Empirical Research About That How Characteristics Of Top Management Team Influence Corporate Performance

After the end of the housing distribution system reforming. China's real estate industry gained unprecedented development.Currently,real estate has become the basic industry and the pillar industry of the national economy. In addition, it plays an important part in the national economy. Studies have shown that the amount of housing construction will still continue to grow in a long period of time, and it will promote the rapid development of the real estate industry and the related sectors. The real estate industry will promote the economic development continuously and stably. Listedcompaniesare representative body of the industry in every industry, and it has a significant impact on the development of the industry. Therefore, it should be attached great importance to the listed companies. Top Management Team(hereinafter referred to as the TMT) is one of the most important core resources of anyorganizations, it plays a significant role in the improvement of organizationperformance. Research shows that characteristicstop managementteaminfluence decision-making and behavior of management executive team.However, the decision-making and behavior management executive team but also affect their performance in the company. Therefore, this paper carried out that the characteristics of listedcompany's executive team influence the performance of the real estate industry Corporations.In this paper, the entrepreneur theory,innovation theory, information and decision-making theory, human resource theory and the upper echelons theory are theoretical basis. Combined with the existing literature and the academic research purpose of this article, this study defines scope ofthree concepts. They are the executive team(members), TMT characteristics and Corporate performance. The first one includes the chairman, general manager, assistant general manager, chief engineer, chief accountant, chief economist, chief financial officer and deputy general manager. The second one includes the average proportion of women in senior executive team, the average ageand age heterogeneity, the average education level and the educational level of heterogeneity, executive team terms and term heterogeneity,with a political background in the executive team of executives share. The third one includes the total return on assets(ROA).On this basis, this paper analyzes the current situation of the real estate industry, the company and its executive team features. In order to be more objective and reasonable description of the real estate industry executives of listed companies on corporate performance team characteristics, the paper researches panel data in 107 listed companies empirically.After the building theoretical models and the empirical data analysis,we draw the following conclusions:in our country, the average age of the executive team,the average level of education and the average tenure has a significant positive impact on company performance; TMTage heterogeneity,education level heterogeneity and tenure heterogeneity have a significant negative effect;the proportion of women in senior executive team have a positive impact on corporate performance, but the impact is not significant; TMT the proportion of executives have a political background has a significant positive impact on company performance.According to the research findings, this paper attempts to the raise the following recommendation when real estatehires senior executives. First, when choosing senior managers corporations should consider their age. Second, it is possible for corporations to select appropriate female managers join in executive team; Thirdly, corporations try to choose managers with higher level of education to join the senior management team; Fourth, at the time of choosing managers,corporations take full account of the political background of the candidate;Fifth, It is very necessary for corporations to pay attention to the candidate tenure.There are two possible research contributions in this article:(1)The current domestic academic empirical research on TMT and business performance features arelimited. They mostly concentrated in the field of high-tech industry, manufacturing. It is a little for specializing in the real estate industry listed companies especially in recent years about this field. This paper choose the real estate industry,listed companies for the study of their empirical analysis.(2) Compared with the existing literature,this paper selected indicators more comprehensive, they are age,levelof education,tenure,gender, politicalaffiliation, homogeneity of age,level of education and tenure.