A Study On The Influence Of High-tech Corporate TMT Characteristics And Corporate Performance

Good performance is always the ultimate goal pursued by shareholders and managers of the company,so how to improve the performance of the company become the most important question for them naturally.In previous studies,the characteristics of TMT based on Upper Echelons Theory and the salary of TMT based on Principal-agent Theory and Incentive Theory are the focuses of scholars,but most studies only consider one factor separately,the study consider two factors together is very little,and in the study of salary,scholars pay more attention to the salary level and the research on the salary gap needs to be filled.Therefore,this paper takes 248 high-tech enterprises listed on A-share as the research object.Firstly,we study the relationship between TMT characteristics and firm performance,and then we introduce monetary compensation gap and equity incentive gap as moderating variable,to explore the moderating effect between TMT characteristics and firm performance.However,due to the complexity and long term characteristic of the equity incentive,we use the shareholding gap to measure the difference of equity incentive in TMT.The results show that:(1)the average education,background heterogeneity,female,overseas background of TMT have a significant positive effect on the performance of high-tech corporates,the average age and education heterogeneity of TMT have a significant negative effect,but there were no significant effect of age heterogeneity and team size on the performance of enterprises.(2)monetary salary gap plays a regulatory role in the relationship between education heterogeneity and firm performance,with the increase of monetary compensation gap,education heterogeneity will enhance the negative effect on the performance of enterprises,we think the reason is the pay gap makes the executive whose educational level is low feels unfair,this will affect the efficiency of teamwork(3)the shareholding gap also plays a regulatory role in the relationship between education heterogeneity and firm performance,but the moderating direction is different,the negative effect of education heterogeneity on firm performance will be weakened with the increase of the shareholding gap,the possible reason is the core team made up of high shareholding executives makes TMT have the information and efficiency at the same time.At last,combined with the specific situation of high-tech corporates,we suggest the high-tech enterprises to pay more attention to the construction of TMT and strengthen the disclosure of the demographic information of the TMT,form a highly educated,younger,diversified(functional background,gender,overseas background)team,ensure the rationality and transparency of the pay gap and the low holding executives to participate in discussions fairly when the shareholding gap widens.In this paper,the compensation gap is introduced into the model,which deepens the understanding of the relationship between TMT characteristics and corporate performance,provides a new idea for further research.