Abstract: Does the change in the composition of TMT caused by the heterogeneous shareholders of the mixed ownership enterprise ultimately affect company performance? Based on Edwards and Lambert′s full-effect adjustment model, this paper discusses the comprehensive relationship among equity mixing degree, TMT characteristics and corporate performance based on the study samples of Shanghai and Shenzhen A-share mixed ownership companies from 2014 to 2016.It is found that there is a significant “U”-shaped relationship between equity mixing degree and corporate performance, which indicates that a lower degree of equity mixing cannot achieve the purpose of mixed ownership reform,only when the equity mix reaches the critical value of 60.19%, will it be helpful for the improvement of company performance; further study shows that TMT characteristics play a full intermediary role in the “U”-shaped relationship between equity mix degree and corporate performance, and the regulatory role of equity mixing degree in the relationship between executive team characteristics and corporate performance is not robust. The conclusion provides a practical thinking for mixed ownership reform.

Key words: equity mixing degree, top management team(TMT), corporate performance, mediating effect, full-effect adjustment model