The Research On The Relationship Between TMT Characteristics And Enterprises' Performance Of Gem Listed Companies' In China

The Chinese GEM has been set up years ago since 2009,so he corporate governance structure of listed companies on Gem has not been perfect.The corporate government feature and corporate performance of the gem listed company have big difference of that of the main market companies,so the study of the relationship between the gem listed company's senior management team human capital characteristics and the enterprise performance of the gem listed company has its theoretical and practical significance.Based on the research methods of grey relational analysis,and respectively on total assets and total assets growth rate as indicators of business performance,we take senior population background characteristics(age,gender,education,whether with executive experience),excitation characteristics(compensation incentives,Stock option incentive),constraint characteristics(the team size,the proportion of independent directors)as a senior management team characteristics.Taking the top 50 gem listed company data for empirical research samples,we came to the conclusion of the grey relational grade between the senior management team characteristics.Finally,we draw the following conclusions: 1,The proportion of executives more than 45 years old have bigger influence on the enterprise total assets,and the proportion of executives less than 45 executives had a greater influence on the growth rate of total assets of the enterprise;2,The proportion of female executive directors have obvious effect on both total assets and total assets of the enterprise growth;3,The proportion of MS/PHD in the executives have a greater influence on the total return on assets of the enterprise;4,The executives of no executive experience have a greater influence on the ratio of return on total assets;5,The senior management team compensation incentives characteristics have greater influence on both the enterprise's total return on assets and the growth rate of total assets than the executives shareholding incentives;6,The proportion of independent directors in listed companies on the gem have a greater influence on the total return on assets,little influence on the growth rate of total assets;And the executive team size have a greater influence on the growth rate of total assets,whereas its impact on the total return on assets is not obvious.In this paper,we take the gem listed companies of good performance as the analysis sample,and try to analysis the samples ' senior management team human capital characteristics.By comparing the influence on enterprise performance,we can give theoretical support on management team human capital optimization.