these problems in order that we can better help PE fund making decision. |
