Does Senior Excutives’ Military Experience Help To Improve Public Company Performance?

As a scarce resource in the global professional manager market,enterprise executives are a hot topic in the academic and practical fields.Compared with ordinary talents,executives with unique experience in the early stage can better meet the requirements of the enterprise for the ability and quality of managers,make their enterprises form a distinct management style,and ultimately affect the business performance of enterprises.Based on the research sample of A-share listed companies in Shanghai and Shenzhen from 2000 to 2019,this paper systematically investigates the impact of early military experience of top managers on business operation under the background of Chinese system,according to the logic of "military experience of top managers-differences in military characteristics-business management style-business operation performance" This paper empirically analyzes how the early military experience of the core executives of China’s A-share listed companies affects the business performance,and further examines the mediating role of the military experience of the top executives on the management style of the enterprise,such as risk preference,R & D innovation,internal control quality,and the different effects of military characteristics on the management style and business performance Ring.The results show that senior managers’ early military experience has a significant positive impact on business performance.This conclusion is still valid after using psm-did dynamic research method to effectively alleviate endogenous problems.For the research of management style,it is found that military executives prefer more aggressive financial strategy,more robust information disclosure strategy and higher R & D investment efficiency,which is directly reflected in higher financial leverage,higher asset liability ratio,less information disclosure delay,more improvement in financial reporting quality than in the past,less absolute amount of R & D personnel and capital investment,but relatively low In general,it accounts for more.Further research shows that the influence of different military characteristics forged by different military career experiences on business performance and management style is significantly different.Whether engaged in front-line combat,political work,technical research work in the army,and whether professional officers have significant differences on business performance and management style.From the perspective of heterogeneity,dynamic change and military differences,this paper explains the way that the military experience of senior executives affects the company’s business performance and management style,and further expands the literature research in this field,which has certain reference value for understanding how the military experience of senior executives affects the company’s business performance and management style It provides important theoretical and practical enlightenment for listed companies to improve the structure and selection mechanism of senior management team,further standardize the corporate governance system and enhance the value of talents.