Research On The Relationship Between Top Management Team Characteristics And Firm Performance

Since the reform and opening policies issued in 1978, our country has continuously strengthened the strength and depth of science and technology exchange with international society.,which not only bring the advanced management idea and the science and technology into China, but also promote our country’s high tech industry have the ability to go abroad and the export volume maintain the steady growth trend.In this international environment, The rich management experience and professional technical knowledge in the enterprise is more likely to be a scarce resource and competitive advantage, especially for playing a vital roal in improving enterprise performance.Therefore, it is necessary to study the relationship between the top management team characteristics of high tech enterprises and enterprise performance in the international business environment, and how to improve the ability of the senior management team’s ability to raise the enterprise performance.This study based on the theoretical reseach and literature review, empirical test, and the interpretation of result to discuss the logical framework of the high tech industry top management team characteristics and corporate performance.First of all, the research background,significance and methods of the research are introduced.Secondly, the theoretical basis and literature review are hackled and summarized. Including the analysis of the relationship among the top management team, the international level, the incentive mechanism and the enterprise performance in the research of the senior management team, the international theory and the principal-agent theory.Then according to the theory and literature analysis,Assuming the relationship between top management team characteristics and corporate performance,put forward the hapothesis of the international level and incentive mechanism for the adjustment of the relationship between the two;And then according to the data of 307 high tech enterprises in this research, we choose the 2013-2014 data to carry out empirical test, and analyze the results of empirical research.Empirical research results show that:(1) There is a U-shaped relationship between average TMT tenure, tenure differences and enterprise performance, an inverted U-shaped relationship between age difference and enterprise performance, The professional backgrounds and business performance significant negative correlation;(2)International degree plays a regulatory role between the average education level, average tenure level, education difference level,tenure difference and corporate performance;(3)equity incentive plays a moderating role in senior management team average age, average term, term difference level, job background difference and enterprise performance.According to the results of Empirical research, The high tech enterprise needs:(1)In accordance with the requirements of international management strategy to select top management team members,and according to the change of international stategy,appropriately agjust the senior management members;(2)Scientifically design the top management team’s equity incentive of high-tech enterprise which has its own oversea business.