Abstract: The generation of conflicts between top management team largely depends on the environment in which the team is located and the way members work together. Based on 2008-2015 years sample of China′s listed companies, this paper uses panel data analysis to verify the role of CEO power and enterprise environment on the relationship between executive differences and enterprise performance. The results show that the existence of CEO power and the stability of the enterprise environment will weaken the impact of executive differences on the performance of the enterprise, the role of senior executives will only work when it meets two conditions, and the relationship is basically disappearing when the power of CEO is too large or the enterprise environment is too stable; the appropriate decentralization of CEO and the instability of the enterprise environment are beneficial to the exertion of human capital; the overall power of CEO in China′s listed enterprises is high, and the state-owned enterprises have the characteristics of environmental stability, which is not conducive to stimulating the subjective initiative of the executive team as a whole.

Key words: top management team, enterprise performance, background feature differences, CEO power, enterprise environment