创业板高管团队职能背景对企业绩效影响的实证研究

发布时间：2018-05-28 23:00

本文选题：创业板上市企业 + 高管团队　；参考：《华东交通大学》2017年硕士论文

【摘要】：我国创业板市场从2009年10月23日正式开启,此后从首批上市的28家企业发展到2015年12月底的492家企业,发展迅速,规模日益壮大,已成为我国经济发展的重要力量。随着创业板市场的建立和日趋成熟,创业板上市企业的绩效成为人们关注的重点,很多企业上市后不久,绩效就出现整体下滑的迹象,并且高管频频离职,对创业板市场的健康发展产生了严重的不利影响。创业板上市企业多处于初创阶段,高管的能力以及决策对企业的发展至关重要,其价值观以及决策方向与经历息息相关,从而最终影响企业绩效。鉴于创业板市场的发展现状以及高管团队的重要性,本文以我国创业板上市企业为研究对象,选取2011-2015年为样本的研究区间,运用1080个有效样本数据,将高管团队人口统计学特征中的职能背景特征细化,区分为职能背景异质性、三种基本职能背景、多职能背景以及高管的特殊职业经历,综合企业的短期绩效、长期绩效、创新绩效和海外绩效,考察高管团队的职能背景对企业绩效的影响。本文首先对国内外文献进行梳理,在总结前人研究的基础上提出本文研究的理论基础以及相关概念;其次分析了目前我国创业板上市企业的发展现状,提出假设,选取样本与变量,构建模型。考虑到不同产业高管团队的特征有所不同,本文在进行分析时将样本数据分为全样本数据和分产业样本数据,进行假设验证;最后根据各研究结果得出结论,提出意见,并在文章结尾提出本文的研究局限以及未来的研究展望。通过对全样本数据进行分析,结果表明:高管团队职能背景异质性对企业长期绩效产生显著的正向影响,对企业创新绩效产生显著的负向影响;三种基本职能背景中产出型职能背景高管对企业创新绩效产生显著的负向影响,外围型职能背景高管对企业长期绩效产生显著的正向影响;多职能背景高管对企业海外绩效产生显著的负向影响;海外背景高管对企业长期绩效、海外绩效均产生显著的正向影响,对企业创新绩效产生显著的负向影响;政府背景高管对企业长期绩效、创新绩效均产生显著的负向影响,对企业海外绩效产生显著的正向影响。通过将全样本数据分为高技术产业和传统产业进行分析,结果表明:(1)在高技术产业中,高管团队职能背景异质性对企业短期绩效产生显著的正向影响,对企业创新绩效、海外绩效均产生显著的负向影响;三种基本职能背景中,产出型职能背景高管对企业海外绩效产生显著的负向影响,外围型职能背景高管对企业长期绩效产生显著的正向影响,对企业创新绩效产生显著的负向影响;多职能背景高管对企业海外绩效产生显著的负向影响;海外背景高管对企业创新绩效产生显著的负向影响;政府背景高管对企业长期绩效、创新绩效均产生显著的负向影响。(2)在传统产业中,高管团队职能背景异质性对企业长期绩效、海外绩效均产生显著的正向影响;三种基本职能背景中,产出型职能背景高管对企业长期绩效产生显著的正向影响,对企业创新绩效产生显著的负向影响,外围型职能背景高管对企业创新绩效、海外绩效均产生显著的正向影响;多职能背景对企业各绩效影响结果不显著;海外背景高管对企业长期绩效产生显著的正向影响,对企业创新绩效产生显著的负向影响;政府背景高管对企业海外绩效产生显著的正向影响。根据研究结果,结合我国特殊的文化背景和创业板上市企业的特点,对创业板上市企业提出以下建议:适当减少高管团队职能背景的异质性,注重团队协作,提高团队决策效率;培养和选拔专才,适应创业板上市企业的发展需要;增加外围型职能背景高管占比,积极引进海外人才,并使其尽快适应国内经济和企业的发展环境;在企业海外市场的拓展过程中任用政府背景高管;提高高管团队的监管力度,维护高管团队的持续性和稳定性;在动荡的环境中降低高管团队职能背景的异质性,增加外围型职能背景高管比重;在稳定的环境中提高高管团队职能背景的异质性,增加产出型和外围型职能背景高管比重,积极引进海外人才并使其尽快融入企业,在拓展海外市场时任用政府背景高管,实现企业的全方位发展。
[Abstract]:China's GEM market has been officially opened in October 23, 2009. Since then, from the first batch of 28 enterprises to the 492 enterprises at the end of December 2015, the market has developed rapidly and has become an important force in the economic development of our country. With the establishment and maturity of the GEM market, the performance of the GEM listed enterprises has become the concern of the people. The key point is that a lot of enterprises have been listed as a whole, and the performance will appear as a whole in the future. And the frequent turnover of the senior executives has a serious negative impact on the healthy development of the gem. The GEM listed companies are in the initial stage, the ability of the executives and the decision-making are very important to the development of the enterprise. In view of the current situation of the development of the GEM market and the importance of the executive team, this paper takes the GEM listed enterprises in China as the research object, selects 2011-2015 years as the sample of the research interval, and uses 1080 effective sample data to make the functional background of the demographic characteristics of the top management team. The characteristics are divided into functional background heterogeneity, three basic functional backgrounds, multi functional background and special career experience of senior executives, the short-term performance, long-term performance, innovation performance and overseas performance of the comprehensive enterprise, and the impact of the executive team's functional background to the enterprise performance. On the basis of previous research, we put forward the theoretical basis and related concepts of this study. Secondly, we analyze the current situation of the development of China's GEM listed enterprises, put forward assumptions, select samples and variables, and construct the model. Considering the different characteristics of the different industries, this paper divides the sample data into full sample in the analysis. Data and sub industry sample data, assume verification, and finally draw conclusions based on the results of each research, and put forward the limitations of the study and future research prospects. The results show that the heterogeneity of the executive team background is significant to the long-term performance of the enterprise. The impact has a significant negative impact on enterprise innovation performance; in the background of the three basic functions, the output function background executives have a significant negative impact on the enterprise innovation performance, and the external functional background executives have a significant positive impact on the long-term performance of the enterprise, and the multi-functional background executives have a significant negative effect on the enterprise performance overseas. The overseas background executives have a significant positive impact on the enterprise's long-term performance and overseas performance, and have a significant negative impact on the enterprise innovation performance; the government executives have a significant negative impact on the long-term performance and innovation performance of the enterprises, and has a significant positive impact on the performance of the enterprises overseas. The analysis is divided into high technology industry and traditional industry. The results show that: (1) in the high technology industry, the background heterogeneity of executive team functions has a significant positive impact on the short-term performance of the enterprise, and has a significant negative impact on the enterprise innovation performance and overseas performance; in the three basic functional backgrounds, the output type function background executives to the enterprise The oversea performance has a significant negative impact on the performance of the enterprise's long-term performance, which has a significant negative impact on the enterprise innovation performance; the multi-functional background executives have a significant negative impact on the enterprise's overseas performance; the overseas background executives have a significant negative impact on the enterprise innovation performance. The government background executives have a significant negative impact on the long-term performance and innovation performance of the enterprise. (2) in the traditional industry, the background heterogeneity of the executive team function has a significant positive impact on the long-term performance and overseas performance; in the three basic functional backgrounds, the producing functional background executives have a significant effect on the long-term performance of the enterprise. Positive impact has a significant negative impact on enterprise innovation performance, and the external functional background executives have a significant positive impact on corporate innovation performance and overseas performance; the multi-functional background has no significant impact on the performance of enterprises; the overseas background executives have a significant positive impact on the long-term performance of the enterprise and the enterprise innovation performance. The government background executives have a significant positive impact on the corporate overseas performance. According to the research results, combined with the special cultural background of China and the characteristics of the GEM listed enterprises, the following suggestions are put forward to the GEM listed companies: reducing the heterogeneity of the executive team function background, focusing on teamwork and improving Team decision-making efficiency; training and selecting special talents to adapt to the development needs of the GEM listed enterprises; increase the proportion of top executives in the peripheral function background, actively introduce overseas talents, and make it adapt to the development environment of domestic economy and enterprises as soon as possible; to appoint government background executives in the process of expanding the overseas market of enterprises and to improve the supervision of the management team. Efforts should be made to maintain the sustainability and stability of the executive team; to reduce the heterogeneity of the executive team's function background in the turbulent environment and to increase the proportion of the senior executives in the peripheral functions; to improve the heterogeneity of the executive team's functional background in a stable environment, to increase the proportion of the output and peripheral functional backgrounds, and to actively introduce overseas talents and To integrate into the enterprise as soon as possible, and to appoint senior executives in the overseas market to achieve all-round development of enterprises.
【学位授予单位】：华东交通大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.51;F275;F272.91

【参考文献】