高管背景特征对投资者保护水平的影响研究——基于农业上市公司的经验证据

Research on the Influence of Executives’ Background Characteristics on Investor Protection Level——Empirical Evidence Based on Agricultural Listed Companies

从企业内部微观因素出发,实证检验高管背景特征对投资者保护水平的影响,研究发现：高管背景特征对投资者保护水平存在一定影响,且高管不同背景特征对投资者保护水平的影响存在较大差异。具体来看,董事长对投资者保护水平的影响大于总经理和财务总监。研究结论表明在提高投资者保护水平过程中,应重视内部微观因素作用的发挥,从高管的管理入手,提高证券市场投资者保护水平。

From the perspective of internal micro factor, this paper analyzes the impact of the background characteristics of executives on the level of investor protection. Result shows that the background characteristics of senior executives are relat- ed to the level of investor protection, and the influence of background characteristics of different executives on the level of investor protection is quite different. At the same time, the chairmen of the companies are more conductive to improving in- vestor protection level than the general managers and chief financial officers. The conclusion of the study shows that it should pay more attention to the role of internal micro factors in the process of improving the level of investor protection, and improving the level of investor protection from the background characteristics of executives.