【作者】 夏静波；

【导师】 辛金国；

【作者基本信息】 杭州电子科技大学 ， 会计学， 2009， 硕士

【摘要】 由于民营上市公司的自身特点决定了公司高层管理者的重要地位,相对国有企业普遍带有的人浮于事的特点,民营企业高层管理者与企业绩效的关系更加紧密。因此本文通过研究高管团队的特征与民营上市公司企业绩效的关系,并采用EVA作为企业绩效的衡量指标,希望了解在我国复杂的社会环境下,民营上市公司高管背景特征对企业绩效的影响,为企业未来的发展提供经验证据及建议。本文在分析相关基础理论及研究现状的基础上,建立起本文的研究框架。以486家民营上市公司为样本,在一定的假设前提下,运用SPSS软件,对高管团队特征与EVA的关系进行实证测算研究,分析表征高管团队特征的变量对EVA的影响,并结合我国中小企业特定的制度和环境,解释、分析所得的实证研究结果,并对本研究主题进行展望。其中,高管背景特征主要包括六个因素:年龄、教育背景、财务专业背景、任期、持股比例、薪酬,结合两个控制变量:企业规模和企业成长能力,进行实证检验,然后得出结果。本文的研究结论中表明:高管团队平均年龄与EVA呈显著负相关关系,主要由于年纪越大,难以对变化激烈的竞争环境作出迅速反应,另外由于我国的特殊国情,老一辈民营企业管理者大多文化层次较低。高管团队的学历与EVA有显著的关系,主要由于经过数年的发展,我国法制逐渐健全,知识体系更新很快,高学历人才的自身价值不断得到体现。高管团队任期长对于目前的民营上市公司有正面的作用,国内企业相比国外企业发展时间短,更需要稳定并默契的管理团队带领企业发展。高管的财务专业背景对EVA有显著地影响,可以认为是融资能力对于企业,特别是我国民营企业的重要性。而由于我国民营上市公司的特点以及相关政策,资本市场的问题,高管团队的薪酬水平与持股水平对EVA的影响并不显著。本研究体现出了我国民营上市公司的特殊情况和特殊问题,并提出了改善建议。更多还原

【Abstract】 Due to the characteristics of Private Listed Companies decided the strategic position of senior managers in the company,senior managers is very important to firm performance and organization development since it takes the mission of establishing and implementing corporate strategies. Research on top management team is also a widely concerned topic by scholars and managers in recent years. In this paper, by studying the relationship between the background characteristics of senior managers and the firm performance in Private Listed Companies, would like to know in our complex social environment, the background characteristics of senior managers on the existence of the impact of firm performance for the future development of enterprises provide empirical evidence and recommendations.Based on the analysis of basic theory and research status on the basis of the Private Listed Companies with 486 samples, under certain assumptions, the use of econometric software, empirical research on the relationship between the background characteristics of senior managers and the EVA, to analyze the background characteristics variable impact on firm performance, associate with Private Listed Companies and culture-specific environment in Chinese stock exchange market, and discuss the implications of the empirical results from cultural, historical and the institutional perspectives.Among them, the background characteristics of senior managers mainly include seven factors: age, educational background, professional background, tenure, equity ratio, salary, research them and the relationship between firm performance, and then based on the interpretation of the results of empirical research.This study shows that the conclusions: The average age of the senior management team with the EVA showed a significant negative correlation, mainly due to the older, it is difficult competitive environment for change to respond quickly to the other because of China’s special conditions, the older generation of private enterprise management are mostly low cultural level. Executive team’s qualifications and significant relationship between EVA, mainly due to after several years of development, gradually improve China’s legal system, knowledge system and update quickly, with high academic qualifications of their own values can be manifested. Long-term, the current executive team of private listed companies have a positive role in the development of domestic enterprises, foreign enterprises than a short time, but also needs a stable and understanding of the management team to lead business development. The financial professional backgrounds of the executives have a significant impact on EVA can be considered to be financing capacity for enterprises, especially the importance of China’s private enterprises. And because the characteristics of China’s private listed companies as well as related policies, capital market, the remuneration levels of executive team ownership level of EVA and the impact is not significant. This study demonstrates China’s private listed companies in special circumstances and special problems and made recommendations for improvement.更多还原