Research On The Influence Of Top Management Team Characteristics To The Growth Of The Companies On GEM

Growth enterprise market(GEM)enterprise is the most promising groups of enterprises in the market economy system.GEM enterprise plays an important role in China’s economic development.Compared with the main board listed company,the GEM enterprise has the advantage of high growth characteristic,which makes it to be the central of growth enterprise market.How to evaluate the growth feature of the GEM enterprise and evaluate the main factors affecting the growth feature of the GEM is the basic important issues of the GEM enterprise.The GEM enterprise is often in the early stage,its development faces larger of uncertainty.In the early stage,its executive team’s decision becomes the key factors in the complex of market financial environment.To upgrade the business performance and growth capacity of the GEM,it is necessary to concern quality and effectiveness of the executive team.This paper inquiry the effect of the executive team’s features on the GEM enterprise’s growth,which provides must of meaning to promote the development of the GEM enterprise.This study based on the extensive literature review of the senior management team at home and abroad,and discussing the theory of business growth and the characteristics of GEM companies in depth.Referring to the results of existing research empirical researches,choosing TMT age,educational and tenure of homogeneity and heterogeneity indicators as independent variables.In empirical analysis part,using SPSS as statistics analysis software and getting data from the CSMAR database,this research developed the evaluation system of Chinese GEM enterprise with using the development capacity and innovation capacity as two basic indexes.The integrated score,which calculated by the factor analysis method,has been set as dependent variable.On the basic of these,set the establishing time and return on equity enterprise scale industry attributes as control variables,this research explores the relationship between the independent variable and the dependent variable with the descriptive statistics analysis and multiple regression analysis.The results of empirical study show that: the average education level of TMT was positively correlated with the growth of GEM enterprise;the average age,average tenure and the heterogeneity during tenure of TMT were negative correlated with the growth of GEM enterprise;the heterogeneity of age and education level of TMT had non-significant effect on the growth of GEM enterprise.At last,combining with the result of empirical analysis and according to the perspective of senior management team characteristics,this paper put forward some proposals for the growth of the GEM enterprises in China,which provides realistic guiding significance on the development of the GEM companies.