摘要
基于高管团队断裂带理论,选取2013—2017年“混改”的上市国企的面板数据,采用固定效应模型分析高管团队利益断裂带与企业绩效的作用关系以及混合股权制衡度和市场竞争的调节作用。结果表明:“混改”国企高管团队利益断裂带和企业绩效之间存在显著的负相关关系。当国有股东和非国有股东的股权制衡程度大时,“混改”国企的高管团队利益断裂带对企业绩效的负向作用会减弱。当市场竞争程度大时,“混改”国企高管团队利益断裂带对企业绩效的负向作用会减弱。为了降低高管团队利益断裂带对企业绩效的负向影响,混改企业要调整股权结构,提高非国有股权对国有股权的制衡度,从而缓解代表不同性质股权的高管之间的利益冲突,增强知识的交流和整合;同时积极推动市场化改革,打破垄断壁垒,引入竞争机制,营造公平竞争的市场环境。
Based on the theory of top management team(TMT)faultlines,the paper selects panel data of state-owned enterprises with reform from 2013 to 2017 and uses a fixed-effect model to analyze the relationship between TMT interest faultlines and corporate performance.The results show that:There is a significant negative correlation between TMT interest faultlines of the state-owned enterprises with reform and the performance.The negative effect of TMT interest faultlines of the state-owned enterprises with reform on corporate performance will weaken as there is a large degree of equity balances between state-owned and non-state-owned shareholders.When the degree of market competition is high,the negative effect of the TMT interest faultlines of the state-owned enterprises with reform on corporate performance will weaken.In order to reduce the negative impact of the TMT interest faultlines on the performance of state-owned enterprises with reform,the enterprises with reform need to adjust the shareholding structure and increase the balance between non-state-owned shares and state-owned shares,so as to alleviate the interests conflicts of executives representing different types of equity,enhance the exchange and integration of knowledge,and at the same time,promoting market-oriented reforms,break monopoly barriers,introduce competition mechanisms,and create a fair market environment for competition.
作者
胡汪红
葛玉辉
HU Wang-hong;GE Yu-hui(School of Management,University of Shanghai for Science and Technology,Shanghai 200093,China)
出处
《技术与创新管理》
2020年第6期631-639,共9页
Technology and Innovation Management
基金
教育部人文社会科学研究规划基金“基于团队生命周期的TMT认知演化对决策绩效的影响研究”(17YJA630020)
上海市一流学科建设(S1201YLXK)
沪江基金资助(A14006)。
关键词
高管团队利益断裂带
“混改”国企
企业绩效
股权制衡度
市场竞争
TMT interest faultline
state-owned enterprises with reform
enterprise performance
degree of equities balance
market competition
