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Although the importance of the top management team’s characteristics has attracted research attention, its influence remains undetermined. This paper considers the influence of top management team characteristics’ heterogeneity on GEM-listed enterprises’ innovation performance. From the perspective of optimizing top management team human capital and improving enterprise innovation performance, this study analyzes 634 GEM-listed enterprises via regression analysis. The results show that the effect of shallow-factor heterogeneity of the top management team on enterprise innovation performance is not significant, but deep-factor heterogeneity has a negative effect. These findings indicate that deep-factor heterogeneity is more important than shallow-factor heterogeneity and is subject to closer attention. If a GEM-listed enterprise wants to set up a strong top management team that contributes to the improvement of enterprise innovation performance, it must examine the consistency of each member’s educational background and extend their tenure as long as possible without considering the gender ratio or age structure of the team.

The perceived value of a tourist’s trip, representing a trade-off between costs and benefits of travelling to a destination, can exert a significant influence on tourists’ loyalty, which is a main concern for managers of tourist destinations. However, the mechanism between the destination value and tourist loyalty remains unexplored, especially in the new context of relationship marketing. To advance the understanding of the mechanism, we introduced 3 variables of “tourist–destination relationship”, namely place attachment (PA), destination trust (DT) and tourist satisfaction (TS), combined with perceived value (PV) and tourist loyalty (TL), and therefore constructed the conceptual model. Taking the Hangzhou City of China as an example, the conceptual model was fitted and tested using the structural equation model (SEM). The results show that: (1) PV can directly and positively affect TS and DT respectively, while there was no significant effect of PV on PA; (2) TS and DT can directly and positively influence TL, but the effect of PA on TL has not been supported empirically; (3) PV has a significant positive effect on TL; and (4) there are internal relationship among the 3 variables measuring the tourist–destination relationship, in other words, TS can significantly affects PA, DT respectively, and DT has a significant positive effect on PA. The findings of this study provide empirical references for understanding the important role of the tourist–destination relationship.