中国企业高管团队异质性与企业国际化程度——基于中国A股主板上市公司数据的实证研究

Top Management Team Heterogeneity and the Internationalization Degree of Chinese Enterprises

高管团队的决策与执行会对企业国际化等战略决策产生很大影响,随着中国企业在国际化进程中遇到的风险与问题越来越多,高管团队的特征也受到学术界和商界越来越多关注。本文采用2013年中国A股主板上市公司共312个观察值作为研究数据,实证检验高管团队年龄异质性、任期异质性、教育背景异质性和职业背景异质性对国际化程度的影响,结果发现任期异质性及职业背景异质性对国际化程度都有显著的正向影响。

Chinese enterprises are facing more and more risks and obstacles on their way to go global, which attracts more and more attention from both the academic field and the real business world onto the Chinese top management team (TMT). This article selected a sample of 312 Chinese listed companies to analyze the effect of TMT heterogeneity on the enterprise internationalization in a more detailed level, and found out that both the tenure heterogeneity and the top management member function heterogeneity have a positive impact on the internationalization degree of the Chinese enterprises.