高科技企业创始人特征、持股和公司业绩关系研究  

Founder characteristics of high-tech enterprise, ownership and performance

作　　者：宋增基[1] 王宏军[1] 张宗益[1] 

机构地区：[1]重庆大学经济与工商管理学院,重庆400044

出　　处：《科技进步与对策》2013年第7期90-96,共7页Science & Technology Progress and Policy

基　　金：国家杰出青年基金项目(70525005);中国博士后科学基金项目(20100470108)

摘　　要：深圳创业板的启动引起了社会公众对高科技企业及其创始人的广泛关注。选取创业板上市公司作为样本,分析高科技企业创始人特征、持股与公司业绩的关系。研究发现:随着创始人年龄和持股的增加,不仅公司业绩减少,而且增加了公司业绩下滑幅度;创始人兼任CEO对公司业绩起着积极作用,也降低了公司业绩下滑幅度,但创始人学历与公司业绩没有明显的关系;在创始人持有高股权条件下,创始人的某些特征与公司业绩的关系发生了变化;采用Oaxaca分解法,发现创始人特征差异能解释39%公司业绩下滑幅度的差异,表明创始人特征对公司业绩下滑幅度具有一定的解释能力。The start of the Shenzhen GEM, causing widespread concern in the public high-tech enterprise and its founder. This paper based on the 2009-2010 GEM listed companies analyses the relationships of high-tech founder characteristics, Ownership and firm performance and found that： （1） As the founders age and ownership increasing, not only the performance of the company will increase, but also the range of performance decline. （2） The founder CEO has a positive effect on firm performance and reduces the range of performance decline. But the degree of founder and the performance has no obvious relationship. （3）The correlation of several characteristics and firm performance has changed on the condition of high er founder ownership. （4） In addition, by the Oaxaca-Blinder deqomposition method, the difference of founder characteristics can explain 39% of difference of performance decline, indicating the influence of founder characteristics performance to the performance decline.

关 键 词：高科技企业 创始人特征 创始人持股 公司业绩 

分 类 号：F276.44[经济管理—企业管理]