Impact Of TMT Characteristics On The SME Board Of Listed Companies Performance Study

Many scholars at home and abroad found that there is a definite link between executives and corporate performance characteristics. Domestic research has focused on the main board listed companies, and for executives of small plates characterized Impact on performance of listed companies are relatively rare, so its research is very necessary. In this paper, the perspective on the small board listed companies, and select the sample regression model to study the relationship between executives and small board performance characteristics listed companies.This paper selects 2008--2014 in China in 269 SME board listed companies in the sample, and executives characteristics into homogeneous and heterogeneous indicators index categories, homogeneity index from the manager’s personal characteristics, background characteristics executives and the executive team features three angles to describe, every angle corresponding to different variables; heterogeneity indicators include executives of age, education, tenure and payment heterogeneity variables. In this paper, respectively, from executives characteristic homogeneity and heterogeneity of both the establishment of a fixed effects panel data regression model, the impact on the performance impact of small listed companies empirical analysis. Conclusions found executives personal characteristics in terms of homogeneity of indicators, executives and corporate performance Age was a significant negative correlation between level of education and tenure is positively correlated with company performance; executive background characteristics aspect, executive work experience and academic background were positively correlated with corporate performance; TMT characteristics aspect, the proportion of executives holding part-time CEO and chairman of the board and company performance were significant positive correlation. In heterogeneous indicators, age, tenure heterogeneity and firm performance was significantly negatively correlated with the pay and corporate performance heterogeneity was significant positive correlation. At the same time, this article selected sample is divided into state-owned and non-state-owned enterprises, its comparative study from different angles, has also been valuable conclusions, and this paper after the empirical study of the regression results are robust test, to verify the validity and reliability of the regression.Finally, this paper presents some specific policy proposals, non state-owned enterprises need to reduce the average age of executives to improve the level of education, and the introduction of rich work experience and academic backgrounds executives have increased the proportion of managerial ownership and encourage chairman and concurrently CEO, at the same time, executives should be reduced tenure heterogeneity, increases payment heterogeneity; while in state-owned enterprises should be increased executive tenure, the introduction of rich work experience and political background of executives, and should reduce the age and tenure heterogeneity executives, increases salary heterogeneity. Meanwhile, the paper also presents shortcomings research, and further research to make future prospects.