The Impact Of The Characteristics Of Top Management Team On Enterprise Performance After IPO Under CEO Power

China is currently in the economic transition period,the GEM market has been set up for more than seven years since 2009,it promoted the development of emerging technology industries and plays an important role in China's economic development.The impact of the characteristics of board of directors,management teams and CEOs of the GEM listed companies on enterprises' decision-making and performance have attracted the attention of researchers in recent years.This paper takes some listed companies on the GEM as the object of study,to study the impact of the characteristics of its Top Management Team on the enterprise performance after IPO.Through the reading and collation of the literature,this paper sets up the variables of the characteristics of the Top Management Team according to the Upper Echelon Theory.Meanwhile,the power of CEO is added as regulated variables into the model to study the moderating effect of the relationship between the characteristics of the Top Management Team and the enterprise performance.This paper first set up a research model,use four independent variables to reflect the characteristics of the Top Management Team-age,education background,management experience and tenure,and HPR(holding period return)to reflect the performance of the enterprises within two years after IPO.Suggest hypothesises on each variable's impact on enterprise performance after IPO.Furthermore,establish the regression analysis model,and the corresponding conclusions can be drawn through analysis by SPSS.The results of the empirical study show that the level of education of the Top Management Team has positive impact on the performance of the firm.The average tenure of the team has negative impact on the performance of the firm,the other variables have no significant effect.Regulated variables the structural power of CEO has negative impact on firm performance,and CEO ownership has positive impact on firm performance.At the same time,CEO ownership has positive effect on the relationship between the tenure,the level of education of the Top Management Team and enterprise performance.The structural power of CEO has positive effect on the relationship between the tenure and enterprise performance,but has negative effect on the relationship between the level of education and enterprise performance.Finally,according to the research results of the paper,some suggestions have been proposed on the allocation and requirements of the top management team and the governance of the GEM listed companies,as well as future research direction.