摘要
文章以2015—2019年中国制造业A股上市企业为样本,通过实证研究分析了高管团队(TMT)异质性对企业成长性的具体影响,并在此基础上引入动态能力的三个构成要素作为中介变量,分析了高管团队异质性对企业成长性的具体影响路径。研究表明:企业高管教育背景异质性和职能背景异质性对企业成长性有显著的正向影响;适应能力在教育异质性对企业成长性的影响过程中发挥中介作用;吸收能力和财务柔性在高管职能经验异质性对企业成长性的影响过程中发挥中介作用。据此,建议上市制造业企业组建高效的高管团队、合理配置企业资金以及储备合理的财务柔性。
Taking Chinese manufacturing A-share listed enterprises from 2015 to 2019 as samples,this paper analyzes the specific impact of TMT heterogeneity on enterprise growth through an empirical research,and on this basis,introduces three components of dynamic capability as mediating variables to analyze the specific impact path of TMT heterogeneity on enterprise growth.The research shows that the heterogeneity of senior executives′educational background and functional background has a significant positive impact on enterprise growth;adaptability plays a mediating role in the process of the impact of educational heterogeneity on enterprise growth;absorptive capacity and financial flexibility play a mediating role in the process of the impact of the heterogeneity of executive functional experience on enterprise growth.Therefore,it is suggested that listed manufacturing enterprises should establish efficient TMTs,reasonably allocate enterprise funds,and reserve reasonable financial flexibility.
作者
刘萍
武傲凯
LIU Ping;WU Aokai(School of Economics and Management,Harbin University of Science and Technology,Harbin 150080,China)
出处
《华东经济管理》
CSSCI
北大核心
2022年第11期117-128,共12页
East China Economic Management
基金
黑龙江省哲学社会科学研究规划项目“产业链升级背景下黑龙江省制造业技术赶超的信息溢出实现机制研究”(20GLB119)。
关键词
高管团队异质性
动态能力
企业成长性
中介效应
executive team heterogeneity
dynamic capability
enterprise growth
mediating effect
