高管团队能力与企业绩效间关系的实证分析——考虑CEO社会资本的调节作用  

Empirical Analysis on Relationship between Ability of TMT and Enterprise Performance:Considering Regulatory Effect of CEO′s Guanxi

作　　者：秦双全[1] 辛明磊[2] 熊朝晖[1] 

机构地区：[1]东南大学经济管理学院,南京211189 [2]上海财经大学金融学院,上海200433

出　　处：《技术经济》2014年第6期117-123,共7页Journal of Technology Economics

基　　金：上海财经大学创新基金项目(cxjj-2011-380)

摘　　要：在对高管团队人口统计学特征指标和企业绩效指标进行因子分析的基础上,结合高层梯队理论和代理理论,研究了高管团队不同层次的属性(自然属性、能力属性和治理属性)与企业不同层次的绩效(成长绩效、增长绩效和经营绩效)的关系,并进一步分析了CEO的社会资本在两者关系中所起的调节作用。研究结论如下:中国上市公司的绩效与高管团队的管理素质有关;CEO的社会资本削弱了高管团队的管理素质与企业绩效的正向关系;中国现实环境中存在的"关系"不利于中国企业整体的成长。提出:完善市场经济体制、加强法制建设、厘清政府与市场的关系对于企业健康成长具有重要意义。On the basis of the factor analysis on the indicators of demographic characteristics of top management team（TMT）and corporation performance, this paper studies the relationship between different levels of attributes of TMT（natural attribute, ability attribute and governance attribute） and different levels of corporation performance（long growth performance,short growth performance and operating performance） ,and further examines the regulatory effect of CEO＇s social capital on these relationships. The result shows as follows：there is a relationship between corporation performance and management quality of TMT, and CEO＇s social capital weaken this positive relationship;Guanxi existing in China is harmful for the growth of China＇s enterprises. Finally,it suggests that it is very meaningful for the growth of China＇s enterprises to improve market economic system,and strengthen the construction of legal system, and clarify the relationship between government and market.

关 键 词：高管团队 企业绩效 社会资本 高层梯队 

分 类 号：F272.91[经济管理—企业管理] F272.5[经济管理—国民经济]