Research On The Influence Of The Characteristics Of The Top Management Team Of GEM On The Relationship Between Working Capital Efficiency And Performance

Working capital is an essential fund to maintain the daily operations of the company.It almost runs through every stage of supply,production and marketing of enterprises.Effective working capital management can ensure that the company maintains normal production and operation activities.At present,the inefficiency of working capital management is a common problem in Listed Companies in China,which seriously affects the profitability of enterprises.As the strategist and decision maker of the enterprise,managers have absolute control over the decision-making of working capital management.The Upper Echelons Theory believes that the demographic characteristics of the senior management team can reflect the management characteristics of the executives and the psychological characteristics of social cognition,which in turn affects the decision-making behavior and business performance of the enterprise.Therefore,this paper takes the characteristics of senior management team as the regulatory variables to explore its impact on the relationship between working capital management efficiency and corporate performance.the panel data of 452 GEM listed companies from 2015 to 2017 are screened out,and the relationship between working capital management efficiency and enterprise performance is studied by using stochastic effect model.The hierarchical regression is carried out by introducing the characteristics of top management team and the interaction between the characteristics of top management team and working capital management efficiency,and the regulatory effect of the characteristics of top management team on the relationship between working capital management efficiency and enterprise performance is tested.Finally,the marginal effect test is used to further analyze the regulatory role of top management team characteristics on the relationship between the two.The results show that:(1)There is a negative correlation between marketing,production channel working capital turnover and enterprise performance,while there is a positive correlation between purchasing working capital turnover and enterprise performance.(2)The size of top management team has an enhanced moderating effect on the relationship between the efficiency of working capital management and the performance of enterprises.(3)The age of top management team has an enhanced moderating effect on the relationship between the efficiency of sales and production working capital management and the performance of enterprises,which has a disruptive effect on the relationship between the purchasing working capital management and the performance of enterprises.(4)The proportion of women in top management team has a disruptive effect on the relationship between the efficiency of sales and production working capital management and the enterprises performance,and has an enhanced moderating effect on the relationship between the purchasing working capital management and the enterprises performance.(5)Executive team degree has the effect of interfering with the relationship between three channel working capital management efficiency and enterprise performance.Finally,according to the conclusions of the study,the following suggestions are put forward: First,maintain a reasonable senior management team size according to their own characteristics;maintain a reasonable age structure and female proportion;try to organize internal communication activities to promote communication between senior management members and reduce internal conflicts.Improve team decision-making efficiency and decision quality.Second,To manage working capital through different channels,such as establishing strategic partnership with suppliers and customers,improving their own credit,innovating production methods,and realizing refined production management,etc.