CAJ | 학술논문

在对高管团队人口统计学特征指标和企业绩效指标进行因子分析的基础上,结合高层梯队理论和代理理论,研究了高管团队不同层次的属性（自然属性、能力属性和治理属性）与企业不同层次的绩效（成长绩效、增长绩效和经营绩效）的关系,并进一步分析了CEO的社会资本在两者关系中所起的调节作用.研究结论如下：中国上市公司的绩效与高管团队的管理素质有关;CEO的社会资本削弱了高管团队的管理素质与企业绩效的正向关系;中国现实环境中存在的“关系”不利于中国企业整体的成长.提出：完善市场经济体制、加强法制建设、厘清政府与市场的关系对于企业健康成长具有重要意义.
재대고관단대인구통계학특정지표화기업적효지표진행인자분석적기출상,결합고층제대이론화대리이론,연구료고관단대불동층차적속성（자연속성、능력속성화치리속성）여기업불동층차적적효（성장적효、증장적효화경영적효）적관계,병진일보분석료CEO적사회자본재량자관계중소기적조절작용.연구결론여하：중국상시공사적적효여고관단대적관리소질유관;CEO적사회자본삭약료고관단대적관리소질여기업적효적정향관계;중국현실배경중존재적“관계”불리우중국기업정체적성장.제출：완선시장경제체제、가강법제건설、전청정부여시장적관계대우기업건강성장구유중요의의.
On the basis of the factor analysis on the indicators of demographic characteristics of top management team（TMT）and corporation performance, this paper studies the relationship between different levels of attributes of TMT（natural attribute, ability attribute and governance attribute） and different levels of corporation performance（long growth performance,short growth performance and operating performance） ,and further examines the regulatory effect of CEO＇s social capital on these relationships. The result shows as follows：there is a relationship between corporation performance and management quality of TMT, and CEO＇s social capital weaken this positive relationship;Guanxi existing in China is harmful for the growth of China＇s enterprises. Finally,it suggests that it is very meaningful for the growth of China＇s enterprises to improve market economic system,and strengthen the construction of legal system, and clarify the relationship between government and market.