高管团队特征、薪酬差距与创业企业绩效
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摘要
高管团队通过制定战略决策来决定企业的战略方向。近年来,高管团队特征、薪酬差距等影响高管团队决策效率的因素也成为高管团队研究领域的热点问题。本文以2012-2014年部分创业板上市公司的高管数据为样本,运用回归分析方法分别实证了高管团队特征和薪酬差距对创业企业绩效的影响,以及薪酬差距在高管团队特征对创业企业绩效影响中所起的调节作用。研究结果表明:高管团队平均教育水平、社会资本、海外背景、薪酬差距分别对创业企业绩效具有正向影响;而高管团队平均年龄、专业背景异质性分别对创业企业绩效具有负向影响;高管团队薪酬差距分别在平均教育水平和专业背景异质性对创业企业绩效影响中起调节作用。
In recent years,characteristics and pay gap of top management team( TMT),the factors that impose impact on decision-making efficiency,have been a hot issue in research field of TMT. Most existing researches focus on TMT's work experience,education background,tenure time and pay gap. There is still a lack of research on the influence of TMT characteristics on new venture performance( NVP) and the moderating effect that pay gap plays in it.This paper aims to explore how TMT characteristics affect NVP through the moderating role of pay gap. Therefore,the hypotheses of the relationships among TMT characteristics,pay gap and NVP are proposed,and a theoretical model is built up to analyze the impact of TMT characteristics and pay gaps on NVP. A regression analysis is employed to test these hypotheses with data collected from 406 listed new ventures on growth enterprises market( GEM) in China between 2012 and 2014. The results show that average education level,social capital,oversea background and pay gap of TMT have a positive influence on NVP respectively,and average age and professional background heterogeneity of TMT have a negative influence on NVP. Furthermore,pay gap plays moderating effect in the impacts of average education level and professional background heterogeneity of TMT respectively on NVP.This paper makes a theoretical analysis and empirical research on the impact of TMT characteristics and pay gap on NVP. At the same time,it discusses the moderating effect of pay gap in the influence of TMT characteristics on NVP,and obtains the following 6 conclusions.Firstly,the average age of TMT members has a negative impact on NVP,that is,the greater the average age of TMT is,the less conducive it is to improving NVP. Most companies listed on the GEM are characterized by high growth and innovation. Although older TMT members have richer management experience and higher ability to cope with market risks,they are relatively conservative in making strategic decisions. Therefore,the innovative and adventurous young TMT is more conducive to the growth of start-ups.Secondly,the average education level of TMT has a positive impact on NVP,which shows companies on China's GEM have higher academic requirements for TMT. Managers with higher academic qualifications tend to have a relatively stronger learning a-bility and can adapt to the ever-changing market conditions and competitive environment more quickly.Thirdly,the professional background heterogeneity of TMT has a negative impact on NVP. That is to say,the smaller the professional background heterogeneity of TMT is,the better performance TMT can obtain. Since most GEM-listed companies are engaged in high-tech industries,and with the fast speed of technical progress,new technologies such as new energy,artificial intelligence,3 D printing put forward higher requirements for the professional background of TMT member. The same or similar professional backgrounds of TMT members are more beneficial to mutual communication and can push forward the rapid growth of the company.Fourthly,TMT's social capital has a positive impact on NVP. Under the fierce competitive market environment,TMTs with rich social capital can obtain national and regional policy information and key resources in advance,so that the company's strategy and tactics can be dynamically and timely adjusted.Fifthly,the oversea background of TMT has a positive impact on NVP. Foreign TMT members or those with oversea work experience can bring advanced foreign technology and management experience to the company,which helps TMT to think about issues from different economic and cultural backgrounds,thus enhancing the company's international vision.Finally,the pay gap plays moderating effect in the impact of TMT characteristics on NVP. Pay gap has weakened the impact of average education level on NVP. The average education level reflects the difference between the education levels of TMT members. If pay gap between TMT members is too large,it will reduce the enthusiasm of those members with lower pay,thus affecting the unity and cooperation among TMT members. Pay gap has weakened the impact of professional background heterogeneity on NVP. Executive's pay should be matched with individual ability. Different salary standards for TMT members with different professional backgrounds will lead to negative psychological emotions,which will weaken the cohesiveness and execution of the team and reduce the company performance.When setting up TMT,entrepreneurs should try to choose young talents with high education level and low heterogeneity in professional background. Compared with older executives,their young peers are more determined when making strategic decisions,so they are able to quickly grasp market trends. Therefore,efforts should be made to recruit highly educated TMT members,and in the meanwhile to strengthen professional training and to enhance the learning ability for existing executive members.In the initial growth stage of the start-ups,they should vigorously develop the main business. When setting up the TMT,they should consider introducing more members who are proficient in the main business,laying the foundation for the company to quickly obtain market share. Furthermore,venture companies should try to choose talents with rich social capital and oversea background when building up their TMTs,because they can bring a large number of partners to the company,which is conducive to business promotion of the enterprises. Executives with oversea backgrounds may have thoughts that are different from their domestic peers,and can analyze market changes from different angles. At the same time,foreign advanced technology can make enterprises unique in the main business field,thus make enterprises more competitive.This study contributes to developing the theory of TMT's impact on enterprise performance. Especially,this study has implications for improving NVP by optimizing TMT characteristics. The shortcoming of this study is the selection of the TMT characteristic variables. Only the quantifiable indicators are chosen and some variables that are not easy to quantify such as personality and value orientation of psychological characteristic are not used. In the future research,the psychological characteristics variables should be considered in the regression model so as to analyze the impacts of the TMT characteristics on NVP more systematically and deeply.
In recent years,characteristics and pay gap of top management team( TMT),the factors that impose impact on decision-making efficiency,have been a hot issue in research field of TMT. Most existing researches focus on TMT's work experience,education background,tenure time and pay gap. There is still a lack of research on the influence of TMT characteristics on new venture performance( NVP) and the moderating effect that pay gap plays in it.This paper aims to explore how TMT characteristics affect NVP through the moderating role of pay gap. Therefore,the hypotheses of the relationships among TMT characteristics,pay gap and NVP are proposed,and a theoretical model is built up to analyze the impact of TMT characteristics and pay gaps on NVP. A regression analysis is employed to test these hypotheses with data collected from 406 listed new ventures on growth enterprises market( GEM) in China between 2012 and 2014. The results show that average education level,social capital,oversea background and pay gap of TMT have a positive influence on NVP respectively,and average age and professional background heterogeneity of TMT have a negative influence on NVP. Furthermore,pay gap plays moderating effect in the impacts of average education level and professional background heterogeneity of TMT respectively on NVP.This paper makes a theoretical analysis and empirical research on the impact of TMT characteristics and pay gap on NVP. At the same time,it discusses the moderating effect of pay gap in the influence of TMT characteristics on NVP,and obtains the following 6 conclusions.Firstly,the average age of TMT members has a negative impact on NVP,that is,the greater the average age of TMT is,the less conducive it is to improving NVP. Most companies listed on the GEM are characterized by high growth and innovation. Although older TMT members have richer management experience and higher ability to cope with market risks,they are relatively conservative in making strategic decisions. Therefore,the innovative and adventurous young TMT is more conducive to the growth of start-ups.Secondly,the average education level of TMT has a positive impact on NVP,which shows companies on China's GEM have higher academic requirements for TMT. Managers with higher academic qualifications tend to have a relatively stronger learning a-bility and can adapt to the ever-changing market conditions and competitive environment more quickly.Thirdly,the professional background heterogeneity of TMT has a negative impact on NVP. That is to say,the smaller the professional background heterogeneity of TMT is,the better performance TMT can obtain. Since most GEM-listed companies are engaged in high-tech industries,and with the fast speed of technical progress,new technologies such as new energy,artificial intelligence,3 D printing put forward higher requirements for the professional background of TMT member. The same or similar professional backgrounds of TMT members are more beneficial to mutual communication and can push forward the rapid growth of the company.Fourthly,TMT's social capital has a positive impact on NVP. Under the fierce competitive market environment,TMTs with rich social capital can obtain national and regional policy information and key resources in advance,so that the company's strategy and tactics can be dynamically and timely adjusted.Fifthly,the oversea background of TMT has a positive impact on NVP. Foreign TMT members or those with oversea work experience can bring advanced foreign technology and management experience to the company,which helps TMT to think about issues from different economic and cultural backgrounds,thus enhancing the company's international vision.Finally,the pay gap plays moderating effect in the impact of TMT characteristics on NVP. Pay gap has weakened the impact of average education level on NVP. The average education level reflects the difference between the education levels of TMT members. If pay gap between TMT members is too large,it will reduce the enthusiasm of those members with lower pay,thus affecting the unity and cooperation among TMT members. Pay gap has weakened the impact of professional background heterogeneity on NVP. Executive's pay should be matched with individual ability. Different salary standards for TMT members with different professional backgrounds will lead to negative psychological emotions,which will weaken the cohesiveness and execution of the team and reduce the company performance.When setting up TMT,entrepreneurs should try to choose young talents with high education level and low heterogeneity in professional background. Compared with older executives,their young peers are more determined when making strategic decisions,so they are able to quickly grasp market trends. Therefore,efforts should be made to recruit highly educated TMT members,and in the meanwhile to strengthen professional training and to enhance the learning ability for existing executive members.In the initial growth stage of the start-ups,they should vigorously develop the main business. When setting up the TMT,they should consider introducing more members who are proficient in the main business,laying the foundation for the company to quickly obtain market share. Furthermore,venture companies should try to choose talents with rich social capital and oversea background when building up their TMTs,because they can bring a large number of partners to the company,which is conducive to business promotion of the enterprises. Executives with oversea backgrounds may have thoughts that are different from their domestic peers,and can analyze market changes from different angles. At the same time,foreign advanced technology can make enterprises unique in the main business field,thus make enterprises more competitive.This study contributes to developing the theory of TMT's impact on enterprise performance. Especially,this study has implications for improving NVP by optimizing TMT characteristics. The shortcoming of this study is the selection of the TMT characteristic variables. Only the quantifiable indicators are chosen and some variables that are not easy to quantify such as personality and value orientation of psychological characteristic are not used. In the future research,the psychological characteristics variables should be considered in the regression model so as to analyze the impacts of the TMT characteristics on NVP more systematically and deeply.
引文
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[2] Colombelli A. Top management team characteristics and firm growth:Evidence from a sample of listed companies[J]. International Journal of Entrepreneurial Behavior&Research,2015,21(1):107-127.
[3] Hambrick D,Mason P. Upper echelons:The organization as a reflection of its top management[J]. Academy of Management Review,1982,9(3):12-16.
[4] Thomas D E,Arthur M,Hood J N. Internationalization,TMT gender diversity and firm performancein mexican firms[J].International Journal of Strategic Management,2012,12(2):1555-2411.
[5] Smith W,Tushman M. Management strategic contradictions:A top management model for management innovation stream[J]. Organization Science,2005,16(5):522-536.
[6] Bain B. P. The role of the top management team tenure on corporate social performance and its impact on profitability[D]. Toronto:University of Guelph,2015.
[7] Richardson H,Mason A,Buchholtz A. CEO willingness to delegate to the top management team:The influence of organizational performance[J]. International Journal of Organizational Analysis,2013,10(10):134-155.
[8] Eesley C,Hsu D,Roberts E. The contingent effects of top management teams on venture performance:Aligning founding team composition with innovation strategy and commercialization environment[J]. Strategic Management Journal,2014,35(12):1798-1817.
[9] Banker R D,Bu D,Mehta M N. Pay gap and performance in china[J]. Abacus,2016,52(3):501-531.
[10]李绍龙,龙立荣,贺伟.高管团队薪酬差异与企业绩效关系研究:行业特征的跨层调节研究[J].南开管理评论,2012,15(4):55-65.Li Shaolong,Long Lirong,He Wei. A cross-level study of relationships between industrial attributes,pay dispersion in top management team and firm performance[J]. Nankai Business Review,2012,15(4):55-65.
[11]易靖韬,张修平,王化成.企业异质性、高管过度自信与企业创新绩效[J].南开管理评论,2015,18(6):101Yi Jingtao,Zhang Xiuping,Wang Huacheng. Firm heterogeneity,top executive’overconfidence,and corporate innovation performance[J]. Nankai Business Review,2015,18(6):101-112.
[12]李卫宁,张祎宁.新任CEO特征、管理团队调整与企业绩效—基于ST上市公司的数据实证[J].中国管理科学,2014,22(8):47-55.Li Weining,Zhang Yining. Relationship among new CEO’s characteristics,TMT adjustment and performance—empirical study based on ST listed enterprises[J]. Chinese Journal of Management Science,2014,22(8):47-55.
[13]曾萍.女性高管参与对企业技术创新的影响—基于创业板企业的实证研究[J].科学学研究,2012,30(5):773-781.Zeng Ping. The impact of female executives participation on technological innovation—Evidence from Chinese GEM companies[J]. Studies in Science of Science,2012,30(5):773-781.
[14]李卫宁,李莉. TMT异质性、战略变革与绩效改善的关系研究—基于绩效下滑的非多元化企业的数据实证[J].中国管理科学,2015,23(6):153-161.Li Weining,Li Li. Relationship among TMT heterogeneity,strategic change and improvement of corporate performanceempirical study based on non—Diversified enterprises with declining performance[J]. Chinese Journal of Management Science,2015,23(6):153-161.
[15] Tanikawa T,Jung Y. Top management team(TMT)tenure diversity and firm performance:Examining the moderating effect of TMT average age[J]. International Journal of Organizational Analysis,2016,24(3):454-470.
[16] Li C. How top management team diversity fosters organizational ambidexterity[J]. Journal of Organizational Change Management,2013,26(5):874-896.
[17]杨浩,陈暄,汪寒.创业型企业高管团队教育背景与企业绩效关系研究[J].科研管理,2015(s1):216-223.Yang Hao,Chen Xuan,Wang Han. A study on the relationship of top management team educational background and entrepreneurial enterprises’performance[J]. Science Research Management,2015(s1):216-223.
[18]肖挺.高管团队特征、制造企业服务创新与绩效[J].科研管理,2016,37(11):142-149.Xiao Ting. Top management team characteristics,manufacturing enterprise service innovation and performance[J]. Science Research Management,2016,37(11):142-149.
[19] Buyl T,Boone C,Hendriks W. Top management team functional diversity and firm performance:The moderating role of CEO characteristics[J]. Journal of Management Studies,2011,48(1):151-177.
[20]李卫宁,吴荻.基于TMT年龄和任期异质性调节效应的新任CEO显性特征与经营绩效关系研究[J].管理学报,2014,11(8):1158-1167.Li Weining,Wu Di. Study on the relationship between demographic characteristics of new CEO and improvement of corporate performance:TMT heterogeneity moderation effect[J].Chinese Journal of Management,2014,11(8):1158-1167.
[21]陈东.私营企业出资人背景、投机性投资与企业绩效[J].管理世界,2015(8):97-119.Chen Dong. The background of the funds provider of the private firms,the speculative investment,and firm’s performances[J]. Management World,2015(8):97-119.
[22]张建君,张闫龙.董事长—总经理的异质性、权力差距和融洽关系与组织绩效[J].管理世界,2016(1):110-120.Zhang Jianjun,Zhang Yanlong. Chairman—CEO heterogeneity,power differential,rapport and organizational performance[J]. Management World,2016(1):110-120.
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