| In recent years,the phenomenon of mass reduction of senior executives occurs frequently,July 5,2017,the chairman of Jia Yue Pavilion resigned from music as chairman of the presidency "fled" the United States become a sensation in the financial market one of the big events.In the past 3 years,the Creutzfeldt family through the stock Exchange,total from the music department enterprises to get about 18 billion yuan of income.The market value of the listed companies ' reduction behavior involves the characteristics of large scale and high frequency,which has the signal conduction function,so the large-scale reduction behavior is extremely unfavorable to the development of the enterprise or to other investors.In view of the phenomenon of the reduction of executive,the relevant departments have formulated relevant policies to curb the occurrence of the phenomenon of executive reduction,the SFC has issued a number of announcements on the reduction of the behavior of the executive restrictions and norms.On the research of the management reduction,most of the research topics are from the external factors that influence the reduction,and the senior management's own background research is less;in the research data,according to the 2010-2015 years of reduction in the number of companies,the overall view of the small and medium-sized Enterprises Board of executives to reduce the enterprise,accounted for the overall reduction of the total size of the company 46%.Almost all the research in the present literature is focused on the gem,and there is less research on the heterogeneity of the executive team.However,the reduction behavior of senior executives is closely related to their own background characteristics,and executives of different ages and different educational backgrounds may make diametrically opposite decisions in the same situation.As the actual management body of the enterprise,the heterogeneity between the team members will have a great influence on the strategic decision and the business performance.Therefore,the influence of the heterogeneity of senior management team on the management reduction and enterprise value is worth studying.Based on the theory of the company executives ' heterogeneity and the management reduction,this paper chooses the Shanghai and Shenzhen A-shares listed companies in 2010-2015 as the research object and establishes the regression model.In addition,the robustness test method was used to remove the influence from the vocational school and the principal component regression analysis,which made the empirical research results more robust and reliable.The empirical results show that the heterogeneity of the executive team does have an impact on their reduction behavior,and the reduction of executive management has a negative impact on the value of the enterprise.When the executive reduction occurs,different heterogeneity will have a restraining or reinforcing effect on the negative effect of the enterprise value brought by the executive reduction.Finally,based on the results of regression analysis,the paper puts forward some suggestions of pertinence and practicality. |
