An Empirical Study On CEO Power And Top Management Team's Background Impact Startup Enterprises Performance

Shenzhen Stock Exchange market set up the Small and Medium-sized Enterprise board(SEMs) and Growth Enterprises Market (GEM) in 2004 and 2009. It Provided a new financing channels and development platform for small and medium business enterprises. But,Post-marketing means greater business risk and higher management requirements for the small and medium business enterprises.How should the small and medium business enterprise allocate corporate internal Power reasonable, build the senior management team, perfect the internal governance and set research and development strategy in the fierce market competition, for ensuring the survival and development has always be the focus of industry and academia.In this paper,we choose the information technology companies listed on SEMs and GEM as our object then combine the Finkelstein's Power model, Upper Echelons Theory and agency theory together to examine the mechanism of CEO Power and the top management team's background influence on enterprise performance.Through studing and combing the previous scholars' literature,we added the R&D investment as mediation variable,and the enterprise governance as moderation variable to establish a whole conceptual mode of CEO Power, Top Management Team Background, R&D investment, Enterprise Performance and Enterprise Governance.This research is taking under Hierarchical Multiple Regression and Group Regression through the use of large sample survey data. The empirical research shows results:CEO Power and Top Management Team Background separately have negative and positive effect on R&D investment; the R&D investment has positive effect on both financial performance and market performance; Top Management Team Background has positive effects on both financial performance and market performance; the R&D investment has partial intermediary effect on the relation between Top Management Team Background and financial performance and market performance, and has no effect on the relation between CEO Power and financial performance and market performance; enterprise governance has adjusting effect on CEO Power and Top Management Team affecting R&D investment, R&D investment affecting financial performance and market performance, CEO Power and Top Management TeamBackground affecting financial performance and Top Management Team Background affecting market performance.