Research On The Correlation Between Tmt Heterogeneity And IPO Schedule

In recent years,there have been some twists and turns in the development of China's securities market.The CSRC stopped two IPO two in a short period of time.(IPO pause time respectively: November 3,2012 to January 2014;July 4,2015 to November 6,2015)for listed companies,the success of IPO can not only raise huge amounts of funds to help the company further development,but also can realize the company's stock on the market by the self circulation,reflect shareholder value.That is to say,listed companies more successful early IPO more as soon as possible to raise huge amounts of money needed for development,the earlier launched cash stock holdings shareholders.Therefore,in the face of the twists and turns of the securities market,IPO has repeatedly been halted,the listed companies to accelerate the pace of its listing is particularly important.An important reason for the success of the listed companies is that the corporate governance structure is reasonable and perfect,and it can be recognized by the CSRC and the majority of investors in IPO.Therefore,in order to help the listed companies and their stakeholders have a correct understanding of IPO company,has a certain practical significance to study the relationship between corporate governance structure and the progress of the company IPO.The new “company law”,which came into force in January 1,2006,has set up a special section for the senior management of the company to supplement the relevant provisions of the board secretary,broaden the scope of senior executives,once again define the senior executives of the board of directors,general manager and so on.From this we can see that: top management research is an integral part of corporate governance research,and even one of the hot topics.But for a long time research on top managers in China are mainly concentrated in the chairman and general manager of the independent directors and the three executives,and it has been studied as an independent individual,there are few from the perspective of senior management personnel,research point to top management team heterogeneity.In recent years,the academic circles realize that this is an academic blank,more and more scholars began to study the TMT heterogeneity,but the research on TMT heterogeneity is more about its influence on corporate performance,investment decision-making,few studies have addressed the effect of TMT heterogeneity on IPO.Therefore,from the perspective of corporate governance structure and the heterogeneity of TMT,this paper analyzes the relationship between TMT heterogeneity and IPO schedule through empirical methods.The research ideas of this paper are as follows:firstly,the research on the importance of the two research questions of TMT heterogeneity and IPO schedule analysis,found that the research about the relationship between the two is very scarce;secondly,summarizing the related literature at home and abroad and to provide guidance for the following theoretical analysis;thirdly,the upper echelon theory,TMT heterogeneity,principal-agent theory,IPO related to the progress of theory as the theoretical basis,necessity of further analysis of the problem,executive team heterogeneity IPO scheduling problems,and points out that the correlation between the two,then put forward the relevant research hypotheses then,the application of empirical research method;first,to China in 2010-2016 years of successful A shares listed company number According to the collected,according to the need of the study on the relevant variables of qualitative description and quantitative statistics,and establish the regression model,the method of variable descriptive statistics,Pearson correlation coefficient test,OLS regression analysis and robustness test,to study the relationship between TMT heterogeneity and IPO schedule.The main conclusions of this paper are as follows:to be between the schedule of IPO listed company top management team heterogeneity and firm age showed a significant negative correlation,and in the 1% level of significant;to be between the schedule of IPO listed company executives with the company's functional heterogeneity presents a negative correlation,significant at the 5% level;to be between the schedule of IPO listed company executive team tenure heterogeneity and the company showed a significant positive correlation,and in the 1% level of significant;The relationship between educational heterogeneity of top management team and corporate IPO schedule has not been verified.At the same time,the results show that the proportion of top management team of listed companies will significantly accelerate the company's IPO schedule,and enhance the age heterogeneity,weakening the impact of tenure heterogeneity on the company's IPO schedule.The main contribution of this paper is: An Empirical Study on the listed companies TMT heterogeneity and quasi listed companies IPO progress,through analyzing the collected data and quantitative OLS regression on TMT age,education,function,tenure heterogeneity and IPO progress and concluded.Finally,according to the conclusions drawn from the study,some suggestions are put forward,such as optimizing the structure of top management team,making rational use of heterogeneous resources;correctly corporate IPO behavior;paying attention to executive team ownership.This study enriches the existing literature on corporate governance.