国企高管团队职能背景对双重任务的偏好分析——股权混合度的调节作用

以2010—2014年沪深两市中央企业控股的上市公司为研究样本,实证揭示不同职能背景主导下的高管团队对于企业双重任务的选择偏好,并进一步考察企业股权混合程度对于高管团队与企业任务的调节效应。研究发现:生产技术型职能背景为主的高管团队与经济绩效正相关、与社会责任负相关;管理服务型职能背景为主的高管团队与经济绩效和社会责任均正相关;股权混合度会显著加强生产技术型职能背景为主的高管团队对企业任务的作用,而削弱管理服务型职能背景为主的高管团队对企业社会责任的作用,且此调节效应在商业竞争类国企中存在、在特殊功能类国企中不存在。该结论揭示了异质股东委托下的股权混合度、高管团队及企业双重任务三方综合影响机理。

The Preference Analysis of Function Backgrounds of TMT in State-Owned Enterprises on Double Tasks: The Moderating Effect of Equity Mixed Degree

Taking the listed companies controlled by central state-owned enterprises from 2011 to 2014, this paper reveals that the influence from the technical teams dominanted by different executives' backgrounds to the double tasks, and examine the moderating effect of corporate equity mix degree.It finds that the TMT based on the functional background of the Production technology is positively related to economic performance, while negatively related to the social responsibility.The TMT based on the functional background of the management services is positively related to economic performance and social responsibility.Further more, equity mixing degree can significantly strengthen production technology team's influence in the enterprise missions, and weakening management services team's influence in the corporate social responsibility.This moderating effect exists in the commercial competition state-owned enterprise, does not exist in the special function class enterprise.These conclusions reveal the tripartite comprehensive influence mechanism about corporate equity mix degree, TMT and corporate double tasks, then provides theoretical guidance of mixed ownership reform and double tasks balance for the state-owned enterprises.