高管团队教育背景特征、股权结构与企业绩效

发布时间：2018-03-08 06:17

  本文选题：高管团队　切入点：教育背景　出处：《南京大学》2017年硕士论文　论文类型：学位论文

【摘要】：在知识经济时代,人力资本和知识积累在促进经济增长和提高企业绩效方面的作用愈发突出。一方面,人力资本对企业的作用主要体现在高质量和高素质的劳动者身上,而高管团队作为企业重大决策的制定者和重大战略的执行者,其身上体现的人力资本对企业绩效的影响作用更为明显;另一方面,教育资本是人力资本构成的最基本要素,并且教育投资也是人力资本形成的重要途径。在此背景下,本文将着手研究创新型企业高管团队教育背景特征对企业绩效的影响,并且在结合已有文献的基础上,考虑股权结构对高管团队教育背景特征与企业绩效之间关系的调节作用。本文在回顾已有文献和介绍人力资本理论、高层梯队理论等相关理论的基础上,选择2012～2015年我国创业板上市公司的平衡面板数据进行实证分析,研究了高管团队平均教育水平与教育异质性对企业绩效的影响,并且结合我国创业板上市公司股权结构的特点,进一步分析了股权集中度、股权制衡度和股权性质在其中所起的调节作用。经过实证研究,本文的主要结论如下:(1)高管团队的平均教育水平与企业绩效之间不存在显著相关关系;(2)高管团队的教育异质性能够有效提高企业绩效;(3)股权结构对高管团队教育背景特征与企业绩效之间的关系具有调节作用,具体表现在股权制衡度和流通股比例能够正向调节高管团队教育异质性对企业绩效的促进作用,而股权集中度则起着负向调节作用。
[Abstract]:In the era of knowledge economy, the role of human capital and knowledge accumulation in promoting economic growth and improving enterprise performance has become increasingly prominent. On the one hand, the role of human capital in enterprises is mainly reflected in high-quality and high-quality workers. As the decision makers and the executors of the major strategy, the human capital has a more obvious effect on the performance of the enterprise. On the other hand, the education capital is the most basic element of the human capital. And education investment is also an important way to form human capital. Under this background, this paper will begin to study the impact of the educational background characteristics of innovative enterprise executive team on enterprise performance, and on the basis of existing literature, Considering the role of equity structure in regulating the relationship between the background characteristics of executive team education and enterprise performance, this paper reviews the existing literature and introduces human capital theory, high-level echelon theory and other related theories. From 2012 to 2015, the equilibrium panel data of gem listed companies in China are selected for empirical analysis, and the effects of average education level and educational heterogeneity of senior management teams on corporate performance are studied, and combined with the characteristics of equity structure of listed companies in gem. Further analysis of the equity concentration, equity checks and balances and equity nature in which the regulatory role. The main conclusions of this paper are as follows: 1) there is no significant correlation between the average education level of the executive team and the enterprise performance. 2) the education heterogeneity of the executive team can effectively improve the performance of the enterprise. The relationship between background characteristics and firm performance has a moderating effect. The concrete manifestation is that equity balance degree and circulating share ratio can positively regulate the promotion effect of education heterogeneity of executive team on enterprise performance, while equity concentration plays a negative role in regulating enterprise performance.
【学位授予单位】：南京大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：G40-054;F272.91;F271;F275
，

本文编号：1582748