高管团队权利分布、战略柔性与企业盈利质量——基于信息技术上市公司面板数据

Power Distribution of Top Management Team,Strategic Flexibility and Enterprise Profit Quality——Based on Panel Data of Information Technology Listed Companies

信息技术类企业作为深度整合信息与工业化的战略型企业,对我国国际竞争力的提升具有十分重要的作用。文中以2016—2018年信息技术产业A股上市公司为研究对象,为了排除企业粉饰真实业绩和财务状况的影响,基于因子分析法透过财务报表的常规披露对上市公司绩效做出更趋于本质化的评价(即盈利质量)。然后通过回归分析探究高管团队权利分布、战略柔性与盈利质量的关系。研究表明:高管团队权力分布不均衡对战略柔性产生负向影响;战略柔性与盈利质量呈显著正相关关系;战略柔性在高管团队权力分布不均衡与盈利质量之间具有中介效应。这说明,我国信息技术类上市公司的高管团队整体权力分布较为均衡时,有利于驱动企业战略柔性,从而获得更好的绩效。

Information technology enterprises,as strategic enterprises with deep integration of information and industrialization,play an important role in the promotion of China’s international competitiveness.Using the sample of A-share listed companies in information technology industry from 2016 to 2018,in order toeliminate the influence of whitewashing financial situation,based on factor analysis through the regular disclosure offinancial statements,this paper made a more essential evaluation of the performance of listed companies(such as profit quality),then used regression analysis to explore the relationship between power distribution of top management team,strategic flexibility and profit quality.This study shows that the unbalanced power distribution in top management teamhas negative impact on strategic flexibility,while strategic flexibility has positive effects on profit quality;strategic flexibility plays an intermediary role in the relationship between the uneven distribution of power and profit quality.This indicates that when the overall power distribution of the senior management team of information technology listedindustry is more balanced,it will help to drive the strategic flexibility of enterprises,so as to achieve better performance.