Research On The Relationship Between Top Management Team And Enterprise Performance Of Listed Military Enterprises

The human capital of top management team (TMT) is central to the power in one enterprise. With the research on TMT, it's more and more important to research and develop TMT for enterprise in China. At present, the military enterprises are in the continuous reforming, so that the research on the relationship between TMT and enterprise performance in military enterprises is important for our military industrial reform. In this thesis, TMT characteristics mainly include the following factors: age, tenure, education, experience background, male proportion and team size. The author also selects the performance indicators in four facts: profitability indicators, safety indicators, turnover indicators and growth indicators. Through analyzing the research data from 31 listed military industrial enterprises which meet the filter criteria, the author gets the result about how the effect between TMT and performance using descriptive statistics and multiple regression analysis method.The empirical analysis result show that top management team characteristics are not particularly significant on business performance in military industrial enterprises listed. The average TMT age is positively related to profitability performance. TMT age heterogeneity is negative related to profitability performance and safety performance. TMT average education level is not related to profitability performance, safety performance and growth performance, but also is negative related to turnover performance. TMT education heterogeneity is positively related to profitability and turnover performance. TMT average tenure is negatively related to turnover performance and positively related to growth performance. TMT tenure heterogeneity is negative related to turnover performance. TMT experience background heterogeneity is negative related to profitability performance and safety performance, but also is positively related to turnover performance and growth performance. TMT male proportion is negatively related to profitability performance. These results show that TMT characteristics have different affects on different enterprise performance. This thesis analysis these results deeply and after that the author also give some constructive suggestion about how to build a better mulitaty-industrial top management team.