经济政策不确定性对企业高管团队重组的影响——基于企业和团队异质性视角  

The Impact of Economic Policy Uncertainty on Corporate Executive Team Restructuring:Based on an Enterprise and Team Heterogeneity Perspective

作　　者：周晓敏 ZHOU Xiao-min(School of Accounting,Inner Mongolia University of Finance and Economics,Hohhot Inner Mongolia 01oo7o,China)

机构地区：[1]内蒙古财经大学会计学院,内蒙古呼和浩特010070

出　　处：《技术经济与管理研究》2023年第8期84-89,共6页Journal of Technical Economics & Management

基　　金：内蒙古自治区经济数据分析与挖掘重点实验室研究课题(SZ23008);内蒙古财经大学教育教学改革项目(JGKT202220)。

摘　　要：经济政策不确定性是企业高管团队重组的重要影响因素,基于企业和高管团队异质性视角,以中国2014一2021年沪深两市A股上市公司为样本进行实证研究。检验结果表明,当经济政策不确定性上升时,企业高管团队重组程度显著下降,并且这一作用在具有较弱风险承担能力的企业中表现得更为突出。进一步研究表明,经济政策不确定性与高管团队重组程度的关系还受到团队自身分布特征的制约。相比于同质性高管团队,经济政策不确定性对异质性高管团队重组的影响更为明显。研究结果为经济政策有效发挥治理作用以及企业提升自身的抗风险能力提供了政策启示。Economic policy uncertainty is an important factor affecting the reorganization of senior management teams in enterprises.Based on the heterogeneity of enterprises and senior management teams,this paper conducts an empirical study using A-share listed companies in Shanghai and Shenzhen from 2014 to 2021 as samples.The results show that when the uncertainty of economic policy increases,the degree of reorganization of senior management team decreases significantly,and this effect is more prominent in enterprises with weak risk bearing ability.Further research shows that the relationship between economic policy uncertainty and the degree of executive team reorganization is also restricted by the distribution characteristics of the team itself.Compared with homogenous executive teams,economic policy uncertainty has a more obvious impact on the restructuring of heterogeneous executive teams.The conclusion of the study provides policy enlightenment for economic policies to effectively play the role of governance and enterprises to improve their anti-risk ability.

关 键 词：经济政策不确定性 高管团队重组 风险承担能力 团队异质性 

分 类 号：F275[经济管理—企业管理]