Tmt Population Characteristics Of Listed Companies And Study On The Relationship Between The Diversification Strategy

Top Management Team is the enterprise strategic decision maker, its demographic variables for strategic operation process and performance has important influence on the output. This paper comprehensive theoretical basis, using statistical analysis method, using panel data of the A-share listed companies and listed manufacturing companies, discusses the the relationship between the characteristics and diversification strategy choice, and also discusses as a strategic operation process of the variables on the adjustment of the two power function. At the same time, we comparative studies them, reveal the mechanism of the enterprise performance output. Research conclusion is as follows:(1)In the comprehensive samples and manufacturing sample concentration, the relationship between Age、Term、Education level of TMT and enterprise diversification strategy are consistent, specific circumstance is Age of TMT is not related to enterprise diversification strategy; Term of service of TMT is related to enterprise diversification strategy; Education level of TMT is negative correlation to enterprise diversification strategy.(2)In the comprehensive samples and manufacturing sample concentration, to the population characteristics and diversification strategy, the power of the regulatory role is consistent, specific circumstance is When CEO’s age is older than TMT, CEO’s reputation power may affect enterprise diversification strategy much more; When term of service of CEO is equal to or longer than TMT’s, term of service senior management team may affect enterprise diversification strategy much more; When education level of CEO is equal to or higher than TMT, education level of senior management team may not affect enterprise diversification strategy much.(3)In the comprehensive samples and manufacturing sample concentration, the relationship between Age heterogeneity、Education level heterogeneity、Occupational background heterogeneity of TMT and enterprise diversification strategy are consistent, specific circumstance is Age heterogeneity of TMT is negative correlation to corporate diversification; Education level heterogeneity of TMT is not related to corporate diversification; Occupational background heterogeneity of TMT is positive correlation to corporate diversification.(4)The role of the diversification present travel heterosexual in Term of service heterogeneity of TMT and Professional background heterogeneity of TMT. In the comprehensive sample concentration, Term of service heterogeneity of TMT and Professional background heterogeneity of TMT are both positive correlations to corporate diversification. But in manufacturing sample concentration, the two factors may not affect enterprise diversification strategy much.(5)In the comprehensive samples and manufacturing sample concentration, to the population characteristics and diversification strategy, the power of the regulatory role has a certain difference. Specific as follows:When CEO own shares, Age heterogeneity、Professional background heterogeneity、Occupational background heterogeneity of TMT may affect enterprise diversification strategy much more; Term of service heterogeneity of TMT may not affect enterprise diversification strategy much. In manufacturing sample concentration, Education level heterogeneity of TMT may affect enterprise diversification strategy much more, but in the comprehensive samples, Education level heterogeneity of TMT may not affect enterprise diversification strategy much.This paper examined the results of the universality of the predecessors’ achievements,and also found the difference based on Chinese system environment and cultural characteristics.So research results not only enriched the theory of TMT,but also be helpful for promoting the construction of Chinese TMT.