In the paper, we are going to figure out what factor has the most significant influence on firm’s performance. Based on the pervious definition of educational link method, there are additional variables about changes on board and management team members. The result shows that the higher rate the members change, the better chance of IPO firms has. In other words, the changes of board and team members have a significantly positive effect on firms’ performance. Before going public, firms would like to reform their team structure to make the funding easier. It implied that it is also very crucial for firms to hire better human capital. As firms become greater and greater, they can attract more and more talented people to work for them so that it will increase the possibility to go public.

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