Research On The Relationship Between Top Management Team And Performance Of Listed Companies

With the strengthening of world economic integration,there is more and more intense competition among enterprises.Enterprises are expanding through mergers and acquisitions,such as the way to avoid risks and reduce the cost of competition.At the same time,the top management leadership of enterprises is no longer the individual but the leadership of the top management team.How to create a highly effective top management team to improve enterprise performance? The research in this area in China is still relatively less than that in the western world.In this paper,the relationship between the capacity of top management team and enterprise performance,the relationship between human capital of top management team and enterprise performance and the relationship between the heterogeneity of factors of top management team and enterprise performance were analysed.And the top management team's various properties of the volatility effect,continuity and hysteresis were also analyzed,revealing the relationship between the top management team and enterprise performance and building a theoretical model on relationship between top management team and enterprise performance.In addition,this paper modified the model mentioned above through empirical research on the relationship between top management team and performance of listed companies in China.Empirical results show that:the age of the top management team negatively correlated with enterprise performance and negatively correlated with the growth of enterprises;at a certain level of age,the top management team's age structure of the more dispersed,the more conducive to the improvement of enterprise performance;the level of education and the heterogeneity of education of top management team in listed companies were positively correlated with the net rate of total assets and they were playing a continuing role;the heterogeneity of tenure of the top management team and the net rate of total assets of enterprises have a positive correlation,that is,the more decentralized service structure,the more conducive to enterprise performance improved.