The Impact Of TMT Characteristics On Performance Of Listed Companies On GEM

With the development of economic globalization and enterprise transnational business, enterprises are facing increasingly complex business environment, and business executives as senior human capital become a source of sustainable competitive advantage. Strategic decisions which top management team makes, can affect enterprise performance, therefore the level of effectiveness of its work and the correct strategic decisions are critical to enterprise performance. In addition, the gap between executive pay is also a research hotspot of scholars at home and abroad in recent years, and it is factor that affects the top management team decision-making efficiency, which in turn acts on the enterprise performance. Therefore, the study of the relationships among top management team characteristics, pay gap and enterprise performance has its necessity.Most of the enterprises listed on GEM are innovation growth companies, which are in the initial stage, smaller and well-run. Since October 30, 2009 the first batch of 28 companies listed on the Shenzhen Stock Exchange, it has been increased 484, with a total market capitalization of more than 2.2 trillion Yuan, and the GEM is increasingly becoming an important part of capital market in China. Therefore, this dissertation gets how top management team characteristics and pay gap impact enterprise performance through analyzing the data of companies listed on GEM, which provides a certain basis for optimizing top management team human capital and developing a reasonable remuneration system.In this dissertation, we mainly study top management team characteristics on the influence of the GEM enterprise performance, with pay gap as moderator. Firstly, we should define the relevant concepts, including top management team, pay gap and enterprise performance evaluation system, etc., and then this dissertation put forward to research hypotheses and constructed conceptual model basing on relevant theoretical analysis; Secondly, we should design the study program, including collection and collation of sample data, selection and measurement of relevant variables, etc., while we conduct factor analysis on the dependent variable--enterprise performance, obtaining comprehensive evaluation value of enterprise performance. Again, according to the sample data processing, we carry on correlation analysis and regression analysis, and make an empirical test of theoretical model; Finally, we discuss the research conclusions on the basis of empirical research, and put forward relevant optimization strategies from the perspective of top management team characteristics and pay gap to enhance performance of the GEM enterprises; In the conclusion of this dissertation, the research limitations and research prospects of the study are described...