Research On Top Management Team Composition And Internationalization Process Of The International New Venture

In the past 20 years, a growing number of studies have found that as the deepening of globalization of business activity influence, many enterprises engaged in international expansion was founded in the beginning or early, this means that some enterprises have separated from the gradual internationalization of traditional path. International new ventures established by time and limited scale, enterprises have the resources and capabilities are relatively scarce, so relying more on external resources and ability to achieve the goal of internationalization. Entrepreneurs and managers team is the core human capital of enterprises have, they have the knowledge on international new ventures founded, has a decisive role. High order theory and agency theory as the research on the governance structure of China unique company, influence of statistical management team demographic characteristics on the internationalization performance bridge.This paper uses empirical research methods, from the small board and gem screened in 2004 after the establishment of international new ventures, to study the influence of the start-up period of 3 years of top management team composition and corporate governance on the international level, speed. The research results show that:a "U" type relationship between executives of the 1.age and degree of internationalization and speed; 2. executive education level and tenure and the degree of internationalization and velocity are positively related; 3. executive team "production", "production" functional background and overseas background executives the proportion with the degree of internationalization and speed significantly positive correlation; 4. "peripheral" background staff ratio of negative to the extent of influence of the internationalization of enterprises; government background executives the proportion with the degree of internationalization and speed significantly negatively correlated;5.significant positive correlation between the management compensation incentive and equity incentive and international degree, speed, and the positive effects of equity incentive is more obvious positive correlation; 6. control of decision-making and the degree of internationalization, CEO dual identity and independent director is conducive to the internationalization of enterprises.The innovative points of this research as follows:1.previous studies on international new ventures, many using the questionnaire survey, case study method, this paper use the company’s annual report, prospectus and other secondary data source for sample selection and empirical research.2.Effect of entrepreneurs or executives in the growth process of international new ventures in the increasingly prominent and attracted many scholars, but the research on this field is lack of comprehensive, thinking that the opportunity exists only in the external environment, while ignoring the presence in the enterprise opportunity. This paper China special corporate governance based on the environment, the internal organization structure of enterprise (TMT composition) influence on the process of new venture internationalization.