摘要
本文以2008—2019年深沪两市A股上市企业为样本,实证研究了高管团队(TMT)整体异质性、企业风险承担及企业价值的关系,并基于产权异质性和企业规模视角进行进一步研究。结果显示:TMT整体异质性能够正向影响企业价值,其中年龄、性别、金融背景和海外背景异质性作为主要影响变量;企业风险承担在TMT的年龄、金融背景及海外背景方面的异质性与企业价值间存在中介效应;进一步研究表明,相较于非国有企业,国有企业的TMT异质性对企业价值的影响力度和显著性都较大;国有企业能够显著缓解非国有企业在TMT的教育背景、职能背景、任期三个方面的异质性对企业价值的负向作用。低资产规模企业中TMT异质性对企业价值的影响结果要明显于高资产规模企业。本文首次将TMT异质性、企业风险承担及企业价值纳入一个体系进行研究,且在TMT异质性的衡量指标方面增加了职能背景、海外背景及金融背景三项指标,丰富且深化了高层梯队理论。
The business environment is complex,and only enterprises with core competitiveness can excel in this rapidly evolving society.Top-level executives are invaluable assets of a company,playing a pivotal role in decision-making and management,and contributing to its soft power.Managers’diverse background characteristics lead to variations in strategic thinking and decision preferences.Early research is focused on the impact of individual managers’characteristics on enterprise value.However,with the introduction of the top management team(TMT)theory,scholars have shifted their focus towards studying the diverse values,cognitive abilities,and life experiences of managers,which result in significantly different decisions.This study introduces the concept of enterprise risk-taking capacity as a mediating variable,reflecting an enterprise’s willingness,risk aversion,and coping ability in risk-taking endeavors.A higher risk-taking capacity indicates greater capital accumulation,risk investment,and innovation input,facilitating rapid growth.But if not managed properly,it can lead to pitfalls.Conversely,a lower risk-taking capacity signifies limited capital accumulation,insufficient risk investment,and inadequate innovation input,resulting in insufficient development and uncertain prospects.The different attitudes of managers with distinct characteristics in values,cognitive abilities,and life experiences influence their approach to enterprise risk-taking,which in turn affects TMT’s decision-making on risk projects and subsequently impacts enterprise value.In summary,TMT,as the core of enterprise operations,must maintain diversity within the executive team to ensure future success.Furthermore,a reasonable enterprise risk-taking capacity is a crucial factor in enterprise strategy,directly influencing its strategic direction and future development.An excellent TMT helps maintain an appropriate level of risk-taking capacity,forming unique competitive advantages,and achieving steady and rapid growth.This study empiricall
作者
郭焱
骈宇彤
GUO Yan;PIAN Yutong(College of Management and Economics,Tianjin University,Tianjin 300072,China)
出处
《运筹与管理》
CSSCI
CSCD
北大核心
2024年第2期204-210,共7页
Operations Research and Management Science
关键词
高管团队(TMT)异质性
企业价值
企业风险承担
产权性质
固定效应
heterogeneity of the top management team(TMT)
corporate value
corporate risk-taking
the nature of enterprise property rights
fixed-effects model
