Research On The Relationship Among Top Management Team Characteristics,Technology Innovation And Business Growth Of High-tech Enterprises

The situation of fierce competition among enterprises is more severe in the era of knowledge and information,especially in the high-tech enterprises.As the fastest-growing industry in the 12 th and 13 th five-year periods,the high-tech industry is very important for Chinese economy.The research on managers have attracted the attention of domestic and foreign scholars because they are the most valuable human resources in the company.To explore the inherent relationship between the top management team characteristics and enterprise growth in the information software industry,it has realistic guiding significance for reasonably constructing the team structure and promoting the steady development of enterprises.There are many researches on top management teams and business performance in academia,but there is less to exploring regulatory effects of technological innovation on the relationship between the TMT features and growth.In particular,under the social environment and market environment in which China promotes innovation,technological innovation has become an indispensable capability for enterprises.Therefore,from the perspective of the company itself,it analyzes the mechanism of action between TMT characteristics and growth by empirical,and considers the role of technological innovation in the process of team characteristics affecting the growth of the company,and puts forward the corresponding countermeasures and suggestions according to the empirical results.This article takes a sample of 145 listed companies in the information software industry from 2013 to 2016 in the Shanghai and Shenzhen stock markets,and uses SPSS software to evaluate the growth of the sample companies using the principal component analysis method.We collect data from winder database,flush,financial network and annual reports of listed companies.And we use factor analysis to calculate the growth index of 580 observation data,and make descriptive statistical analysis on the growth.The measures of the characteristics of the senior management team are measured from the biographical characteristics and heterogeneity characteristics and descriptive statistics are made.We analyze the relationship between the characteristics of the executive members and the growth and the adjustment effect of technological innovation by STATA software.First,we discuss the role of TMT characteristics in enterprise growth.Secondly,it introduces the variables of technological innovation and discusses the adjustment effect of technological innovation on TMT characteristics and business growth.Finally,conclusion as below: the average level of age and service life of top management team members in high-tech industry is inverted "U" relationship with enterprise growth.The average level of education of team members is not significantly related to growth.The huge differences in team members' age and length of service will have a negative effect on the growth of the company;the difference in educational level of team members has no significant effect on the growth of the company;the technical background of the members is conducive to the growth of the company.In addition,technological innovation negatively modifies the relationship between average age,average education level,and corporate growth.Technological innovation can significantly reduce the negative effect of the age difference and the period of service on the growth of the enterprise.And it also can weaken the negative impact of the financial background of senior executives on corporate growth.