| In recent years. China's GDP has ranked second in the world and the proportion of the global economy has increased year by year. GNP per capital has increased significantly after the 18th CPC National Congress, which is close to the upper-middle income average.The main industrial products have ranked first such as crude steel, coal, cement. China's international competitiveness and innovation continues to enhance and the international influence continues to expand. By the way, China is also in a major transition period to knowledge-based economy and innovation economy. Nearly two years, the central bank has responded to the unstable economy with a series of cuts to interest rates. Therefore, under the trend of economic fluctuations, how to improve the companies' abilities of innovation has become the hot topics of the international researches.From 0 to 1, or from scratch, companies need to be good at innovation and creativity, forming barriers through patent technology, network effects, economies of scale, brand, etc., in order to complete vertical leap and exploit a market of their own blue ocean with huge profits. Therefore, innovation is essential for companies. However, foster innovation can't do without TMT"s operation and management, decision-making executives will directly affect the future direction of the companies. Therefore, the study of TMT"s characteristics to innovation ability has important significance.TMTs Characteristics stem from Upper-echelons theory, the theory that under the premise of limited rationality, demographic characteristics of TMT usually important in performance and strategic decisions, highlighting demographic characteristics make a difference to cognitive model of manager including age, tenure, educational background, thus indirectly affect company performance. Efficient TMT is capable of integrating into a group in a short time, which can improve team collaboration capabilities and play the advantages of group decision as well as have a profound development under the leadership of TMT. The current level of it is on different degrees, the focus of study abroad from the relationship between the beginning of the TMT characteristics and organizational or strategic decision to the mediated variable or manipulated variable between the two.Yet domestic at present is still in the preliminary study, which focus on the relationship between TMT characteristics and important variables. To ensure the more stable relationship between TMT characteristics and organizational performance, in the middle of the process is considered. In order to releaze the degree of innovative ability in between the two, this paper introduce innovation ability as mediated variable. Only when TMT realize the full innovation potential to an extreme, can company stabilize the position in the market.This paper selects 102 companies data from 2013 to 2015 data in the high-tech information industry. It studies the TMT heterogeneity influence on corporate performance with methods such as multiple regression and identification method of mediated variable.The study shows that:first, there are positive correlation between the company performance,age and tenure as well as a negative correlation between company performance and educational background heterogeneity. Second, tenure and age has a positive effect on innovation ability, on the contrary,education background heterogeneity show a negative relation with innovation. Third, innovation ability plays a partially mediated role between TMT heterogeneity and company financial performance. Finally, through analyzing the lack of practical research.the study of TMT has filled the gaps in the specific aspect. |
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