高管团队异质性对现金持有的影响——一个被调节的中介模型

The Effects of Top Management Team Heterogeneity on Cash Holdings:A Moderated Mediation Model

作为公司的决策主体,高管团队异质性的结构特征是否以及如何影响现金持有水平有待进行充分地探讨。借助高阶理论和信息加工理论的研究成果,本文构建一个被调节的中介模型,分析高管团队异质性、产品多元化以及环境不确定性对现金持有的影响。结果表明:高管团队异质性正面影响产品多元化,产品多元化负面影响现金持有,产品多元化在高管团队异质性和现金持有之间发挥着中介作用;环境不确定性不仅正向调节产品多元化和现金持有的关系,还能正向调节"高管团队异质性→产品多元化→现金持有"这一中介机制。上述结论不仅有助于充分理解高管团队异质性影响现金持有的作用机制以及边界条件,还能为管理实践提供决策参考。

As the critical decision-makers,whether and why top management team（ TMT） heterogeneity affects cash holdings should be made a full discussion. Based on the research literature from upper echelons theory and information processing theory,the paper constructs a moderated mediation model to explore the effect of TMT heterogeneity,product diversification and environmental uncertainty on cash holding. Results show that TMT heterogeneity positively affects product diversification,product diversification negatively affects cash holdings,and product diversification partially mediates the effect of TMT heterogeneity on cash holdings; environmental uncertainty not only positively moderates the relationship between TMT heterogeneity and product diversification,but also positively moderates the mediation effect of＂TMT heterogeneity-product diversification-cash holdings＂. The above conclusions can not only help to fully understand the impact mechanism that TMT heterogeneity influences cash holding and boundary conditions,but also provide reference for management practice.