中小企业高层管理者特征与企业可持续增长——基于管理防御理论的分析

Top Management Characteristics and Sustainable Growth of Small and Medium-sized Enterprises:From the Perspective of Managerial Entrenchment Theory

本文基于管理防御理论,结合高阶理论、资源基础理论、管理特质理论和社会资本理论,在分析管理防御对企业财务决策影响机制的基础上,将高阶理论中的有限理性和自由裁量权与企业可持续增长相结合,以2006-2010年中国中小企业上市公司为主要研究对象,系统考察了高层管理者特征对企业可持续增长实现程度的影响。研究结果表明:高层管理者的年龄与企业可持续增长呈倒U型关系;高层管理者的教育水平与企业可持续增长呈正相关关系;高层管理者任期与企业可持续增长不存在显著的倒U型关系;高层管理者专业背景和社会背景与企业可持续增长不存在显著的相关关系,但有呈负相关关系的趋势。

Based on managerial entrenchment theory, and combined with upper echelons theory, resource theory, management trait theory and social capital theory, this paper analyzes the action mechanism of managerial entrenchment on enterprise financial decision. Besides, this paper, integrating the theory of finite reason and discretion with enterprise sustainable growth, investigates the extent of the influence of the top management characteristics on the sustainable growth of enterprises based on SMEs from 2006 -2010 in China. The results show that ： an inverse - U - shaped relationship between the age of top management and enterprise sustainable growth exists ; the positive correlated relationship between the education level of top management and enterprise sustainable growth exists; there is no significant inverted U relationship between top executive prefecture and enterprise sustainable growth, and the significant correlation does not exist between senior professional background and enterprise sustainable growth as well as the social background,but there may have the trend of showing negative correlation.