Study On The Relationship Between TMT Social Capital And Enterprise Performance

The composition of top management team and the social capital owned by the team members have a direct influence on the enterprise performance in the business process of listed enterprise.The ownership concentration and corporate ownership also have different influences on the relationship of them.The paper does research on the relationship between social capital owned by top management team and enterprise performance,and verifies the moderating effect of ownership concentration and corporate ownership to enrich the existing research,which has a great significance on the top management and enterprise's social practice.Based on the special background of institutional environment in China,the paper chooses both state-owned and private listed enterprises as the object of study,uses the methods of theoretical and empirical analysis,and adopts the statistical software Stata 12.0 as the analysis tool.The detailed researches are as follows.Firstly,the paper adopts the literature research method to deduce the relationship between four kinds of social capital owned by top management team and enterprise performance,the moderating effects of ownership concentration and corporate ownership,and then puts forward 12 research hypotheses and builds the theoretical model of empirical study.Secondly,the paper,based on the theoretical model,establishes its variable indicator system and does the empirical analysis through the panel data of state-owned and private listed enterprises to verify the research hypotheses.Finally,the paper concludes from the empirical result,and puts forward targeted countermeasures and management suggestions from the aspects of top management and enterprise.The paper's main research conclusions are as follows.(1)Political social capital of top management team has a significant negative correlation with enterprise performance,the academic and financial social capital have a significant positive correlation with enterprise performance,while foreign social capital has a slight positive correlation with enterprise performance.(2)The ownership concentration has a partial moderating effect on the relationship between social capital and enterprise performance.The higher the ownership concentration,the stronger negative correlation between political social capital of top management team and enterprise performance,the weaker positive correlation between academic financial capital and financial social capital of top management team and enterprise performance.The ownership concentration has a non-significant moderating effect on foreign social capital of top management team.(3)The corporate ownership has a partial moderating effect on the relationship between social capital and enterprise performance.Compared to private enterprises,the relationship between political and academic social capital of top management team and enterprise performance in state-owned enterprises is stronger,while compared to state-owned enterprises,the relationship between financial social capital of top management team and enterprise performance in private enterprises is stronger.The foreign social capital of top management team in both state-owned and private enterprises has no correlation with enterprise performance,and the moderation effect is not significant.According to the research conclusions,the paper summarizes the following management suggestions.Top management team social capital may have positive or negative effect on enterprise performance.Therefore,as for top management teams,they should be targeted to focus on exploiting and accumulating valuable social capital.Moreover,as for enterprises,they should employ top managers reasonably and optimize the ownership structure,and improve the governance capacity so as to get a better enterprise performance.