Top-management Team Human Capital Characters And Firm Profitability: An Empirical Research On Gem-listed Companies

Top management of human capital is the most important concern by scholars as a business for a long time. At present, the GEM market in China is in the rapid development and gradual perfection period, and GEM listed as main plate of small and medium-sized enterprises and high technology enterprises, research cooperation between the members of the executive team and members of the individual character is more important. Executives decided an enterprise strategy and major decision-making, design structure and team TMT mechanism is reasonable, often directly affect the enterprise’s performance. Therefore, how to establish a reasonable and efficient management team is very important to the development of enterprises. This is the top management team as the research object, through analysis of the top management team characteristics of human capital, and analyzes its influence on the profitability of the enterprise, so as to further enrich the theory of top management team, to provide practical guidance for enterprises.First, the article reviews the research status of top management team, on predecessors research theory for Combs, and in predecessors research of based Shang, further made has this article of main research content:executives team of background structure (age, term, and education background), and executives team human capital different mass sexual, and executives team incentive mechanism (executives team of pay, and holds proportion) and executives team of governance mechanism (alone Tung proportion, and Chairman and General Manager two right set) on Enterprise profit capacity of effect. This article to the filtered249of Chinese growth enterprise Board listed company as a research object, an empirical analysis of the senior leadership team of human capital characteristics impact on corporate profitability.The empirical finding shows that:the average age of the top management team has a negative impact on corporate profitability, remuneration of top management team and ownership have a positive impact on corporate profitability; and executives the average tenure, educational background, top management team heterogeneity of human capital and governance characteristics of the senior leadership team has no significant impact on corporate profitability.Based on the empirical results, this article has carried on the detailed analysis and discussion, and puts forward some beneficial to China’s growth enterprise market of listing Corporation sustainable development suggestion, namely in the construction of a reasonable and efficient management team, full consideration should be given to the background characteristic of top management team (a reasonable age structure), should focus on teamwork, innovation to improve the efficiency of decision-making ability, etc., without too much pursuit of high academic qualifications, background knowledge can be kept reasonable; perfect senior management incentive system, and speed up the development of governance structure of listing Corporation, in order to promote the development of venture capital market in China.