高管团队特征对民营上市公司EVA影响的研究
|
摘要
由于民营上市公司的自身特点决定了公司高层管理者的重要地位,相对国有企业普遍带有的人浮于事的特点,民营企业高层管理者与企业绩效的关系更加紧密。因此本文通过研究高管团队的特征与民营上市公司企业绩效的关系,并采用EVA作为企业绩效的衡量指标,希望了解在我国复杂的社会环境下,民营上市公司高管背景特征对企业绩效的影响,为企业未来的发展提供经验证据及建议。
本文在分析相关基础理论及研究现状的基础上,建立起本文的研究框架。以486家民营上市公司为样本,在一定的假设前提下,运用SPSS软件,对高管团队特征与EVA的关系进行实证测算研究,分析表征高管团队特征的变量对EVA的影响,并结合我国中小企业特定的制度和环境,解释、分析所得的实证研究结果,并对本研究主题进行展望。其中,高管背景特征主要包括六个因素:年龄、教育背景、财务专业背景、任期、持股比例、薪酬,结合两个控制变量:企业规模和企业成长能力,进行实证检验,然后得出结果。
本文的研究结论中表明:高管团队平均年龄与EVA呈显著负相关关系,主要由于年纪越大,难以对变化激烈的竞争环境作出迅速反应,另外由于我国的特殊国情,老一辈民营企业管理者大多文化层次较低。高管团队的学历与EVA有显著的关系,主要由于经过数年的发展,我国法制逐渐健全,知识体系更新很快,高学历人才的自身价值不断得到体现。高管团队任期长对于目前的民营上市公司有正面的作用,国内企业相比国外企业发展时间短,更需要稳定并默契的管理团队带领企业发展。高管的财务专业背景对EVA有显著地影响,可以认为是融资能力对于企业,特别是我国民营企业的重要性。而由于我国民营上市公司的特点以及相关政策,资本市场的问题,高管团队的薪酬水平与持股水平对EVA的影响并不显著。本研究体现出了我国民营上市公司的特殊情况和特殊问题,并提出了改善建议。
Due to the characteristics of Private Listed Companies decided the strategic position of senior managers in the company,senior managers is very important to firm performance and organization development since it takes the mission of establishing and implementing corporate strategies. Research on top management team is also a widely concerned topic by scholars and managers in recent years. In this paper, by studying the relationship between the background characteristics of senior managers and the firm performance in Private Listed Companies, would like to know in our complex social environment, the background characteristics of senior managers on the existence of the impact of firm performance for the future development of enterprises provide empirical evidence and recommendations.
Based on the analysis of basic theory and research status on the basis of the Private Listed Companies with 486 samples, under certain assumptions, the use of econometric software, empirical research on the relationship between the background characteristics of senior managers and the EVA, to analyze the background characteristics variable impact on firm performance, associate with Private Listed Companies and culture-specific environment in Chinese stock exchange market, and discuss the implications of the empirical results from cultural, historical and the institutional perspectives.Among them, the background characteristics of senior managers mainly include seven factors: age, educational background, professional background, tenure, equity ratio, salary, research them and the relationship between firm performance, and then based on the interpretation of the results of empirical research.
This study shows that the conclusions: The average age of the senior management team with the EVA showed a significant negative correlation, mainly due to the older, it is difficult competitive environment for change to respond quickly to the other because of China's special conditions, the older generation of private enterprise management are mostly low cultural level. Executive team's qualifications and significant relationship between EVA, mainly due to after several years of development, gradually improve China's legal system, knowledge system and update quickly, with high academic qualifications of their own values can be manifested. Long-term, the current executive team of private listed companies have a positive role in the development of domestic enterprises, foreign enterprises than a short time, but also needs a stable and understanding of the management team to lead business development. The financial professional backgrounds of the executives have a significant impact on EVA can be considered to be financing capacity for enterprises, especially the importance of China's private enterprises. And because the characteristics of China's private listed companies as well as related policies, capital market, the remuneration levels of executive team ownership level of EVA and the impact is not significant. This study demonstrates China's private listed companies in special circumstances and special problems and made recommendations for improvement.
本文在分析相关基础理论及研究现状的基础上,建立起本文的研究框架。以486家民营上市公司为样本,在一定的假设前提下,运用SPSS软件,对高管团队特征与EVA的关系进行实证测算研究,分析表征高管团队特征的变量对EVA的影响,并结合我国中小企业特定的制度和环境,解释、分析所得的实证研究结果,并对本研究主题进行展望。其中,高管背景特征主要包括六个因素:年龄、教育背景、财务专业背景、任期、持股比例、薪酬,结合两个控制变量:企业规模和企业成长能力,进行实证检验,然后得出结果。
本文的研究结论中表明:高管团队平均年龄与EVA呈显著负相关关系,主要由于年纪越大,难以对变化激烈的竞争环境作出迅速反应,另外由于我国的特殊国情,老一辈民营企业管理者大多文化层次较低。高管团队的学历与EVA有显著的关系,主要由于经过数年的发展,我国法制逐渐健全,知识体系更新很快,高学历人才的自身价值不断得到体现。高管团队任期长对于目前的民营上市公司有正面的作用,国内企业相比国外企业发展时间短,更需要稳定并默契的管理团队带领企业发展。高管的财务专业背景对EVA有显著地影响,可以认为是融资能力对于企业,特别是我国民营企业的重要性。而由于我国民营上市公司的特点以及相关政策,资本市场的问题,高管团队的薪酬水平与持股水平对EVA的影响并不显著。本研究体现出了我国民营上市公司的特殊情况和特殊问题,并提出了改善建议。
Due to the characteristics of Private Listed Companies decided the strategic position of senior managers in the company,senior managers is very important to firm performance and organization development since it takes the mission of establishing and implementing corporate strategies. Research on top management team is also a widely concerned topic by scholars and managers in recent years. In this paper, by studying the relationship between the background characteristics of senior managers and the firm performance in Private Listed Companies, would like to know in our complex social environment, the background characteristics of senior managers on the existence of the impact of firm performance for the future development of enterprises provide empirical evidence and recommendations.
Based on the analysis of basic theory and research status on the basis of the Private Listed Companies with 486 samples, under certain assumptions, the use of econometric software, empirical research on the relationship between the background characteristics of senior managers and the EVA, to analyze the background characteristics variable impact on firm performance, associate with Private Listed Companies and culture-specific environment in Chinese stock exchange market, and discuss the implications of the empirical results from cultural, historical and the institutional perspectives.Among them, the background characteristics of senior managers mainly include seven factors: age, educational background, professional background, tenure, equity ratio, salary, research them and the relationship between firm performance, and then based on the interpretation of the results of empirical research.
This study shows that the conclusions: The average age of the senior management team with the EVA showed a significant negative correlation, mainly due to the older, it is difficult competitive environment for change to respond quickly to the other because of China's special conditions, the older generation of private enterprise management are mostly low cultural level. Executive team's qualifications and significant relationship between EVA, mainly due to after several years of development, gradually improve China's legal system, knowledge system and update quickly, with high academic qualifications of their own values can be manifested. Long-term, the current executive team of private listed companies have a positive role in the development of domestic enterprises, foreign enterprises than a short time, but also needs a stable and understanding of the management team to lead business development. The financial professional backgrounds of the executives have a significant impact on EVA can be considered to be financing capacity for enterprises, especially the importance of China's private enterprises. And because the characteristics of China's private listed companies as well as related policies, capital market, the remuneration levels of executive team ownership level of EVA and the impact is not significant. This study demonstrates China's private listed companies in special circumstances and special problems and made recommendations for improvement.
引文
[1] Bantel. Top management and innovations in banking:Does the composition of the top management make a difference[J]. Strategic Management Journal,1989,10:107-124.
[2] Elron E. Top management teams within multinational corporations:effects of cultural heterogeneity[J]. Leadership Quarterly,1997,8(4):393-412.
[3] Hambrick D C,Cho T S,Chen M. The influence of top management team heterogeneity on firm's competitive moves[J]. Administrative Science Quarterly,1996,11(4):659-684.
[4]刘芍佳,丛树海.创值论及其对企业绩效的评估[J].经济研究,2002(7).
[5]毛健.经济增长理论的基本脉络分析[J].当代经济研究,2003(1).
[6]李航.有效管理者[M].中国对外经济贸易出版社,1982(97).
[7]朱勇.新增长理论[M].商务印书馆,1999.
[8] Hmabrick D C,Snow C C A. Contextual model of strategic decision making in organizations[J]. Academy of Management Proceedings,1977,10:109-112.
[9] Hambrick D C,Daveni R. Top team deterioration as part of the downward spiral of large corporate bankrup tcies[J]. Management Science,1992,5(38):1445-1466.
[10] King A W,Zeihtmal C P. Competencies and firm performance:examining the causal ambiguity paradox[J]. Strategic Management Jounral,2001,4(22):75-99.
[11] Rivero,Arlene Jean. Sex and gender differences in actual and perceived leader effectiveness:Self-and subordinate views[J]. MastersAbstracts International,2003,8(42):31-34.
[12]朱治龙,王丽.上市公司经营者个性特征与公司绩效的相关性实证研究[J].财经理论与实践,2004(3).
[13]魏立群,王智慧.上市公司高管特征与企业绩效的实证研究[J].南开管理评论,2002(4).
[14]石水平.中小企业板块上市公司独立董事特征与经营绩效实证分析[J].贵州财经学院学报,2006(3).
[15]张慧.中国上市公司董事会学历分布与公司绩效的实证分析[J].经济学研究,2006(1).
[16]陈志辉.中小企业家人力资本与绩效关系实证分析[J].科学学与科学技术管理,2005(7).
[17]何怡萍.中小企业板启动的意义分析[J].经济问题探索,2005(2).
[18]金涛.我国中小板上市公司现状分析[J].社会科学家,2007(6).
[19]郝臣,徐伟,李礼.中小企业板上市公司治理若干特征分析—基于2004年38家中小企业板上市公司的实证研究[J].管理现代化,2005(5).
[20] Robert P Vecchio. In search of gender advantage[J]. The Leadership Quarterly,2003,12:835-850.
[21] Roberto M A. The Stable Core and DynalmC Pefiphew in Top Management Teams[J]. Management Decision,2003,1(2):120-131.
[22]张平.高层管理团队的异质性与企业绩效的实证研究[J].管理学报,2007(7).
[23]孙海发,姚振华,严茂胜.高管团队人口统计特征对纺织和信息技术公司经营绩效的影响[J].南开管理评论,2006,9(6):61-67.
[24]张瑞稳,马辉,邱少辉.管理层特征与公司绩效关系的统计分析[J].世界标准化与质量管理,2007(8).
[25] Romer Paul. Endogenous Technological Change[J]. Journal of Political Economy,1990,2:3-42.
[26]梁巧转等.两性领导风格理论研究综述[J].妇女研究论丛,2004(9):53-58.
[27] Sambharya R B. Foreign experience of top management teams and international diversification strategies of US multinational companies[J]. Strategic Management Journal,1996,17(9):739-746.
[28] Simsek Z,Veiga J F ,Lubatkin M H ,Dino R N. Modeling the multilevel determinants of top management tearn behavioral integration[J]. Academy of Management,2005,48:69-84.
[29]高良谋,郑萍.企业家理论的困惑[J].学习与探索,1997(8).
[30]段文斌.西方企业家理论述评[J].经济学动态,1997(11).
[31]莫斯坎瑞斯.企业经济学[M].北京:北京大学出版社,2004.
[32]李平,曾德明.CEO个人特征影响公司绩效的机理分析[J].湖南大学学报(社会科学版),2003(3).
[33]魏刚,肖泽忠,Nick Travlos,邹宏.独立董事背景与公司经营绩效[J].经济研究,2007(3).
[34]张必武,石金涛.国外高管团队人口特征与企业绩效关系研究新进展[J].外国经济与管理,2000(56).
[35]葛玉辉.基于人力资本价值因子的高层管理团队与企业绩效关系模型研究[J].科学学与科学技术管理,2007(8).
[36]胡蓓,古家军.企业高层管理团队特征对战略决策的影响[J].工业工程与管理,2007(5).
[37]徐细雄,万迪,淦未宇.TMT构成对组织产出影响的国外研究进展及对我国国企改革中高管团队构建的启示[J].管理工程学报,2007(4).
[38] Smith K G,Smith K A,Olian J D,Sims H P,O’Bannon D P,Scutty J A . Top management team demography and process:the role of social integration and communication[J]. Administrative Science Quarterly,1994,39:412—438.
[39] Srivastava A,Lee H. Predicting order of new product moves:the role of top management in corporate entrepreneurshipJourard of Business Venturing[J]. Strategic Management Journal,2005,20:459-481.
[40] Pfeffer J. Organizational demography[J]. Research in Organizational Behavior,1983,5(2):299-357.
[41]刘树林,唐均.差异性、相似性和受教育程度对高层管理团队影响的国外研究综述[J].管理工程学报,2004(2).
[42]刘立燕.EVA及其对我国上市公司的意义[J].商业研究,2005(6).
[43]黄瑞芬,宋晓萌.EVA衡量中国上市公司价值的应用现状与前景分析—基于中国家电行业上市公司的实证分析[J].中国海洋大学学报(社会科学版),2006(4).
[44]黄登仕,周应峰.EVA的理论和实证研究:综述及展望[J].管理科学学报,2004(2).
[45]张晓峒.计量经济分析[M].北京:经济科学出版社,2000.
[46]戴凌燕.女企业家绩效的影响因素研究[D].浙江:浙江大学,2003.
[47]尚晓玲.国有企业高层管理团队传记性特征与业绩的研究[D].四川:电子科技大学,2004.
[48]刘萍.企业领导者传记性特征对经营业绩影响的实证研究[D].四川:电子科技大学,2006.
[49]石婷婷.高层管理团队对高星级饭店绩效影响研究[D].陕西:陕西师范大学,2007.
[50]占怡.个人创业特征、创业效能感与创业行为策略的关系研究[D].浙江:浙江大学,2008.
[51]高静美,郭劲光.高层管理团队(TMT)的人口特征学方法与社会认知方法的比较研究[J].国外社会科学,2006(6).
[52]张为.动态竞争环境下高层管理团队与企业绩效关系的实证研究[J].企业家天地,2009(6).
[53]曹超英,罗殿军.高层管理团队(TMT)有效性的动态模型——人口特征研究与情景领导研究的结合[J].上海管理科学,2008,30(2).
[54]陈伟民.高管层团队人口特征与公司业绩关系的实证研究[J].南京邮电大学学报(社会科学版),2007,9(1).
[55]李芳英,庞荣辉.企业高管团队人口特征对战略决策的影响[J].经济论坛,2008(21).
[56]占德干.企业管理人才基本素质和能力要素实证研究[J].中国人力资源开发,2001(4).
[57]缪小明.科技型企业家人力资本与企业成长性研究[J].科学学与科学技术管理,2006(2).
[2] Elron E. Top management teams within multinational corporations:effects of cultural heterogeneity[J]. Leadership Quarterly,1997,8(4):393-412.
[3] Hambrick D C,Cho T S,Chen M. The influence of top management team heterogeneity on firm's competitive moves[J]. Administrative Science Quarterly,1996,11(4):659-684.
[4]刘芍佳,丛树海.创值论及其对企业绩效的评估[J].经济研究,2002(7).
[5]毛健.经济增长理论的基本脉络分析[J].当代经济研究,2003(1).
[6]李航.有效管理者[M].中国对外经济贸易出版社,1982(97).
[7]朱勇.新增长理论[M].商务印书馆,1999.
[8] Hmabrick D C,Snow C C A. Contextual model of strategic decision making in organizations[J]. Academy of Management Proceedings,1977,10:109-112.
[9] Hambrick D C,Daveni R. Top team deterioration as part of the downward spiral of large corporate bankrup tcies[J]. Management Science,1992,5(38):1445-1466.
[10] King A W,Zeihtmal C P. Competencies and firm performance:examining the causal ambiguity paradox[J]. Strategic Management Jounral,2001,4(22):75-99.
[11] Rivero,Arlene Jean. Sex and gender differences in actual and perceived leader effectiveness:Self-and subordinate views[J]. MastersAbstracts International,2003,8(42):31-34.
[12]朱治龙,王丽.上市公司经营者个性特征与公司绩效的相关性实证研究[J].财经理论与实践,2004(3).
[13]魏立群,王智慧.上市公司高管特征与企业绩效的实证研究[J].南开管理评论,2002(4).
[14]石水平.中小企业板块上市公司独立董事特征与经营绩效实证分析[J].贵州财经学院学报,2006(3).
[15]张慧.中国上市公司董事会学历分布与公司绩效的实证分析[J].经济学研究,2006(1).
[16]陈志辉.中小企业家人力资本与绩效关系实证分析[J].科学学与科学技术管理,2005(7).
[17]何怡萍.中小企业板启动的意义分析[J].经济问题探索,2005(2).
[18]金涛.我国中小板上市公司现状分析[J].社会科学家,2007(6).
[19]郝臣,徐伟,李礼.中小企业板上市公司治理若干特征分析—基于2004年38家中小企业板上市公司的实证研究[J].管理现代化,2005(5).
[20] Robert P Vecchio. In search of gender advantage[J]. The Leadership Quarterly,2003,12:835-850.
[21] Roberto M A. The Stable Core and DynalmC Pefiphew in Top Management Teams[J]. Management Decision,2003,1(2):120-131.
[22]张平.高层管理团队的异质性与企业绩效的实证研究[J].管理学报,2007(7).
[23]孙海发,姚振华,严茂胜.高管团队人口统计特征对纺织和信息技术公司经营绩效的影响[J].南开管理评论,2006,9(6):61-67.
[24]张瑞稳,马辉,邱少辉.管理层特征与公司绩效关系的统计分析[J].世界标准化与质量管理,2007(8).
[25] Romer Paul. Endogenous Technological Change[J]. Journal of Political Economy,1990,2:3-42.
[26]梁巧转等.两性领导风格理论研究综述[J].妇女研究论丛,2004(9):53-58.
[27] Sambharya R B. Foreign experience of top management teams and international diversification strategies of US multinational companies[J]. Strategic Management Journal,1996,17(9):739-746.
[28] Simsek Z,Veiga J F ,Lubatkin M H ,Dino R N. Modeling the multilevel determinants of top management tearn behavioral integration[J]. Academy of Management,2005,48:69-84.
[29]高良谋,郑萍.企业家理论的困惑[J].学习与探索,1997(8).
[30]段文斌.西方企业家理论述评[J].经济学动态,1997(11).
[31]莫斯坎瑞斯.企业经济学[M].北京:北京大学出版社,2004.
[32]李平,曾德明.CEO个人特征影响公司绩效的机理分析[J].湖南大学学报(社会科学版),2003(3).
[33]魏刚,肖泽忠,Nick Travlos,邹宏.独立董事背景与公司经营绩效[J].经济研究,2007(3).
[34]张必武,石金涛.国外高管团队人口特征与企业绩效关系研究新进展[J].外国经济与管理,2000(56).
[35]葛玉辉.基于人力资本价值因子的高层管理团队与企业绩效关系模型研究[J].科学学与科学技术管理,2007(8).
[36]胡蓓,古家军.企业高层管理团队特征对战略决策的影响[J].工业工程与管理,2007(5).
[37]徐细雄,万迪,淦未宇.TMT构成对组织产出影响的国外研究进展及对我国国企改革中高管团队构建的启示[J].管理工程学报,2007(4).
[38] Smith K G,Smith K A,Olian J D,Sims H P,O’Bannon D P,Scutty J A . Top management team demography and process:the role of social integration and communication[J]. Administrative Science Quarterly,1994,39:412—438.
[39] Srivastava A,Lee H. Predicting order of new product moves:the role of top management in corporate entrepreneurshipJourard of Business Venturing[J]. Strategic Management Journal,2005,20:459-481.
[40] Pfeffer J. Organizational demography[J]. Research in Organizational Behavior,1983,5(2):299-357.
[41]刘树林,唐均.差异性、相似性和受教育程度对高层管理团队影响的国外研究综述[J].管理工程学报,2004(2).
[42]刘立燕.EVA及其对我国上市公司的意义[J].商业研究,2005(6).
[43]黄瑞芬,宋晓萌.EVA衡量中国上市公司价值的应用现状与前景分析—基于中国家电行业上市公司的实证分析[J].中国海洋大学学报(社会科学版),2006(4).
[44]黄登仕,周应峰.EVA的理论和实证研究:综述及展望[J].管理科学学报,2004(2).
[45]张晓峒.计量经济分析[M].北京:经济科学出版社,2000.
[46]戴凌燕.女企业家绩效的影响因素研究[D].浙江:浙江大学,2003.
[47]尚晓玲.国有企业高层管理团队传记性特征与业绩的研究[D].四川:电子科技大学,2004.
[48]刘萍.企业领导者传记性特征对经营业绩影响的实证研究[D].四川:电子科技大学,2006.
[49]石婷婷.高层管理团队对高星级饭店绩效影响研究[D].陕西:陕西师范大学,2007.
[50]占怡.个人创业特征、创业效能感与创业行为策略的关系研究[D].浙江:浙江大学,2008.
[51]高静美,郭劲光.高层管理团队(TMT)的人口特征学方法与社会认知方法的比较研究[J].国外社会科学,2006(6).
[52]张为.动态竞争环境下高层管理团队与企业绩效关系的实证研究[J].企业家天地,2009(6).
[53]曹超英,罗殿军.高层管理团队(TMT)有效性的动态模型——人口特征研究与情景领导研究的结合[J].上海管理科学,2008,30(2).
[54]陈伟民.高管层团队人口特征与公司业绩关系的实证研究[J].南京邮电大学学报(社会科学版),2007,9(1).
[55]李芳英,庞荣辉.企业高管团队人口特征对战略决策的影响[J].经济论坛,2008(21).
[56]占德干.企业管理人才基本素质和能力要素实证研究[J].中国人力资源开发,2001(4).
[57]缪小明.科技型企业家人力资本与企业成长性研究[J].科学学与科学技术管理,2006(2).