股权混合度、高管团队特征与公司绩效——基于全效应调节模型的实证研究

Equity Mixing Degree,TMT Characteristics and Company Performance: An Empirical Study based on the Full-Effect Adjustment Model

混合所有制企业异质性股东对高管团队构成的改变是否最终影响公司绩效?基于Edwards和Lambert的全效应调节模型,本文以2014-2016年沪深两市A股混合所有制公司为研究样本,探讨股权混合度、高管团队特征与公司绩效三者之间的综合关系。研究发现:股权混合度与公司绩效呈显著的"U"型关系,说明较低程度的股权混合并不能达到混合所有制改革的目的,只有当股权混合度达到60.19%这一临界值时才会有利于公司绩效的提升;进一步研究发现,高管团队特征对股权混合度与公司绩效的"U"型关系具有完全中介作用,而股权混合度在高管团队特征与公司绩效关系中起到的调节作用不具有稳健性。研究结论为混合所有制改革提供了有针对性的实践思路。

Does the change in the composition of TMT caused by the heterogeneous shareholders of the mixed ownership enterprise ultimately affect company performance？ Based on Edwards and Lambert＇ s full-effect adjustment model,this paper discusses the comprehensive relationship among equity mixing degree,TMT characteristics and corporate performance based on the study samples of Shanghai and Shenzhen A-share mixed ownership companies from 2014 to 2016. It is found that there is a significant ＂U＂-shaped relationship between equity mixing degree and corporate performance,which indicates that a lower degree of equity mixing cannot achieve the purpose of mixed ownership reform,only when the equity mix reaches the critical value of 60. 19%,will it be helpful for the improvement of company performance; further study shows that TMT characteristics play a full intermediary role in the ＂U＂-shaped relationship between equity mix degree and corporate performance,and the regulatory role of equity mixing degree in the relationship between executive team characteristics and corporate performance is not robust. The conclusion provides a practical thinking for mixed ownership reform.