The Empirical Research On The Relationship Between Characteristics Of Top Management Team And Corporate Performance

For a long time, top managements as the most important human resource are muchconcerned of the researchers. Hambrick and Mason (1984) proposed that " Top echelontheory ", in Western academia, the emergence of much empirical research literature onrelationship beteween demographic characteristics of the executive team andorganizational performance. At present, China is in a period of economic tran-sition, in thissetting, as to control the economic lifeline of the state-owned enterprises,its topmanagements how executive influence on business performance, this article will bedisclosed by empirical.This paper selects the state-controlled listed companies from A-share listed companiesfor the research, screened207companies as the sample, selectes the2007-2010fourconsecutive years of data, a total of828observations.Based on " Top echelon theory ",from the perspective of “Managerial Entrenehment Hypothesis”, select the topmanagement team demographic background characteristics, incentive and restraintcharacteristics of the three dimensions to research relationship between the executive teamcharacteristics and firm performance. Selectes the age, level of education, tenure andprofessional experience of the four indicators as the Top management team demographicbackground characteristics variables,; Selectes the remuneration and Shareholding ratio tothe incentive characteristic variables, selectes the two indicators ratio to the restraintcharacteristic variables, establishes a fixed-effects panel data model, obtains valuableconclusions by multiple regression analysis,.By empirical study,it is found that thebackground characteristics of the executive team population has no significant effects onthe performance of state-controlled listed companies, the proportion of independent directors and top management team stake no significant performance impact, executiveremuneration for performance has a significant positive impact, the two posts’ separationhas a significant negative impact on performance.Finally, through the discussion of empirical results，puts forward specific policyproposals, also explain the lack of research of this article, and makes the outlook forfurther research.