Executive Academic Experience,Marketization Process And Firm Growth

Enterprise growth is one of the important concepts to determine the development potential of an enterprise.In today's era of knowledge economy and the gradual downturn of the financial environment,investors must make correct investment judgments for enterprises and enterprises must be able to stand on a long-term basis,and the concern for the growth of enterprises is indispensable.Human capital is the dominant force in the development of enterprises under the knowledge economy.The introduction of high-level theory has also made enterprises pay more and more attention to the role of managers in the process of enterprise growth.According to the signal display mechanism in the principal-agent theory,when judging the ability of executives,the experience signal will play an irreplaceable role in the growth of the enterprise more directly than the signals such as education and wealth.Research on the impact of executive experience on companies is currently focused on executive education,financial experience,overseas experience,etc.,and there is less attention to academic experience.However,teachers who have experience in colleges and universities have become senior executives after entering the company.Their academic experience will influence and shape their overall quality,which will affect the growth of all aspects of the enterprise.It is a specific research direction worth exploring.Therefore,this paper starts from the specific managerial characteristics of executives' academic experience and studies its impact on corporate growth.At the same time,because the growth of the company is also affected by the external environment,this paper further studies whether the influence of the academic experience of the executives on the growth of the company is different in different marketization processes.This paper first reviews the influencing factors and evaluation methods of corporate growth,executive characteristics and corporate growth,as well as executive characteristics,marketization process and corporate growth,and then based on corporate growth theory,principal-agent theory,and high-order theory.The three main theories analyze the relationship between executive academic experience and corporate growth,and the impact of marketization on the relationship.The following two hypotheses are proposed: executive academic experience can significantly enhance corporate growth;under the influence of the academic experience of the executives,the impact on the growth of the company is more significant,and in areas with low marketization,the academic experience of the executives has a greater effect on the growth of the company.In this paper,we use the empirical model of multiple regressions to verify these two hypotheses.The sample selects the A-share listed companies that have been selected in 2011-2016,and finally obtains 15,956 samples.Excel is used for data collation,and SPSS is used to develop the growth of the enterprise.Factor analysis,using STATA for regression analysis,test and analyze the effect of executive academic experience on corporate growth,and the impact of marketization process on the relationship between executive academic experience and corporate growth.In the measurement of variables,this paper uses factor analysis method to select 16 representative financial indicators from six aspects: profitability,growth potential,capital operation ability,survival status,enterprise scale and macroeconomics to measure the growth of the enterprise and calculate the growth of the enterprise.The results show that: First,the academic experience of executives is significantly positively related to the growth of the company.The academic experience of executives has fostered a higher level of knowledge output,innovation and innovation,which can bring strength to the company.At the same time,executives with academic experience have higher self-restraint mechanisms,which can reduce agency risk,bring lower debt financing costs to enterprises,improve the quality of accounting information disclosure,and enhance the usefulness of corporate decision-making.Second,compared with regions with high levels of marketization,in areas with low marketization levels,the academic experience of executives has a more significant effect on the growth of enterprises.In areas with low marketization levels,the legal environment and market environment are relatively poor.The academic experience of senior executives can alleviate these adverse effects,so its role in promoting the growth of enterprises is more obvious.The research results of this paper show that in areas with low marketization level,senior executives with academic experience are needed,which provides some ideas for enterprises to select senior executives.At the same time,this paper also supplements the related research on the impact of executive characteristics on the economic consequences of enterprises.