高管团队异质性、群体断裂带与企业风险承担

Top Management Team Heterogeneity,Faultlines and Corporate Risk-taking

本研究融合了高管团队异质性与群体断裂带理论,以2011-2017年A股上市公司为样本分析高管团队异质性、群体断裂带对企业风险承担影响的异同及CEO权力和薪酬激励对"群体断裂带-风险承担"的调节作用。结果表明高管团队年龄异质性、教育程度异质性、职能背景异质性、社会资本异质性分别与企业风险承担显著的负相关;而高管团队群体断裂带与企业风险承担显著正相关;群体断裂带的作用机理较团队异质性更具解释力;CEO权力和薪酬激励对"群体断裂带-风险承担"关系具有负向调节作用,相对于货币薪酬激励,股权激励的调节作用更好。即企业需合理地安排高管团队人员结构并匹配相符的CEO权力大小及薪酬激励制度来应对不同的风险承担需求。

This paper takes A share listed companies in 2011-2017 as the research object. By applying the theories of TMT heterogeneity and Group faultlines,we probe into the relationship among TMT heterogeneity,faultlines and risk-taking,as well as the moderating role of CEO power and compensation incentive in the relationship between faultlines and risk-taking. The results show that the age heterogeneity,education degree heterogeneity,functional background heterogeneity and social capital heterogeneity have significant negative correlation with enterprise risk-taking respectively. And there is a significant positive correlation between the faultlines of TMT and enterprise risk-taking. The mechanism of the group faultlines is more explanatory than the team heterogeneity. What’s more,this paper verifies the moderating effect of CEO power and compensation incentive on the"group faultlines-risk taking"relationship,and the regulating effect of equity incentive is better than monetary compensation incentive. Companies need to reasonably arrange the structure of the TMT and match the corresponding CEO power and salary incentive system to meet different risk-taking requirements.