The Impact Of The Heterogeneity Of Top Management Team On Enterprise Performance Under CEO Structual Power

The development of GEM has experienced more than eight years since 2009.The growth enterprise market,as an important supplement of the small and medium-sized board and the main board of stock market,plays an vital role in contributing to the growth of China’s emerging industry by promote the independent development of innovative small and medium-sized enterprises of science and technology through market mechanism.Recently,GEM listed companies also gradually revealed some structural problems on organization with the rapid development.And top managers who are shouldering the formulation and implementation of the enterprise development strategy have a decisive role in the performance of enterprise.Based on Upper Echelon Theory,this paper took the GEM listed companies as the research object,studies the relationgship between the top management team’s heterogeneity and firm performance.Meanwhile this paper joint the CEO structural power as regulating variable to delve into the moderating effect on the heterogeneity of TMT and enterprise performance,by way of making a reference to the construction of the top management team of the GEM listed company.With reference to related literature and theory research of the effects of the heterogeneity of top management team on the firm performance,this paper set up four heterogeneity variables,which are the heterogeneity of age,tenure,educational level and occupational background representing the heterogeneity of the executive team,and selected Earning Per Share(EPS)as a measure of the performance of the corporation.On the basis of defining the concept of top management team and firm performance,this paper put forward the corresponding hypothesis,then download the data from CSMAR and other database,and made data analysis ande hypothesis testing with SPSS statistics software to get corresponding conclusion.The empirical results show that the heterogeneity of tenure of TMT and the heterogeneity of occupational backgroung of TMT have a significant positive influence on enterprise performance,but the heterogeneity of age and education level of TMT have no significant impact on corporate performance.The moderating variable CEO struactual power has negative regulating effect on the heterogeneity of age,tenure,educational level and occupational background.Finally,the empirical analysis results are expected to make some suggestions on construction of the top management team of the gem listed company and other small and medium-sized enterprises,as well as the configuration of the company’s management personnel.