高管团队特征与企业绩效的相关性研究:基于企业生命周期视角

A Study on the Correlation Between TMT Characteristics and Corporate Performance: Based on the Enterprise Life Cycle Perspective

本文基于企业生命周期视角,以2013~2016年我国高新技术上市公司数据为样本,运用回归分析的方法,探讨高管团队特征与企业绩效的相关性。研究结果表明,在企业生命周期的不同阶段,高管团队特征与企业绩效的相关关系存在差异。在企业的成长期,高管团队的平均任期、任期异质性、年龄异质性以及职业背景异质性与企业绩效显著负相关,高管团队的性别异质性能够显著提高企业绩效;在企业的成熟期,高管团队的平均任期、任期异质性、年龄异质性与企业绩效显著负相关,高管团队的性别异质性能够显著提高企业绩效;在企业的衰退期,高管团队的任期异质性与企业绩效显著负相关,高管团队的平均任期、年龄异质性和性别异质性能够显著提高企业绩效。

Based on the theory of enterprise life cycle,this paper takes the data of Chinese high-tech listed companies during 2013 and 2016 as samples,and uses the method of regression analysis to explore the correlation between the characteristics of top management team(TMT)and enterprise performance.The results show that different correlations exist in different stages of enterprise life cycle.In the growth period,the average term,the term heterogeneity,the age heterogeneity and the professional background heterogeneity of TMT are significantly negatively correlated with enterprise performance,and the gender heterogeneity of TMT could significantly improve enterprise performance;in the maturity period,the average term,the term heterogeneity and the age heterogeneity of TMT are significantly negatively correlated with enterprise performance,and the gender heterogeneity of TMT can still significantly improve enterprise performance;in the recession period,the term heterogeneity of TMT issignificantly negatively correlated with enterprise performance,and the average term,the age heterogeneity and the gender heterogeneity of TMT are conducive to the improvement of enterprise performance.