TMT异质性、第一大股东持股比例与创新绩效——基于面板平滑转换回归模型的研究

发布时间：2018-03-16 12:17

本文选题：TMT异质性　切入点：第一大股东持股比例　出处：《财会通讯》2017年30期 　论文类型：期刊论文

【摘要】：基于高层梯队理论和战略管理、组织行为与社会心理学等理论,深入研究TMT异质性及企业创新绩效之间的关系;同时,引入第一大股东持股比例作为转换变量,并通过家电行业2004—2014年连续11年在中国上市的18家公司作为样本,采用面板平滑转换回归模型(PSTR)对TMT异质性与企业创新绩效之间的非线性关系进行实证研究。研究发现,TMT异质性与企业创新绩效关系会因第一大股东持股比例程度的不同而发生非线性转变,具体而言,当第一大股东持股比例低于门槛值0.3144,教育水平异质性与企业创新绩效负相关,任期异质性与企业创新绩效正相关;当第一大股东持股比例高于门槛值0.3144,年龄异质性与企业创新绩效负相关。
[Abstract]:Based on the theories of high-level echelon and strategic management, organizational behavior and social psychology, the relationship between TMT heterogeneity and enterprise innovation performance is deeply studied. As a sample of 18 companies listed in China for 11 consecutive years in the home appliance industry from 2004 to 2014, An empirical study on the nonlinear relationship between TMT heterogeneity and enterprise innovation performance is carried out by using the panel smooth transformation regression model. It is found that the relationship between TMT heterogeneity and firm innovation performance is due to the degree of shareholding ratio of the largest shareholder. And then the nonlinear transition takes place in a different way, Specifically, when the proportion of the first largest shareholder is below the threshold of 0.3144, the heterogeneity of education level is negatively correlated with enterprise innovation performance, and tenure heterogeneity is positively correlated with enterprise innovation performance; When the holding ratio of the largest shareholder is above the threshold of 0.3144, the age heterogeneity is negatively correlated with the innovation performance of the firm.
【作者单位】：华南理工大学工商管理学院;
【分类号】：F273.1;F406.7;F426.6

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