Research On The Impact Of Advanced Manufacturing Executive Team Heterogeneity On Firm Growth

The trend of modern economic development shows that manufacturing industry,especially advanced manufacturing industry,is an important embodiment of a country’s industrialization level and comprehensive national strength.In the face of complex and changeable dynamic environment,the healthy and stable growth of advanced manufacturing enterprises is threatened.In order to promote the high quality and healthy development of advanced manufacturing enterprises,it is necessary to study the growth of enterprises.As the decision-maker of an enterprise,the senior team(TMT)needs to identify opportunities and threats in the industry and market,and shape and manage their organization by adjusting the strategic decisions of the enterprise,which plays a key role in the healthy and stable growth of the enterprise.At the same time,the dynamic ability of an enterprise can realize the changes of the market environment,seize new opportunities,coordinate,integrate and restructure the physical,financial and knowledge resources of the organization,so as to obtain lasting competitiveness and promote the comprehensive development of the enterprise.Based on relevant research results at home and abroad,this paper divides TMT heterogeneity into four aspects: gender,age,educational background and functional background,and divides dynamic capability into two aspects: innovation capability and financial flexibility.Through empirical research,the specific impact of TMT heterogeneity on enterprise growth is analyzed.On this basis,we introduce two components of dynamic capability(innovation capability and financial flexibility)as the intermediary variables,and then analyze the specific impact path of TMT heterogeneity on firm growth.In this paper,4023 sample data of listed A-share Chinese advanced manufacturing enterprises from 2016 to 2020 are selected as samples,and relevant indicators of TMT heterogeneity,dynamic capability and enterprise growth are selected.The method of multiple regression analysis is used to empirically study the interaction between TMT heterogeneity,dynamic capability and enterprise growth.Stepwise regression method and Bootstrap method were used to test the mediating effect of dynamic capability.The empirical results show that :(1)heterogeneity of gender,educational background and functional background is significantly positively correlated with firm growth,while heterogeneity of age is significantly negatively correlated with firm growth.(2)The heterogeneity of gender,educational background and functional experience has a significant positive effect on innovation ability,while the heterogeneity of age has no significant correlation with innovation ability.(3)Both innovation capability and financial flexibility have a significant positive impact on enterprise growth.(4)The heterogeneity of gender,educational background and functional background has a partial mediating effect on innovation capability,but there is no mediating effect on the heterogeneity of age and growth;Financial flexibility plays a mediating role in the relationship between age heterogeneity and firm growth.Through the research of this paper,we hope to improve the enterprise’s attention to the optimization of senior management team structure,innovation ability and financial flexibility,and enhance the growth ability of enterprises.