摘要
董事长作为企业的最高管理者,是企业的“一把手”,也是整个
团队的核心人物。董事长的思想和行为影响着公司最高战略决策的制
定与执行,还影响着公司的日常生产、运作和管理活动,决定了一个
公司未来的发展方向,即便是在具有政治色彩的国有公司,董事长的
这种作用依然明显。董事长的所有决策都与其个人背景特征和行为能
力密切相关,因此公司绩效的提高对董事长的行为能力提出了更高的
要求。国外学者研究发现,高层管理者的背景特征与公司绩效存在一
定的联系,国内也有不少关于高层管理者背景特征对公司绩效影响的
研究,但是大多数集中在高管团队的特征方面,从高管个人特征角度
进行研宄的文献相对较少,因此,本文以高阶梯队理论和委托代理理
论作为理论基础,以我国沪深A股上市公司为研究对象,通过实证
研宄的方法对董事长背景特征对公司绩效的影响进行研究

本文以2011-2015年共五年沪深A股995家上市公司共4975个
样本作为研宄对象,建立多元回归模型,采取线性回归法,实证分析
董事长背景特征对公司绩效的影响。同时,文章对产权性质加以区分,
进一步研究国有公司和非国有公司中董事长背景特征对公司绩效的
影响是否存在差异。最后,根据实证研宄结果得出以下结论:(1)董
事长的年龄与公司绩效关系显著负相关,年轻的董事长对公司绩效提
高更有优势。(2)董事长的性别与公司绩效显著正相关,说明董事
长为女性的话,有助于公司绩效提高-(3)董事长的薪酬水平与公
司绩效显著正相关,表明提高董事长的薪酬,有助于提高公司绩效

(4)而董事长的学历、专业、两职合一与公司绩效关系并未通过显
著性检验。(5)产权性质区分后,发现在国有公司中,董事长性别
对公司绩效的影响不显著,而两职合一对公司绩效显著正相关;非国
有公司的回归结论则与全样本一致

本文的创新主要体现在:(1)研宄角度创新。现有研宄公司绩
效的文献较少从董事长个人特征方面展开,一般集中在资本结构,公
IV 董事长背景特征对公司绩效影响研究——基于沪深A股上市公司经验数据
司治理,股本结构或者融资结构,也有部分研宄是集中在高管团队特
征方面,从董事长个人特征的研宄偏少。因此,本文从董事长个人特
征角度研宄具有创新意义。(2)区分产权性质进一步实证研宄。国
内外针对董事长特征与公司绩效关系的研宄文献,绝大部分仅停留在
全样本上,而并未对产权性质加以划分,基于此,本文将样本区分为
国有公司和非国有公司,进一步探讨不同的产权性质下董事长特征对
公司绩效的影响是否存在差异

关键词:董事长特征,公司绩效,产权性质
V Abstract
Abstract
Chairman of the board as the enterprise&39;s top management, is the
enterprise&39;s number one, but also the core of the whole team. The
chairman thought and behavior affect the formulation and implementation
of the company&39;s highest strategic decision-making, but also affect the
company&39;s daily production, operation and management activities,
determines the future direction of development of a company, even in the
political state company, chairman of the role is still obvious. All
decisions of the chairman are closely related to their personal background
and ability to act. Therefore, the improvement of the company&39;s
performance has put forward higher requirements for the chairman&39;s
ability to act. Foreign researchers found that top management features has
some relation to corporate performance, there are many domestic
researches on the impact of top management of the company&39;s
performance, but most concentrated in the top management team
characteristics, from the perspective of executives&39; personal
characteristics of relatively small, therefore, the upper echelon theory and
the principal-agent theory as the theoretical basis, with China&39;s Shanghai
and Shenzhen A shares of listed companies as the research object,
through empirical research methods to study effects of background
characteristics on the performance of the company chairman of.
In this paper, a total of 2011 -2015 year five years in Shanghai and
Shenzhen A shares of 995 listed companies a total of 4975 samples as the
research object, establish regression model, adopt the method of linear
regression, empirical analysis of the impact of background characteristics
on the performance of the company chairman. At the same time, the
article distinguishes the nature of property rights, and further studies
whether the background characteristics of the chairman of state-owned
companies and non state owned companies affect the performance of the
company. Finally, according to the empirical results, the following
conclusions are drawn: (1) the relationship between the age of the
chairman and the company performance is negatively related, and the
young chairman has more advantages to improve the company&39;s
VI 董事长背景特征对公司绩效影响研究一一基于沪深A股上市公司经验数据
performance. (2) the chairman&39;s gender is positively related to the
company&39;s performance, which shows that the chairman is female, which
will help to improve the company&39;s performance. (3) the salary level of
the chairman is positively related to the company performance, which
indicates that raising the chairman&39;s salary will help to improve the
company&39;s performance. (4) the chairman&39;s educational background,
profession, and the two posts in one and company performance have
not been tested by significance. (5) the nature of property rights
distinction, found in the company, chairman of gender on corporate
performance is not significant, while the two level one on company
performance is positively related to non state-owned companies; the
regression results are consistent with the full sample.
The innovations of this paper are as follows: (1) innovation in
research angle. The existing research of corporate performance literature
from various aspects such as the chairman of the individual
characteristics, generally concentrated in the capital structure, corporate
governance, equity structure and financing structure, is also part of the
study is focused on the characteristics of the senior management team,
from the study of chairman of personal characteristics of less. From the
perspective of the chairman&39;s personal characteristics, this study is of
innovative significance. (2) further empirical study on the nature of
property rig
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