Research On The Relationship Among Ownership Structure,Executive Team Characteristics And Firm Performance In Mixed Ownership Enterprises

In order to further deepen the reform and explore the establishment of a corporate governance system with Chinese characteristics,the Third Plenary Session of the 18th CPC Central Committee in November 2013 explicitly proposed the active development of a mixed ownership economy,the reform of state-owned enterprises,and the establishment and improvement of a modern enterprise system.In October 2017,the 19th CPC National Congress report clearly stated that "deepening the reform of state-owned enterprises,developing a mixed-ownership economy and fostering a world-class enterprise with global competitiveness".With the promulgation of a series of policies,the deepening of mixed ownership reform,how to realize the mixed reform and how the different kinds of equity can be mixed in order to benefit the improvement of corporate performance and the path of improvement?These are questions that we must answer in theory and in practice.In view of this,on the basis of the related literature review,this thesis analyzes the relationship between ownership structure,senior management team characteristics and company performance based on property rights theory,principal-agent theory,social capital theory and high-level echelon theory.Then,based on Edwards and Lambert's model of total-effect adjustment,2313 A-share mixed ownership enterprises in 2014-2016 are selected as research objects.By using factor analysis and regression analysis,this paper explores the ownership structure,high The direct effect,mediating effect and regulating effect between the three aspects of team characteristics and company perfonrmance.The results show that:(1)The degree of ownership concentration and corporate performance show an inverse "U" relationship,and the degree of equity balance has a positive correlation with company performance,while the equity degree of mixing has a positive "U"relationship with company performance,that is,when the equity mix degree reaches a critical value of 60.19%,it can help improve company performance;(2)The size of the senior management team,the average academic qualifications of the senior management team and the degree of academic heterogeneity are not related to the performance of the company.The proportion of female executives and their gender heterogeneity,age heterogeneity,average tenure,compensation incentives and equity Incentives are positively correlated with corporate performance,while senior executives' age-average and tenure heterogeneity are negatively correlated with corporate performance.(3)The mediating effect of the characteristics of senior management team between ownership structure and corporate performance is significant;(4)The adjustment of equity structure between the characteristics of senior management team and company performance is not significant.Finally,based on the empirical findings,this paper proposes to increase the intensity of mixed ownership reforms,optimize the ownership structure,accelerate the market-based hiring of top-level managers of state-owned enterprises,optimize the structure of senior management teams,and establish a sound non-state-owned capital to enter and exit state-owned enterprises.Relevant systems and improvement of safeguard mechanisms and other countermeasures and suggestions.