Against the backdrop of China's rapidly expanding economy and constantly changing stock market, the dispersion of stock structure has become particularly noteworthy among listed businesses. Even though still a minority, those listed businesses without an actual controller are becoming more prevalent, and their continued growth justifies studying them as an individual group. Management, in which resides the core value of a business, has a peculiar impact on how well a company performs. This study examines the relationship between management heterogeneity and corporate performance with an emphasis on heterogeneous notable traits in the management of listed businesses without an actual controller. Generally speaking, it consists of three sections: in the first section, the mechanism with which the three heterogeneity dimensions, including gender, age, and professional background of the management, affect corporate performance, is examined; in the second section, the black box of the process through which team cooperation, a mediating variable, affects corporate performance in terms of the three heterogeneity dimensions and its mediating effect in between are analyzed; in the last section, based on the above study, a further analysis is made into the moderating effect of moderating variables such as regional cultural and habit differences in China on the mediating variable, as well as the conditions under which moderating variables can affect corporate performance and their functions. This study, covering 229 listed companies with no actual controller trading A-shares from 2016 to 2021 (A-shares are the stock shares of mainland China-based companies that trade on the two Chinese stock exchanges, the Shanghai Stock Exchange (SSE) and the Shenzhen Stock Exchange (SZSE)), The novelty of this study lies in two aspects: First, it is the first study that introduces regional cultural and habit differences as moderating variables, and it has found that the mechanisms and moderating effects of different heterogeneity dimensions of the management on team cooperation and corporate performance are not the same. Second, it is the first that proposes and measures the concept of team cooperation and has preliminarily validated its importance to corporate performance.

In current international environment, the important goal of improving China industry is to strengthen the independence of the industrial chain. Sci-tech innovation enterprises are the main carrier. They are also the service objects of the Sci-Tech innovation board (“SSE STAR MARKET”).Some sci-tech innovation enterprises are “capital intensive”, some are “technology intensive”, and the others are both. “Capital intensive” enterprises are controlled by the capital side, “technology intensive” enterprises are controlled by core technical team. The importance of “capital” and “technology” should be reflected in the shareholding ratio, which will impact on corporate governance. This paper aim to find out the relationship between team ownership and enterprise attributes. Team shareholding ratio uses ESOP as indicator (ESOP includes core management shareholding and Employee Stock Ownership Plans), and enterprise attributes are quantified by heavy asset ratio, R&D input, company counterbalance system, and institutional investors shareholding ratio. The research object is the listed companies on the SSE STAR MARKET as of June 30, 2023. Datas range from 2019 to 2023. According to the regression result, it is found that: at first, the heavy asset ratio is negatively correlated with ESOP. The higher heavy asset ratio is. the lower ESOP shareholding ratio the enterprises have. Secondly, company counterbalance system is negatively correlated with ESOP. The higer shareholding ratio of 2-5 major shareholders is, the lower ESOP shareholding ratio the enterprises have. Thirdly, there is no significant influence between institutional investors shareholding ratio and ESOP. Fourthly, there is no significant influence between R&D input and ESOP. But along with heavy asset ratio, there has a significant positive correlation with ESOP. That is, R&D input does not affect ESOP alone, it needs to be combined with heavy asset ratio. Fifthly, the results of sub-industry regression are different from the whole. This paper hopes the study can be further extended to the operation of other sci-tech innovative enterprises, and provide an effective way to build a stable corporate governance structure for those enterprises.