Research On The Relationship Between Top Management Team Characteristics And Enterprise Performance Of Listed Manufacturing Enterprises In Southwest China

In the era of global integration,the market competition becomes more and more fierce,and the main competition occurs in talent and innovation.Innovation ability is the enterprise in the market gain a competitive advantage and maintain long-term development important way,through innovation can get market monopoly for a period of time,this will result in an increase in product market share,increase the profit of the product,affect the operating performance of the enterprise,make enterprise core competitiveness,there are many factors that can affect the enterprise innovation,in which corporate executives as the main decision makers and the helm of enterprise business activities,innovation of the enterprise have crucial influence decision making.The manufacturing industry’s strength can reflect the country’s comprehensive strength,its importance is self-evident.Since the state council in May 2015 with "made in China 2025" strategic planning,manufacturing industry in our country has entered a rapid development stage,which improve the level of national life and employment,but also for our country to promote the role of infrastructure construction.However,there is still a gap between the development level of manufacturing industry in southwest China and that in eastern China.how to improve the competitiveness of manufacturing enterprises in southwest China for making strong state an irreplaceable role in our country.In this paper,manufacturing enterprises in southwest China in a-share listed companies are taken as the research object,and the enterprises with incomplete executive characteristic information and r&d investment are excluded.Taking2013-2017 as the research interval,410 groups of sample data are obtained.The relationship between executive team characteristics and corporate performance,the relationship between executive team characteristics and r&d investment,and the intermediary effect of r&d investment in the relationship between high teamcharacteristics and corporate performance are studied respectively,research on the relations between and among different property rights in the nature of the enterprise.The results show that :(1)There is a significant positive correlation between the average age,average education level and team size of the senior management team and corporate performance,and there is a significant negative correlation between the proportion of male senior management team and corporate performance.(2)The executive team average education level,scale,the proportion of male significant positive correlation with r&d,executive team average age is significantly negative correlation with r&d.(3)Enterprise r&d input in the senior management team characteristics and the relationship between the corporate performance partial intermediary role.Among them,the r&d investment of state-owned enterprises plays a partial intermediary role in the relationship between the average education level of senior management team,team size and corporate performance,while the r&d investment of private enterprises plays a partial intermediary role in the ratio of male senior management team and corporate performance.