Research On The Executive Political Background And Enterprise Performance

The first management buyout of listed companies in China occurred in 1997.In the next two decades,the management buyout experienced a period of excessive and development in China.Scholars’ research on the impact of management buyouts on the performance of Chinese enterprises From the qualitative research phase to the quantitative research phase.On the other hand,scholars’ research on the impact of executives’ political background on corporate performance has gradually refined,analyzed the impact of different types of executives’ political background on corporate performance,and analyzed the impact of different industry executives’ political background on corporate performance.Until recently,some scholars have suggested that executives with political backgrounds will have different effects on corporate performance because of the different proportion of equity.Management buyouts,as a special way of mergers and acquisitions,will directly change the executives of enterprises from managers.For the owner of the enterprise,the corresponding change in the equity of the executive will be caused to some extent.Therefore,this paper focuses on the relationship between the executive political background,the management buyout listed company and the performance of the company.This article looks at the interrelationship between management buyouts,executive political background and corporate performance,and examines the impact of different types of executive political backgrounds on the long-term and short-term performance of management buyout firms.On the basis of this,establish a panel model for empirical analysis,and finally draw the final conclusion:In the short-term,before the successful management buyout,the political background of executives is inhibiting corporate performance,and both the political background of the government executives and the political background of the executive-type executives have an inhibitory effect on corporate performance,but After the successful management acquisition of the company,under the influence of the political background factors of senior officials,the performance of the company will be improved in the short term,and whether it is the political background of the government-type executives or the political background of the executive-type executives,its successful management buyout The short-term performance of the company has improved.In the long-term,the political background of senior officials has a long-term positive effect on the performance of successful management acquisition companies,but only the political background of government executives will promote the long-term performance of successful management acquisition companies.The political background will have an inhibitory effect.