| Working capital management is one of the most important contents of corporate finance, researches on working capital was always the hot topic in recent years, more and more top managers have realized working capital management is crucial to achieve the ultimate goal of corporate finance. The paper reviewed the influence of TMT on the firm performance, trying to analyze that if TMT as the direct decision makers of the firms can make influences on the working capital management performance, and if that can provide reference value to the firms.The paper is based on the theory of TMT, having studied the influence of TMT on working capital through two aspects:one is the population characteristics of TMT, another is the heterogeneity of TMT. The population characteristics of TMT contain mean age, mean tenure and mean educational level, the heterogeneity of TMT contains age heterogeneity, tenure heterogeneity, educational level heterogeneity and profession background heterogeneity. The paper has chose working capital requirement and net liquid balance as working capital management performance. The paper has built4models to analyze if TMT features have influences on working capital management performance and how TMT features affect working capital management performance.The paper chose94samples from IT industry in2011to make analysis and reached the following conclusions:(1) mean age of TMT and age heterogeneity of TMT have significant and negative influences on net liquid balance.(2) the increase of mean tenure of TMT can reduce working capital requirement and net liquid balance; the tenure heterogeneity of TMT can reduce working capital requirement, but has no significant influence on net liquid balance.(3) mean educational level of TMT and the educational level heterogeneity of TMT has significant negative effect on working capital management performance.(4) the profession background heterogeneity of TMT has significant positive effect on working capital management performance. |
PDF Full Text Request