An Empirical Study On The Background Of Executive Team And Enterprise Performance Of GEM Listed Companies

China's GEM market opened on October 23,2009,then from the first listing of 28 enterprises to 492 enterprises in the end of December 2015,the GEM market is developing rapidly and has become an important force in China's economic development.With the establishment and maturity of the GEM market,the performance of GEM listed companies has become the focus of attention,many companies' performance began to decline and executives frequently left,which has a serious adverse impact on the healthy development of the GEM market.GEM listed companies are at the start-up stage,the ability and decision-making of executives which are closely related to his experience are essential to the development of enterprises,and ultimately affect the enterprise performance.In view of the development of the GEM market and the importance of the senior management team,this paper takes the GEM listed companies 2011-2015 as the research object and collects 1080 valid sample data.It refines the background of executives to the heterogeneity of the background,three basic functions,multiple functions and the special professional experience of the executives and integrates the short-term performance,the long-term performance,the innovation performance and the overseas performance to examine the impact of the background of executive team on firm performance.Based on the previous studies,this paper puts forward the theoretical basis and related concepts of this paper.Secondly,it analyzes the present situation of the development of GEM listed companies and then puts forward the hypothesis,selects the samples and variables,constructs the model.Considering the characteristics of different industry executives team is different,the sample data will be divided into full sample data and sub-industry sample data in the analysis to verify the hypothesis;Finally,based on the results of the conclusions,this paper provides relevant views on GEM listed companies and puts forward the limitations of this paper and the future research prospects.Through the analysis of the whole sample data,the results show that the background heterogeneity of the executive team has a significant positive effect on the long-term performance of the enterprise and has a significant negative effect on the innovation performance of the enterprise;In the three basic functions,output background executives have a significant negative impact on the innovation performance of the enterprise,peripheral background executives have a significant positive impact on the long-term performance;Multiple functions background executives have a significant negative impact on the overseas performance;Executives with overseas experience have a significant positive impact on the long-term performance and the overseas performance,and have a significant negative impact on the innovation performance of the enterprises;Government background executives have a significant negative impact on the long-term performance and the innovation performance and a significant positive impact on the overseas performance of the enterprises.By analyzing the high-tech industry sample data and the traditional industry sample data,the results show that:(1)In the high-tech industry,the background heterogeneity of the executive team has a significant positive impact on the short-term performance of the enterprise and a significant negative impact on the innovation performance and the overseas performance;In the three basic functions,output background executives have a significant negative impact on the overseas performance,peripheral background executives have a significant positive impact on the long-term performance and a significant negative impact on the innovation performance;Multi-functional background executives have a significant negative impact on the overseas performance;Overseas background executives have a significant negative impact on the innovation performance;Government background executives have a significant negative impact on the long-term performance and the innovative performance.(2)In the traditional industry,the background function heterogeneity of the executive team has a significant positive impact on the long-term performance and the overseas performance of the enterprise.In the three basic functions,the output function background executives have a significant positive effects on the long-term performance and a significant negative impact on the innovation performance of the enterprise.Peripheral functional background executives have a significant positive impact on the innovation performance and the overseas performance.The multi-functional background has no significant effect on the performance of enterprises.Overseas background executives have a significant positive impact on the long-term performance of enterprises and a significant negative impact on the innovation performance.Government background executives have a significant positive impact on the overseas performance.According to the research results and combining with China's special cultural background and the characteristics of listed companies on the GEM,the following recommendations are made to the GEM listed companies: the heterogeneity of the background of executive team functions should be reduced and the executive team should pay attention to the team cooperation to improve the efficiency of group decision;The listed companies on the GEM should select and train the professionals to adapt to the development needs;The listed companies can increase the proportion of peripheral functional background executives and actively introduce overseas talent and make them adapt to the domestic economic and business development environment as soon as possible;The enterprises can appoint the government background executives when developing the overseas markets;The enterprises should improve the supervision of the executive team and maintain the continuity and stability of the executive team;In the turbulent environment,the enterprises can reduce the heterogeneity of the background of executive team functions and increase the proportion of peripheral functional background executives;In the Stable environment,the enterprises can improve the heterogeneity of the background of executive team functions,increase the output and peripheral functional background executives,actively introduce overseas talent and make them assimilate into the enterprise as soon as possible,the enterprises can also appoint government background executives in the overseas market expansion to achieve the all-round development of the enterprises.