创业板高新技术企业TMT垂直对差异、创业导向与创新绩效关系研究

TMT Vertical Dyad Linkage,Entrepreneurial Orientation and Innovation Performance in GEM High-tech Enterprises

高质量发展战略目标下,深化创业板改革迫在眉睫,提升我国创业板高新技术企业创新绩效要回归创新创业本源,不仅要重视创业导向的培育还要重视高管团队的内部建设。在理论研究的基础上,文中创新地将创业导向引入高管团队人口背景特征与创新绩效研究领域,并提出理论假设和研究框架。以2010—2015年创业板351家高新技术企业为研究样本,通过构建计量模型,对1 755个面板数据进行描述性统计分析、相关性分析以及固定效应模型回归分析,实证研究了4个维度的TMT垂直对差异与创业导向、创新绩效之间的关系。研究结果表明:创业板上市公司创业导向对创新绩效有显著的正向提升作用;TMT年龄垂直对、学历垂直对显著正向影响创新绩效,TMT性别垂直对、任期垂直对对创新绩效影响效果不显著;TMT性别、年龄以及学历垂直对对创业导向有显著的正向提升作用,任期垂直的作用不显著。文章为我国创业板高新技术企业开展高质量创新改革、制定创新战略提供理论参考,同时为创业板上市公司高管团队内部建设提供了一定依据。

Under the strategic objective of high-quality development,deepening the reform of the GEM is imminent.To improve the innovation performance of high-tech enterprises in China’s GEM must return to the origin of innovation and entrepreneurship,not only to pay attention to the cultivation of Entrepreneurial Orientation(EO),but also to attach importance to the internal construction of Top Management Team(TMT).Based on the theoretical research,the paper innovatively introduced EO into the field of TMT’s population characteristics and innovation performance research,and put forward theoretical hypotheses and research framework.By constructing econometric models,descriptive statistical analysis of 1 755 panel data,correlation analysis and regression analysis of fixed effects model,the paper studied the relationship between TMT vertical dyad linkage,EO and Innovation performance that is based on the sample of 351 high-tech enterprises from 2010 to 2015 in GEM.The results showed that the EO of listed companies in GEM has a significant positive effect on innovation performance;that TMT age,education vertical dyad linkage has a positive impact on innovation performance,while the impact of gender and tenure vertical dyad linkage on innovation performance is not significant;that TMT gender,age and education vertical dyad linkage have a significant positive effect of the EO,while the effect of tenure vertical dyad linkage is not significant.This paper provided a theoretical reference for high-tech enterprises to carry out high-quality innovation reform and to formulate innovative strategies.At the same time,it provided some basis for the internal construction of the TMT in the GEM.