Ownership,TMT Characteristics And Enterprise Innovation Performance

At present,China is in the critical period of the 13 th Five-Year Plan,in which innovation is one of the most important tasks.Under the background of building an innovative country and implementing the strategy of innovation-driven development in China,enterprises,as the core force of economic development,must have innovative consciousness and carry out innovative activities,then enhance the whole innovation performance of enterprises.The improvement of innovation performance depends on the innovation decision-making of senior managers.Different types of executives may hold different attitudes towards enterprise innovation.Therefore,it is particularly important to study the impact of TMT(top management team)characteristics on enterprise innovation performance.Based on a new starting point,this paper divided the characteristics of TMT into its nature characteristics and incentive characteristics.Using normative research method,qualitative analysis method and quantitative analysis method,this paper constructed an analytical framework for the impact of TMT characteristics on enterprise innovation performance.This paper selected the A-share listed companies from 2013 to 2017 as the research objects.At the same time,based on China's special ownership background,this paper also joined the nature of corporate ownership to conduct a more in-depth research.The results shows that,on the one hand,about the nature characteristics of executives,as the average age of the TMT increases,enterprise innovation performance decreases.Besides,the higher the average education level and the longer average term of the TMT,the level of enterprise innovation performance will be higher;about the incentive characteristics of executives,the more monetary incentives or the implementation of equity incentives,the level of enterprise innovation performance will be higher.On the other hand,compared with state-owned enterprises,the age of senior executives in non-state-owned enterprises has a more significant negative impact on enterprise innovation performance,while the TMT education level,TMT tenure and equity incentives have a more significant positive impact on enterprise innovation performance in state-owned enterprises.In addition,there is no significant difference in the positive impact of executive monetary incentive on innovation performance between state-owned enterprises and non-state-owned enterprises.The conclusions of this paper can help different enterprises to understand the mechanism of the characteristics of TMT on enterprise innovation performance to a certain extent.What's more,this paper can provide different ideas for enterprises with different ownership,so thatthey can form a reasonable top management team and improve corporate governance structure.It can also provide a reference for enterprises to improve the incentive mechanism and enhance the level of innovation.