高管的年龄异质性、过度自信与企业成长性——基于A股制造业上市企业的经验数据

TMT's Age Heterogeneity,Overconfidence and Enterprise Growth:Based on Experience Data of A-share Listed Manufacturing Companies

本文运用了2008-2014年A股制造业上市公司的高管团队的个人背景以及公司财务方面的数据,分析了在不同产权性质下管理者年龄异质性、过度自信以及企业成长性的关系。本文的研究结果表明:国有制造业企业高管团队年龄异质性与企业成长性负相关,非国有制造业企业高管团队年龄异质性与企业成长性正相关。国有制造业企业高管团队过度自信与企业成长性负相关,非国有制造业企业高管团队过度自信与企业成长性正相关,同时管理者年龄异质性与管理者过度自信之间存在着不显著的负相关关系。结论丰富了管理者特征与企业成长性的相关研究,同时也从高层管理者的角度为我国制造业的健康发展提供了宝贵的意见。

This paper uses the 2008-2014 A share listed companies in manufacturing industry of Top Management Team＇s （TMT＇s） backgrounds and financial data analysis management over age heterogeneity, confidence and the enterprise＇s growth in the relationship between the different nature of property right. The results of this study show that the TMT＇s backgrounds have signifi- cant influences on the enterprise＇s growth, specific performances： The TMT＇s age heterogeneity correlates negatively with the enterprise＇s growth in State-owned manufacturing enterprises, but in Non state-owned manufacturing enterprises, this relationship is the opposite. The TMT＇s over confidence correlates negatively with the enterprise＇s growth in State-owned manufacturing enter- prises, but the TMT＇s over confidence correlates positively with the enterprise＇s growth in Non state-owned manufacturing enterprises. Those relationship are very significant. However the TMT＇s age heterogeneity correlates negatively with the TMT＇s over confidence, but this relation- ship is not significant. This paper conclusions enrich the research on the TMT＇s backgrounds and the growth of enterprises, but also from the perspective of senior management for the healthy de- velopment of China＇s manufacturing enterprises to provide a valuable advice.