合伙人团队特征对契约治理与企业成长关系的调节作用研究

An Analysis of the Moderating Role of Partner Team Characteristics on the Relationship between Contractual Governance and Firm Growth

基于高阶理论和新制度经济学交易成本理论,通过对313个合伙人团队的问卷调研,分析了合伙人团队特征在合伙人团队契约治理影响企业成长过程中的调节作用。研究结果表明,在合伙人团队规模、受教育程度异质性以及职能和产业经验异质性较大的企业,合伙人团队契约治理越明确和周详,企业成长绩效更好;在合伙人团队规模、职能和产业经验异质性较大的企业,当合伙人团队存在绝对控股权安排时,企业成长绩效更好。但合伙人团队先前网络关系的强弱对契约治理的调节作用不明显;合伙人团队受教育程度异质性对绝对控股权安排的调节作用不明显。

Based on the upper echelons theory and transaction cost theory of new institutional economics,this paper analyzes the moderating role of partner team characteristics in the process of partner team contractual governance affecting firm growth.Through the empirical study of 313 partner teams,the paper finds that the more explicit and comprehensive the partner team contractual governance is,the better the firm’s growth performance is in the firms whose partner team has the characteristics with larger size,or higher heterogeneity ofeducation level,orhigher heterogeneity of functional and industrial experience.For firms with larger size or higher heterogeneity offunction and industrial experience of the partner team,the firm’s growth performance is better when the partner team has the arrangement of majority ownership.However,it is not obvious that the strength of the previous network relationship of the partner team can moderate the effect of the contractual governance,and the heterogeneity of the partner team’s education level can not moderate the effect of the arrangement of majority ownership either.