公司股权结构、高管团队认知多样性与创业战略导向关系研究

摘要/Abstract

摘要： 本文选取2006－2010年我国中小企业板上市公司作为样本，构造一种面板数据结构，实证考察了高管团队认知多样性对创业战略导向的影响，以及公司股权结构（股权集中度和股权制衡度）的调节效应。实证结果表明，除高管团队教育背景多样性外，高管团队年龄多样性和任职经历多样性均会对创业战略导向产生显著正向影响。进一步地，股权集中度对高管团队年龄和任职经历多样性具有显著负向影响，股权制衡度则对两者变量产生了显著正向影响，但两者均未对高管团队教育背景多样性产生显著影响；高管团队年龄多样性和任职经历多样性与创业战略导向关系受到了股权集中度的显著负向调节效应，却受到股权制衡度的显著正向调节效应，不过两者均未能对高管团队教育背景多样性与创业战略导向关系产生显著调节效应。本文研究结论对于公司股权结构优化、高管团队建设以及创业战略导向设计等方面具有积极的启示作用。

关键词: 高管团队认知多样性, 公司股权结构, 创业战略导向, 研发投资

Abstract: Using panel data on the listed companies of the China's Small and Medium-sized Enterprises Board for 2006-2010 period, the article empirically examined the effects of cognitive diversity of top management team (TMT) on entrepreneurial strategic orientation (ESO), as well as the moderating effects of ownership structures including ownership concentration and equity restriction. The empirical results indicated that, except for the TMT's diversity of educational background, the diversities of TMT's age and tenure have significantly positive effects on age and tenure diversities ESO. Further, ownership concentration has significantly negative effect on the age and tenure diversities as well as negatively moderating effects on the relationship between these variables and ESO, but the direct effect and moderating effect of equity restriction is found to be positive. However, both ownership concentration and equity restriction don't have significantly moderating effect on TMT's age and tenure diversities and ESO. These findings have some theoretical and practical implications for optimizing ownership structure, building TMT and designing ESO within corporate.

Key words: cognitive diversity of TMT, ownership structures, entrepreneurial strategic orientation, R&D investment

中图分类号:

F279.23

杨林. 公司股权结构、高管团队认知多样性与创业战略导向关系研究[J]. 科研管理, 2014, 35(5): 93-106.

Yang Lin. Empirical study on the relationship among ownership structures, cognitive diversity of top management team and entrepreneurial strategic orientation[J]. Science Research Management, 2014, 35(5): 93-106.

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