A Study On The Impact Of Background Characteristics Of Top Management Team On Firm Performance

With the deepening of economic globalization and the increasingly fierce international competition,a new round of scientific and technological revolution is on the rise.The competition between countries is mainly reflected in technological innovation.Founded in 2009,GEM provides development platforms and financing channels for high-tech and innovative companies.In recent years,domestic researchers have focused on a series of issues such as the board of directors and senior management team of listed companies on the GEM and the impact of equity adjustments such as the proportion of senior management holdings on corporate performance.This article selects companies listed on the GEM before 2013 to study the relationship between the characteristics of the top management team and corporate performance,and the regulatory effect of ownership concentration on the relationship between the two.This paper combs and summarizes domestic and foreign scholars’ research literature,proposes research hypotheses based on high-level echelon theory,and studies variables and variables measurement methods.First of all,this paper sets up a multiple regression model,in which dependent variable corporate performance is measured by ROE,and the characteristics of the senior management team are replaced by demographic characteristics:age,education level,and term of office.In addition,the degree of concentration of the regulated variable is measured by the ratio of the largest shareholder.Using SPSS and STATA software to analyze and draw empirical conclusions.The conclusions show that:(1)The average age of senior management teams has a positive impact on corporate performance;the average education level of senior management teams has no significant effect on firm performance;the average term of senior management teams has a positive impact on firm performance.(2)The age heterogeneity of the senior management team has a negative impact on the company’s performance;the heterogeneity of the senior management team’s education has no significant effect on the company’s performance;the heterogeneity of the senior management team’s term has a negative impact on the company’s performance,(3)Concentration of ownership has a positive impact on corporate performance;(4)Positive impact between average age of equity concentration enhancement and corporate performance;Impact of lower shareholding concentration on average education level and firm performance;Increase in equity concentration average term Positive impacts on corporate performance;(5)Equity concentration weakens the negative influence between age heterogeneity and firm performance;Ownership concentration enhances the influence of educational level heterogeneity and firm performance;Ownership concentration Reduce the negative impact between tenure heterogeneity and corporate performance;(6)We grouped the ownership concentration and can also verified the conclusion of(5).Finally,based on the research conclusions,the paper proposes to optimize the configuration of the senior management team,proposes a scientific governance method for the company,and proposes some future research prospects.