高管团队内部关系稳定性与企业绩效——基于权力差距的调节作用

Internal Relationship Stability and Corporate Performance——The Moderating Function of Power Gap

文章基于CSMAR数据库,收集了2010-2018年我国A股上市公司的数据,对高管团队内部关系稳定性、权力差距和企业绩效三者的关系进行了分析和研究,报告了高管团队内部关系稳定性对企业绩效的影响,并重点分析了权力差距对高管团队内部关系稳定性与企业绩效之间关系的调节作用,通过基本的回归分析探索了三者之间的关系,实证检验了所有的理论假设。研究结果表明:我国上市公司高管团队内部关系的稳定性对企业绩效有显著的正向影响;专家权力差距加强了这一正向关系;政治权力、所有权权力差距同时也加强这一正向关系。文章的研究进一步拓展了高管梯队理论中的高管过程和效果模型,丰富了管理层内部和谐关系对企业治理的影响研究,对现代企业高层治理具有重要的指导和启示意义。

The article bases on the CSMAR database and collects data on A-share listed companies from 2010 to 2018, analyzes and studies the relationship among the stability of the senior management team, the power gap and corporate performance. And then the article reports the impact of the stability of the internal relationship of the senior management team on the performance of the enterprise,and focuses on the regulatory role of the power gap on the relationship between the stability of the internal relationship of the senior management team and the performance of the enterprise. And the article explores the three’s relationship through the basic regression analysis, and tests all the theoretical hypotheses. The research results show that the stability of the internal relations of the senior management team of listed companies in China has a significant positive impact on corporate performance;the expert power gap reinforces this positive relationship;the political power and the ownership power gap also strengthen this positive relationship. The research of this paper further expands the process and effect model of executives in the theory of executive echelon, and enriches the study of the impact of harmonious relationships within management on corporate governance, and has important guiding and enlightening implications for modern corporate senior governance.