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新老公司呈现出不同的特征,可能与其人力资源尤其是高层管理人员的年龄相关。本文通过对中国上市公司高管人事数据的分析发现,新上市公司的年轻高管比例显著高于老上市公司。进一步,对高管薪酬水平的研究发现新上市公司的薪酬总体水平显著低于老上市公司,且薪酬差异随着高管年龄的增长而扩大。据此本文分析得出高管生产率与公司生产率的匹配效应是造成上述现象的因素之一,同时否定了技能机制——年轻高管是新公司重要的人力资源。
New and old companies present different characteristics and may be related to the age of their human resources, especially senior management. Based on the analysis of executive personnel data of Chinese listed companies, this paper finds that the proportion of young executives in newly listed companies is significantly higher than the old listed companies. Further, the research on the executive compensation level found that the overall compensation level of the newly listed company was significantly lower than that of the old listed company, and the difference in salary expanded with the growth of senior executives. Based on this analysis, we conclude that the matching effect between executive productivity and firm productivity is one of the factors that cause the above phenomenon. At the same time, it negates the skill mechanism - young executives are important human resources for the new company.