| In the times of knowledge economy,human capital and knowledge accumulation play an increasingly prominent role in promoting economic growth and improving enterprise's performance.On the one hand,the role of human capital for enterprises is mainly reflected on labors with high quality.Top management team(TMT),as the great-decision maker and the important-strategy executor,therefore,their human capital has a more obvious effect on enterprise's performance.On the other hand,education capital is the most basic element of human capital,and education investment is the important way to forming human capital.Against this background,this thesis plans to research the influence on enterprise's performance from education background characteristics of innovative companies' TMT and to find the moderating effects of ow'nership structure between education background characteristics of TMT and enterprise's performance.On the basis of previous literatures and the introduction of related theories,this thesis selects balance panel data of Growth Enterprise Market(GEM)listed companies in China from 2012 to 2015 as samples and studies the influence on enterprise's performance from TMT's average education level and their heterogeneity of education.Combing the features of ownership structure in Chinese GEM listed companies,the thesis further analyzes the moderating effects of ownership concentration,the equity restriction ratio and equity nature on the relationship between education background characteristics of TMT and enterprise's performance.After research,the conclusions can be achieved as follows:1)there is no obvious relationship between TMT's average education level and enterprise's performance.2)TMT's heterogeneity of education can effectively improve enterprise's performance.3)Ownership structure plays moderating effects on the relationship between education background characteristics of TMT and enterprise's performance. |
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