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With the development of global economy, the enterprise competition intensifies. As the main operator of an enterprise, senior manager’s operation behaviors and decisions can largely affect the future development of the enterprise, which becomes the core competitive factors of the enterprise. But during the actual production and operation process, with the outstanding agent contradiction between managers and shareholders, enterprises carry out incentive measures on senior managers one after another for alleviating this kind of contradiction and lowering the agent costs. The classic upper echelon theory (UET) helps people in understanding the internal relationship of the characteristics of senior managers and enterprises decision-making behavior and then how they affect enterprise performance. However, former researches on the relationship between senior manager team’s characteristics and enterprise performance are all based on the average level or heterogeneity of the whole manager team. There are little studies on the relationship of the incentive and performance based on the vertical dyad linkage (VDL) characteristic differences of the chairman and other senior managers. So this paper proposes a research on the effects of senior managers’ incentive and enterprise performance, and discusses the relationship of chairman-senior manager team’s VDL characteristics and the way to adjust the incentive and performance. By analyzing the sample data of public enterprises in Shanghai and Shenzhen during 2014-2018, this paper probes into the relationship of incentive and performance based on theory analysis and case studies, and the regulation on the relationship between the VDL characteristics of chairman-senior managers.
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