我国上市公司高管特征与企业绩效的实证研究

由于中国的转型经济呈现的是一种不同于西方完善市场经济的特殊制度环境,在这种条件下经营的企业之业绩受到其高管特征的影响如何,以及哪些特征对组织业绩的影响更为显著,需要进一步的实证研究予以揭示。本文通过对沪、深两市的114家上市公司高管的有关特征与其业绩之间关系的实证分析,得出了有关中国企业高管的几个人口特征指标与公司绩效之间的不同于西方研究的结论。鉴于中国企业所处的特定的制度和文化环境,我们对检验结果进行了具体的解释和讨论,并对处于转型经济中的中国企业在本研究主题的发展作出了一定的展望。

Empirical Study on the Relationship between Characteristics of TMTs and Firm Performance of Chinese Businesses

It is widely admitted that characteristics of Top ManagementTeams (TMTs) will have impact on organizational performance. But theway that TMTs characteristics influence firm performance is unclear forbusinesses in the the emerging mature economy, since most studies ofthis topic have been done on businesses under mature econom. In thisstudy, we try to expiore how characteristics of TMTs will influenceperformance of Chinese businesses, through examining the relationshipbetween several relevant indicators of TMTs characteristics and theperformance of l14 firms listed in Chincse stock exchange market; anddiscuss the implications of the empirical results from cultural andhistorical reality and the institutional perspective.