Governance Performance Evaluation System Of Top Management Team In China's Listed Companies And The Empirical Research

The Chinese listed companies have gradually established modern company governance structure and mechanism during ten-year's development. The researchers and industries need urgently to learn the situation of the governance by the Top Management Team(TMT)to the listed companies in China. The problems include whether the interest of the stockholders and other stakeholders is guaranteed effectively; which mode of TMT governance is more suitable to the governance environment of the Chinese listed companies; how the relationship between the board and TMT is standardized; how the right and responsibility of the board and TMT is allocated to improve the performance effectively, how the TMT is run in order to form perfect decision-making mechanism; which incentive and restrain mechanism should be adopted to reduce the agent cost and encourage TMT to strive for the long-run development; how the conflict between the board and TMT is controlled effectively to improve the governance performance by the company TMT; what factors will influence the governance performance of the listed company by TMT, what is the relationship between the governance performance of the company TMT and the performance of the listed company etc. The above problems have become the important part of the company governance theory and empirical research concerning TMT governance performance and its evaluation. This paper tries to construct a performance evaluation system of the company TMT governance which is suitable to the environment of the Chinese listed company TMT governance. Through the operation of the system The companies can control the situation of the company TMT governance, to observe and analyze the relationship between the right and responsibility between the board and TMT in the listed companies, the decision-making and leadership efficiency, the incentive mechanism of TMT, the selection and alteration of TMT, the structure of TMT etc. The paper then will do some theoretic analysis and empirical research, and explore the TMT governance mode suitable to the Chinese listed companies, and make the TMT governance structure and behavior of the listed companies standardized, and construct good decision-making mechanism of TMT, incentive and restrain mechanism, leadership mechanism, optimize the relationship between the TMT and the board, and protect the interest of the stockholders and other stakeholders to better the management performance.Under the guidance of the company governance theory and enterprise top management theory, this paper creatively puts forward the objectives and the contents of the TMT governance performance evaluation of the listed companies from the perspective of the fit by the scientific definition of the governance structure and mechanism of the listed company TMT.Based on the analytical method of the conflict management theory, taking the listed company TMT as the core object, this paper puts forward and structures the conflict types and conflict management strategies among the company TMT and the board, the board of supervisors, and the stakeholders from the company governance point of view. Based on the analytical method of the modern leadership theory, taking the listed company CEO as the core object this paper puts forward and structures the effective strategies on the superior (the board, the board of supervisors) and the subordinate (other TMT members), combined with the Chinese culture background, and making the research on the flexible leadership strategies of the CEO. Based on the analytical method of the enterprise top management team theory, the paper constructs the research frame about the relationship between the structure characteristics of TMT and the company performance. Based on the analytical method of the flexible strategy theory, this paper puts forward the research frame about the strategic flexible decision-making mechanism of the company governance by the study on the strategic decision-making mechanism in the company governance mechanism.Based on the systematic theory, t...