| Modern enterprise saw the separation of ownership and management. The governanceof the enterprise shifted from business owner to business managers. Businessmanagers’ personal human capital has a great impact on the business. In the era of theknowledge economy, with the rapid development of science and technology, a varietyof knowledge has been greatly enriched. Nowadays, what affect an enterprise is morethan the human capital of any individual manager, but the overall human capital of thetop management team (TMT) of the enterprise.Based on this background, this paper theoretically analyze the impact of the averagelevel or the heterogeneous level of TMT human capital characteristics on corporateperformance, take altogether281listed companies with A shares in the ShanghaiStock Exchange and Shenzhen Stock Exchange as study samples, and carry outempirical analysis of the impact of TMT human capital characteristics on corporateperformance by discussing enterprises from different industries and of differentownership separately, finally get following conclusions:(1) Both the average age andthe age heterogeneity of the TMT have a negative influence on corporate performance,but not significant. As for enterprises of different ownership, the impact direction ofthe average age or the age heterogeneity of TMT on corporate performance isdifferent.(2) Both the average education level and the professional backgroundsheterogeneity of TMT have a complicated influence on corporate performance. As forenterprises from different industries or of different ownership, the impact direction ofthe average education level or the professional backgrounds heterogeneity of TMT oncorporate performance is different.(3) The average tenure of TMT has a positiveimpact on corporate performance, but as for enterprises from different industries, theimpact direction of the average tenure of TMT on corporate performance is different. Based on these findings, in order to improve corporate performance of thestate-owned enterprises and the non-state-owned ones, this paper put forward thefollowing recommendations on the human resource management of TMT: In theselection or appointment of TMT members, state-owned enterprises should pay moreattention to their tenure in the enterprise, and in order to make the TMT ofstate-owned enterprise exert their human capital to the utmost, state-ownedenterprises should establish an effective incentive system; As for non-state-ownedenterprises, they can improve their corporate performance by establishing a youthfulTMT. |
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