The Comparison About The Effects Of Top Management Team Heterogeneity On Sino-Foreign Listed Enterprise Performance And Private Listed Enterprise Performance

There is an ever increasingly fierce competition among modern enterprises due to the reasons of economic globalization and regional economic integration. Beyond that, the constantly changing information puts forward a tremendous challenge to the strategic leadership of enterprise. Under such circumstances, just with the effort of personal senior leader has difficult to ensure the sound and fast corporate development. Therefore, the formation of the top management team that is a perfect way to take advantage of the cohesion of elite’s experience has been a new choice. This thesis explores the comparison about the effects of top management team heterogeneity on Sino-foreign listed enterprise performance and private listed enterprises performance through the method of empirical research which is based on the Upper Echelons Theory, Social Identity Theory and Decision Making Theory. This research extends the applied scope of Upper Echelons Theory under different cultural backgrounds and provides some beneficial recommendations for Sino-foreign joint venture enterprise and private enterprises in order to built an effective and efficient top management team.Results show that:①There is no significant differences in the heterogeneity of age, tenure and educational level between the two kinds of ownership enterprises, but the private enterprises performance is significant higher then Sino-foreign joint venture.②The age heterogeneity in Sino-foreign joint venture has significant positive effect on corporate performance. The heterogeneity of tenure, level of education and the diversity of citizenship has negative but not significant impacts on company performance.③In the private enterprises, age heterogeneity, tenure heterogeneity and educational level heterogeneity in top management team have negative effects on corporate performance, but only tenure heterogeneity reach significant level.④The positive effects of age heterogeneity on corporate performance in Sino-Foreign Joint Venture is significant stronger than private enterprises that is. The negative effect of tenure heterogeneity on corporate performance is stronger but not significant than private enterprises that is. The negative effects of educational level on corporate is significant stronger than private enterprises that is. According to the above research results, we can draw a conclusion that, on the current situations, the lower lever heterogeneity in the top management team will have more benefit whether for Sino-foreign Joint Venture or for Private enterprise.