The Study On The Relationship Among Management Team Characteristics,Corporate Governance And Enterprise Value

The establishment of the modern company system has spawned the separation of ownership and control of the company.The separation of the two rights has improved the efficiency of the company and brought about a serious principal-agent problem.Jensen and Meckling(1976)clarified the goal of corporate governance,which is to solve agency problems and reduce agency costs.Therefore,corporate governance has become an indispensable part of the modern enterprise system.Good corporate governance can solve the bad management caused by information symmetry and behavioral asymmetry between business owners and managers by establishing a scientific corporate system framework,conducting reasonable post power arrangements,and strengthening the supervision of business management processes.In this way,management behavior can maximize corporate value.In this paper,a combination of theoretical analysis and empirical analysis is used to analyze the importance of management characteristics for enhancing company value.The external performance of management governance is the overall characteristics of the company’s management.This paper selects the management size,management shareholding ratio,management compensation,and whether the chairman and general manager are combined to form a measure of management characteristics.This paper is divided into five parts: the first part makes a more reasonable exposition of the theoretical and practical significance of the research,analyzes the relevant research results and research background at home and abroad,makes a reasonable analysis of the research methods and research contents of this paper,the technical route adopted,the problems solved in this paper.The second part firstly analyzes the organic relationship between management characteristics and corporate governance,and believes that management characteristics are an important form of corporate governance;management characteristics as an important part of corporate governance will also have an impact on corporate value.Then,based on the above theoretical analysis,the hypothesis of the four management characteristics and enterprise value selected in this paper is proposed.The third and fourth parts use the panel data of the listed company for 15 years to test the hypotheses through empirical methods,and give the analysis and summary of the research results in the fifth part.The research in this paper finds that the management scale is positively related to the enterprise value,that is,within a certain range,increasing the number of senior executives can improve the management team’s knowledge resources and human resources,thereby improving the business management level;management shareholding ratio and management The regression coefficient of salary is positive and significant,indicating that equity incentives and compensation incentives can make the interests of management and shareholders tend to be consistent,thereby reducing agency costs and enhancing corporate value.