高管团队异质性会提升企业绩效吗?——基于高管持股的门槛效应研究

Will TMT Heterogeneity Enhance Corporate Performance?—Based on the Threshold Effect of Executive Ownership

本文选取2012年—2017年深沪A股上市公司的面板数据,利用Hanse门槛模型分析高管团队异质性与企业绩效之间的相关关系。结果表明:高管团队异质性与企业绩效呈非线性关系,且受高管持股比例的影响呈现出区间效应。其中,高管团队的任期异质性与企业绩效呈正相关关系,但随着高管持股比例的提高则转变为负相关关系;高管团队的年龄异质性对企业绩效产生负面影响,且随着高管持股比例的提高,该负面效应增强。该区间效应在民营企业分样本中同样存在。引入高管持股比例作为门槛变量,不仅丰富了研究模型、拓宽了上市公司绩效提升的研究视角,而且为企业合理组建高管团队提供了理论依据。

This paper selects the panel data of Shenzhen-Shanghai A-share listed companies from 2012 to 2017,and uses the Hanse threshold model to demonstrate the correlation between TMT heterogeneity and corporate performance.The results show that the TMT heterogeneity has a nonlinear relationship with performance,and it has an interval effect due to the influence of the shareholding ratio of executives.Among them,TMT tenure heterogeneity is positively correlated with corporate performance,and changes to opposite as executives'shareholding ratio rises;TMT age heterogeneity has a negative impact on corporate performance.This interval effect also exists in the sub-sample of private enterprises.As the shareholding ratio of executives rises,this negative effect is enhanced.This paper uses the shareholding ratio of executives as a threshold variable,enriching the research model,broadening the perspective of performance improvement of listed companies,and providing a theoretical basis for enterprises to form a high-level management team.