| Technology innovation is the core competitiveness of modern enterprises,especially the high-tech enterprises.Effective TMT and its corresponding corporate governance are important factors to keep enterprises innovation ability,and relevant research becomes the important parts of innovative enterprises management.Chinese GEM enterprises are the typical examples to reflect national self-dependent innovation.Therefore,GEM high-tech enterprises are chosen to study the correlation between top management heterogeneity and innovation performance,and to research the regulatory mechanism of corporate governance.The studies of the domestic and foreign scholars on TMT heterogeneity,enterprise innovation performance,corporate governance and the relationship among them are reviewed,based on the reviews of the related concepts and theories.And the comprehensive models between TMT heterogeneity and the relationship of innovation performance are modeled,as well as corporate governance for adjusting TMT heterogeneity and the innovation performance relation,with the evidence from the data samples of the high-tech GEM enterprises on 2012-2016.The results shown that:(1)The TMT age heterogeneity and TMT tenure heterogeneity has significant negative positive relation with innovation performance,and the TMT education level heterogeneity and the TMT professional background heterogeneity have significant positive relation with innovation performance.(2)The separation of two rights significantly enhances the negative effect of TMT age heterogeneity and TMT tenure heterogeneity on the innovation performance,and the positive effect of TMT education level heterogeneity on the innovation performance.(3)The ownership concentration significantly enhances the positive effect of TMT education level heterogeneity on the innovation performance.(4)The ratio of independent directors significantly enhances the negative effect of TMT age heterogeneity and TMT tenure heterogeneity on the innovation performance.The researches on the correlation between TMT heterogeneity and the innovation performance,and on the regulatory mechanism of corporate governance structure,are guidance and reference for constructing of TMT heterogeneity and corporate governance in high-tech enterprises,which help to maintain the technological competitiveness and sustainable development ability. |
