The Empirical Research On The Relationship Between Features Of Top Management Team And Growth Of The Listed SMEs

As Chinese Economy grows up, the SMEs are becoming the main force, and an important component of china's national economy .Studies On the Relationship between TMT and the Growth of SMEs can help to build Top Management Team and promote sustainable development of enterprise .The basic of corporate governance is TMT governance .The growth is directly related to governance level. The listed SMEs focus on the improvement of operating conditions and efficient implementation of the strategy to create wealth, attract investors and sustainable development. Good TMT is bound to promote healthy development .We can say that the sustainability and effectiveness of TMT is essential for improving the growth.In this paper, we establish an indicator system having 12 indicators based on former research. And we rank the growth of sample of 126 enterprises in china from 2005 to 2008. Then we study the relationship between the growth and TMT from two dimensions by descriptive statistics and empirical analysis, and reach conclusions as following.The relationship between the average age of TMT and the growth present an inverse U shape, not a simple linear relationship .There is a significant positive correlation between the average level of TMT education and the growth. An average tenure of TMT with the growth does not exist the inverted U shape, but shows the U shape relationship. The proportion of senior level shows an significant positive correlation relationship .The age heterogeneity of TMT exist a positive relationship with the growth. And the education heterogeneity and the difference of professional backgrounds show the similar relationship with growth. There is a significant negative correlation between the tenure heterogeneity of TMT and the growth.