高管团队异质性会提升企业绩效吗?——基于高管持股的门槛效应研究

doi:10.16716/j.cnki.65-1030/f.2020.03.005

新疆财经 ›› 2020,Issue (3): 53-61.doi: 10.16716/j.cnki.65-1030/f.2020.03.005

高管团队异质性会提升企业绩效吗?——基于高管持股的门槛效应研究

冯琳洁¹, 邹文杰²

1.福州外语外贸学院经管学院,福建福州 350202;
2.福建师范大学经济学院,福建福州 350117

收稿日期:2020-01-07 出版日期:2020-06-25 发布日期:2020-10-23
作者简介:冯琳洁(1992—),女, 讲师,管理学硕士,研究方向为公司治理与运营管理;邹文杰(1975—),男,教授,经济学博士,研究方向为公共资源配置、企业发展战略。
基金资助:
福建省社会科学规划重大项目“大数据时代分享经济增加值核算研究"( FJ2018B064)

Will TMT Heterogeneity Enhance Corporate Performance?—Based on the Threshold Effect of Executive Ownership

Feng Linjie¹, Zou Wenjie²

1. Fuzhou University of International Studies and Trade,Fuzhou 350202,China;
2. Fuzhou Normal University,Fuzhou 350117,China

Received:2020-01-07 Online:2020-06-25 Published:2020-10-23

摘要/Abstract

摘要： 本文选取2012年—2017年深沪A股上市公司的面板数据,利用Hanse门槛模型分析高管团队异质性与企业绩效之间的相关关系。结果表明：高管团队异质性与企业绩效呈非线性关系,且受高管持股比例的影响呈现出区间效应。其中,高管团队的任期异质性与企业绩效呈正相关关系,但随着高管持股比例的提高则转变为负相关关系;高管团队的年龄异质性对企业绩效产生负面影响,且随着高管持股比例的提高,该负面效应增强。该区间效应在民营企业分样本中同样存在。引入高管持股比例作为门槛变量,不仅丰富了研究模型、拓宽了上市公司绩效提升的研究视角,而且为企业合理组建高管团队提供了理论依据。

关键词: 高管团队异质性, 企业绩效, 高管持股比例, 股权激励, 门槛效应, 公司治理结构

Abstract: This paper selects the panel data of Shenzhen-Shanghai A-share listed companies from 2012 to 2017, and uses the Hanse threshold model to demonstrate the correlation between TMT heterogeneity and corporate performance. The results show that the TMT heterogeneity has a nonlinear relationship with performance, and it has an interval effect due to the influence of the shareholding ratio of executives. Among them, TMT tenure heterogeneity is positively correlated with corporate performance, and changes to opposite as executives' shareholding ratio rises; TMT age heterogeneity has a negative impact on corporate performance. This interval effect also exists in the sub-sample of private enterprises. As the shareholding ratio of executives rises, this negative effect is enhanced. This paper uses the shareholding ratio of executives as a threshold variable, enriching the research model, broadening the perspective of performance improvement of listed companies, and providing a theoretical basis for enterprises to form a high-level management team.

Key words: TMT Heterogeneity, Corporate Performance, Executive Shareholding Ratio, Equity Incentive, Threshold Effect, Corporate Governance Structure

中图分类号:

F272

冯琳洁, 邹文杰. 高管团队异质性会提升企业绩效吗?——基于高管持股的门槛效应研究[J]. 新疆财经, 2020, (3): 53-61.

Feng Linjie, Zou Wenjie. Will TMT Heterogeneity Enhance Corporate Performance?—Based on the Threshold Effect of Executive Ownership[J]. Finance & Economics of Xinjiang, 2020, (3): 53-61.

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高管团队异质性会提升企业绩效吗?——基于高管持股的门槛效应研究

Will TMT Heterogeneity Enhance Corporate Performance?—Based on the Threshold Effect of Executive Ownership

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