中外合资上市公司高管团队特征对企业价值的影响

The Influence of Top Management Team's Characteristics on Sino-foreign Joint Venture Listed Companies Value

基于组织战略性人力资源管理的视角和高阶梯队理论,高管团队的特征影响企业战略决策,决定企业的经营与发展,进而影响企业价值。采用中国沪深A股421家中外合资公司2010—2018年的高管团队与企业价值面板数据,研究中外合资上市公司高管团队特征均值和异质性对企业价值的影响。结果表明:女性高管占比和高管团队的平均年龄、平均任期、平均受教育程度及异质性均显著正向影响企业价值;团队规模、任期异质性对企业价值影响不显著;高管团队年龄异质性对企业价值具有显著的负向影响。优化高管团队的女性占比与平均年龄、任期、受教育程度等特征结构,将有利于提升企业价值。

Based on the perspective of organizational strategic human resource management and the Upper Echelons Theory,the characteristics of top management teams(TMTs)influence the strategic decision-making of companies,determine the operation and development of companies,and affect the company value.In this paper,the influence of characteristic mean and heterogeneity of TMTs in Sino-foreign joint venture listed companies is studied by using panel data of TMTs and company value of 421 Sino-foreign listed companies of A shares in Shanghai Stock Exchange and Shenzhen Stock Exchange from 2010 to 2018.The results show that:Women percentage,and TMTs average age,average service term,average level and heterogeneity of education have significant positive effects on the company value;team size and heterogeneity of service term have no significant effect on the company value;age heterogeneity of TMTs has a significant negative effect on the company value.Therefore,the company value will be improved by optimizing the TMTs women percentage,average age,average tenure,average level and heterogeneity of education.