山东省上市公司高管背景特征与企业绩效关系研究

Empirical Study on Relationship Between Characteristics of TMTs and Firm Performance of Shandong Province

以2014年1月1日之前在沪深两市上市的山东省公司为研究对象,从激励特征、高管团队(TMT)人口背景特征和约束特征三个角度选取自变量,并引入行业因素、公司规模、财务杠杆等控制变量,对山东省上市公司高管团队背景特征与其所在企业绩效之间的关系进行研究。实证研究结果表明,山东省上市公司范围内高管团队成员的年龄异质性、平均年龄和任期异质性与企业绩效负相关,平均薪酬与企业绩效正相关,而对于其他指标与企业绩效的关系,在全样本数据和分组数据中有所差异。

Taking companies listed in Shanghai and Shenzhen stock market of Shandong province,while introducing company size,industrial factors,financial leverage and other control variables,the relationship between characteristics of listed corporations in Shandong province was studied from the perspectives of top management team（TMT）,demographic characteristics,incentive characteristics and constraint characteristics.The results show that the average age,age heterogeneity and tenure heterogeneity of top management team members are negatively related to corporate performance,but the relationship between the average pay and corporate performance is positive.And for other indicators,the relationship between the performances of the enterprise differs from the full sample data to the data in the packet.