Study On The Impact Of TMT Heterogeneity And Equity Concentration On Enterprise Performance Of Small And Medium-Sized Enterprises On GEM

With the rapid development of China’s national economy,small and medium-sized enterprises play an increasingly important role in the national economy and gradually become an important part of the national economy.Small and medium-sized enterprises play an important role in building market economy,promoting national economic development and promoting social stability.Therefore,to ensure the sustained and rapid development of China’s small and medium-sized enterprises has become an urgent task.With small and medium-sized enterprises playing an increasingly important role in the national economy,the introduction of various relevant policies is also supporting and promoting the development of China’s smes.With the deepening of reform,the promotion of informatization,new industrialization and agricultural modernization,as well as the rapid advancement of major strategic measures such as artificial intelligence,big data and "One Belt And One Road",have brought rare opportunities for the development of small and medium-sized enterprises.At the same time,the reform of relevant systems,such as promoting the reform of administrative examination and approval efficiency and investment examination and approval,has improved the policy environment for the development of small and medium-sized enterprises.The new era provides a variety of convenient conditions for the development of small and medium-sized enterprises,prompting the growth momentum of China’s small and medium-sized enterprises in recent years by leaps and bounds.However,along with the rapid development of small and medium-sized enterprises,some problems restricting the development of small and medium-sized enterprises also need to be solved urgently.There are still many problems in small and medium-sized enterprises themselves.Human resources,as an important part of enterprise resources,will have a decisive impact on the strategic decision-making and enterprise performance.As the decision-maker of the enterprise,the top management decides the fate of the enterprise.At present,China’s small and medium-sized enterprises in the construction of human resources structure is a common phenomenon--the executive education is generally low;On the level of corporate governance,there are also common phenomena: on the one hand,the degree of ownership concentration is high;on the other hand,there is no separation of ownership and management right in many enterprises,and family management is serious.These phenomena largely limit the development of enterprises.In the face of the increasingly fierce competition environment,small andmedium-sized enterprises in China should continue to develop and obtain competitive advantages by solving their own problems restricting the development of enterprises and building a reasonable and effective senior management team and corporate governance structure.Through literature review and relevant theoretical research,a theoretical model was built to study the impact of heterogeneity of senior management team on enterprise performance according to the characteristics of small and medium-sized enterprises in gem.Meanwhile,corporate governance variables were added to study the impact of heterogeneity of senior management team on enterprise performance.The research object of this paper is China’s small and medium-sized enterprises listed on the gem.It selects three dimensions of the heterogeneity of the senior management team,namely age heterogeneity,tenure heterogeneity and educational background heterogeneity,as well as two dimensions of the ownership concentration of corporate governance and the integration of the two positions of chairman and general manager.Data were collected from the annual reports of small and medium-sized enterprises listed on the gem,and descriptive statistical analysis,correlation analysis and multiple regression analysis were conducted with SPSS software,so as to analyze and verify the relationship between the heterogeneity of senior management team and enterprise performance and the role of corporate governance in the middle.Through empirical analysis,the following conclusions are drawn: the age heterogeneity of the senior management team of small and medium-sized enterprises in gem is negatively correlated with the enterprise performance;The heterogeneity of executive team tenure is negatively correlated with corporate performance;Heterogeneity of educational background is positively correlated with enterprise performance.In addition,the equity concentration in the moderator variable in corporate governance is intended to adjust the relationship between the heterogeneity of educational background and corporate performance.Based on the empirical analysis results,combined with the current situation of the development of small and medium-sized enterprises in our country,for our country the gem of small and medium-sized enterprise’s senior management team building and operation,and proposed the construction of the corporate governance structure,help enterprises to establish a suitable for their own development of the senior management team and corporate governance structure,which is to obtain the sustained competitiveness and stable performance.