管理层能力对企业成长性影响研究

On the Influence of Management Ability on Enterprise Growth

“高层梯队学说”突破了管理层同质假设,认为管理者的特质会影响其战略选择,进而影响企业行为。管理层作为公司的实际管控者,其能力是否会影响企业成长性值得探究。基于此,文章以A股制造业上市公司为研究对象,分析并实证检验了管理层能力对企业成长性的影响,并试图探索其作用机理。研究发现:管理层能力与企业成长性呈显著正相关关系;管理层能力通过缓解信息不对称程度、提升资金配置效率两种途径影响企业成长性。

The"high-level echelon theory"breaks through the assumption of management homogeneity,and believes that the characteristics of managers will affect their strategic choices,which in turn affect corporate behavior.As the actual controller of the company,the management’s ability will affect the growth of the company,which is worth exploring.Based on this,this article takes Ashare listed manufacturing companies as the research object,analyzes and empirically tests the impact of management capabilities on corporate growth,and attempts to explore its mechanism of action.The study finds that the management capability and the growth of the company are significantly positively correlated;further research finds that the management capability affects the growth of the company by mitigating the degree of information asymmetry and improving the efficiency of capital allocation.