Influence Of Heterogeneity Of Top Management Team On Enterprise Performance

Corporate executive team is entrusted with the formulation and implementation of enterprise development strategies mission, and it has a pivotal position in enterprise performance, so that it has been a common concern academia and business. The existing research that heterogeneities of senior management team influence firm performance achieved fruitful results, but the researchers did not get the same conclusion, even got some conflicting conclusions and findings. So researchers did with this inconsistency from different angles and in-depth exploration route. One reason for this phenomenon is the stage differentiation of the research subject based on enterprise life cycle theory. The enterprises in the market environment like other living things in the macroeconomic environment go through the start-up, growth, maturity, recession. Existing studies have focused on the studies of TMT heterogeneity of all enterprises in the domestic and international market environment influencing enterprises performance, but heterogeneities of different TMT affect the business performance of the different life cycle stages. It is now necessary to classify enterprises by the enterprise life cycle theory, and to study the influence between heterogeneities of TMT and the enterprise performance.The purpose of this paper is based on the study of per stage to make reference to the recommendations applicable to the long-term development. The main empirical research methods base on the literature review, related theories and hypotheses of this study through GTA database, the huge influx of information network, the Shenzhen Stock Exchange, Shanghai Stock Exchange, Listed companies up to 2014 are collected as research samples by using statistical analysis software for data processing and hypothesis testing. The results show:(1) In the start-up enterprises, age, education, professional background, career background differentiation can indeed enhance corporate performance. Differentiated gender and tenure have no significant impact on business performance.(2) In the growth enterprises, age, sex, and education, professional background of the difference can really enhance business performance. But contrary term hinders the corporate performance and professional background has no significant difference in the business performance.(3) In mature businesses, age, gender, professional background differentiation hinder business performance. On contrary that differentiated education can improve business performance, and tenure, professional background differentiation have no significant impact on business performance.(4) In the recession enterprises, education, tenure differentiation can enhance corporate performance. Differentiated professional background hinders business performance, and age, gender, professional background difference have no significant impact on business performance.Our institutional and market environment has its uniqueness, in this context, the relationship between heterogeneity of corporate executive team in empirical research and the business performance of different life-cycle stages enhance that heterogeneities of enterprise management team high impact on awareness, so that it expands the application of space upper echelons theory.