企业经济
企業經濟
기업경제
Enterprise Economy
2015年
4期
90~96
,共null页
中外合资企业 上市公司 高管团队异质性性 企业绩效 外资持股比例
中外閤資企業 上市公司 高管糰隊異質性性 企業績效 外資持股比例
중외합자기업 상시공사 고관단대이질성성 기업적효 외자지고비례
Sino-foreign joint venture; listed companies; heterogeneity of top management team; companies＇ performance; proportion of foreign ownership
以外资持股比例为调节变量,采用沪深A股63家中外合资公司2011~2012年数据,运用相关性分析、分组回归分析方法,研究中外合资上市公司高管团队的年龄、任期、受教育程度和职业经历异质性对企业绩效的影响。结果表明：年龄异质性显著、任期异质性不显著地正向影响企业绩效;受教育程度和职业经历异质性不显著地负向影响企业绩效;外资持股比例正向调节年龄异质性、而负向调节任期、受教育程度和职业经历异质性对企业绩效的影响。因此,在组建高管团队时时,应提高其年龄异质性和冲突管理技能,根据外资持股比例适当调整任期异质性。
以外資持股比例為調節變量,採用滬深A股63傢中外閤資公司2011~2012年數據,運用相關性分析、分組迴歸分析方法,研究中外閤資上市公司高管糰隊的年齡、任期、受教育程度和職業經歷異質性對企業績效的影響。結果錶明：年齡異質性顯著、任期異質性不顯著地正嚮影響企業績效;受教育程度和職業經歷異質性不顯著地負嚮影響企業績效;外資持股比例正嚮調節年齡異質性、而負嚮調節任期、受教育程度和職業經歷異質性對企業績效的影響。因此,在組建高管糰隊時時,應提高其年齡異質性和遲突管理技能,根據外資持股比例適噹調整任期異質性。
이외자지고비례위조절변량,채용호심A고63가중외합자공사2011~2012년수거,운용상관성분석、분조회귀분석방법,연구중외합자상시공사고관단대적년령、임기、수교육정도화직업경력이질성대기업적효적영향。결과표명：년령이질성현저、임기이질성불현저지정향영향기업적효;수교육정도화직업경력이질성불현저지부향영향기업적효;외자지고비례정향조절년령이질성、이부향조절임기、수교육정도화직업경력이질성대기업적효적영향。인차,재조건고관단대시시,응제고기년령이질성화충돌관리기능,근거외자지고비례괄당조정임기이질성。
Using correlation analysis, grouping regression analysis and 63 Sino -foreign Listed Companies＇ data from 2011 to 2012 in Shanghai and Shenzhen, we analyzed the effects of the heterogeneity of top management team （TMT） on Sino - foreign Listed Companies＇ performance. In this study, the heterogeneity of TMT includes age, tenure, level of education and occupation experience heterogeneity, and the moderator variable is the proportion of foreign ownership. The result shows that： （1） age heterogeneity has a positive and significant effect on companies＇ performance; （2） tenure heterogeneity has a positive but not significant effect on companies＇ performance; （3） level of education and occupation experience heterogeneity have negative but not significant effects on companies＇ performance; （4） the proportion of foreign ownership positively regulates the effect of age heterogeneity on companies＇ performance, but negatively regulates the effects of tenure, level of education and occupation experience heterogeneity on companies＇ performance. Therefore, in the formation of TMT, Sino-foreign Listed Companies should raise the age heterogeneity and conflict management skills, and appropriately adjust the tenure heterogeneity based on their foreign ownership.
