Research On The Influence Oftop Management Team Heterogeneity On The Relationship Between Degree Ofdiversification And Real Estate Company Performance

Since the strategic theorist Adoff proposed diversification at first in1957,diversification was gradually accepted by many western companies and applied to production and business decision-making.Many western companies broke through existing business thinking and found a new economic growth point.Which has created brilliance that cannot be achieved by companies that have not diversified their development.However,there are also a group of companies blindly emulating diversification and resulting in bankruptcy.The industrial results are different.In the wave of market economy,Chinese enterprises take successful enterprises in Western developed countries as models.Especially in recent years,China's real estate industry has undergone rapid changes in the environment.The competition between real estate companies is also fierce.There is no lack of real estate companies in the real estate industry that have chosen diversification strategies.The research of relationship between diversification and company performance at home and abroad has been a cliché,and research results are rich,Scholars' conclusions are very different.However,more and more scholars have found that there are many mediating factors between diversification and company performance.Diversification influences company performance through these intermediate factors.As the makers and implementers of corporate strategies,Top Management Team(hereinafter abbreviated as TMT)directly affect the quality of corporate strategy formulation and implementation,which in turn affects company performance.Different decisions will lead to different company performance.What kind of team will improve company performance? What is the driving force for diversification of real estate companies? Real estate companies in the end because of high profits and high risk industry characteristics,in order to avoid risks? Or because they want to stabilize company performance? Therefore,this paper will study the TMT heterogeneity as a moderator of diversification and company performance,explore the relationship between the three.The panel data of listed companies in the domestic real estate industry are selected as research samples and the study period is 2012-2016.The research results show that the degree of diversification and performance is not a simple linear relationship,but there is a significant regulatory effect.Despite the regression of different TMT heterogeneity indicators,the significance of diversification of different growth capabilities on performance is not exactly the same,but it is verified that diversification will have different effects on real estate listed companies as the growth opportunities are high and low.The impact of diversification discounts on lower and higher growth capacity is lower than the negative effect on medium growth capacity,and has achieved the effect of reducing business risks.The between professional background heterogeneity(PBH)are negative adjustion for the relationship of diversification and company performance.The occupational background heterogeneity(OBH)are negative adjustion for the relationship of diversification and business performance.The relationship between gender heterogeneity(GH)are positive adjustion for the relationship of diversification and company performance.The relationship between Educational level heterogeneity(ELH)are positive adjustion for the relationship of diversification and company performance.The Government Relevance(GOV)are positive adjustion for the relationship of diversification and company performance.At last,give some advice accordingly on the basis of the research results.