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1、 I中 文 摘 要 高层管理团队负责整个组织的经营决策，在很大程度上影响着企业绩效和组织发展，因此，一直受到组织和战略管理的研究者们以及企业经理们的重点关注。随后国内外涌现出大量关于高层管理团队异质性与企业绩效关系的研究，但结论却不尽一致，主要是由于在研究过程中忽略了重要的调节变量。此外，已往的研究多是针对完善的市场经济国家，这也在一定程度上限制了理论的应用与推广。 我国还处于社会主义市场经济转型阶段，是一个新兴市场国家，现代企业制度还很不完善，资本市场也很不健全，尤其是股权分置的问题。股权分置是我国独有的制度缺陷，因此股权分置改革是一种创新行为，这给予股改企业高层管理团队提出了更高的要求，既
2、是机遇，更是挑战。可以说，股权分置改革是目前我国所处的最大制度环境。 本文研究的目的就是在我国独特的社会环境中，应用高层管理团队的理论基础高层梯队理论分析高层管理团队的异质性与企业绩效的关系；同时在研究中重点考虑了股权分置改革这一调节变量的影响。本文主要采用实证分析的方法，结合相关的理论基础，在提出研究思路和理论假设后，通过选择 A 股市场中酿酒食品类企业作为研究样本，利用数理统计软件 SPSS 进行数据分析和假设检验，实证结果显示：第一，在股权分置改革背景下，高层管理团队的教育程度异质性对企业绩效有显著的促进作用，而年龄异质性对企业绩效却呈现显著的负相关作用。第二，在我国股权分置改革普遍使上
3、市公司国有大股东持股比例下降的条件下，高层管理团队任期异质性与企业绩效存在正相关关系，即国有股比重与团队任期异质性的交互作用在高层管理团队任期异质性对企业绩效的影响中起到了正向的调节作用。 我国的制度环境具有其独特性，在此社会背景中引入重要的调节变量实证研究高层管理团队异质性与企业绩效的关系，加深了对我国企业高层管理团队异质性影响的认识，有助于为公司治理，战略管理，组织行为方面的研究工作，甚至在一定程度上可以为探索管理新范式贡献新的思路。此外，本文的研究成果将帮助我国企业在独特的社会环境中构建高效的高层管理团队和变化动态地调整高层管理团队的构成，并为提高高层管理团队的适应性和团队效率方面提供有
4、益的借鉴和指导。 最后，本文提出了相关的研究限制以及对未来的研究展望。 关键词：高层管理团队；异质性；企业绩效；股权分置改革 IIABSTRCT Top management team (TMT) is in charge of the operational decisions of the whole organization and affects a lot in the corporate performance as well as the organization development. Therefore, TMT becomes the key focus of the r
5、esearchers from organization, strategic management field and corporation managers. Afterwards plenty of research about this area has come out from both domestic and aboard with different conclusions, the main reason is that they ignored the important intervening variables during the research. Meanwh
6、ile, many existing researches used to discuss the problem under matured markets of developed countries which restricted the appliance and extension of the theory to some extent. China is still in the stage of the socialist market economy, and is the new coming market country with uncompleted modern
7、enterprise system as well as unsound capital market especially stock ownership separation problem. The stock ownership separation is the unique system defect of China, therefore, the reform of the stock ownership separation as a new innovative behavior requires higher demands of TMT. It can be said
8、that the stock ownership separation reform is the most important systematic environment that our country face nowadays. It could become a chance. It could become a challenge. The research goal of this thesis is to apply the theory basis of TMT and upper echelon theory under the special social enviro
9、nment of our nation to analyze the relationship about heterogeneity of TMT and corporate performance. At the same time, we select the stock ownership separation reform as the important intervening variable. This thesis mainly used the empirical analysis method. Combining the relative theory basis, w
10、e raised the research thought and theory hypothesis to choose Food Wine corporations of both Shanghai and Shenzhen Stock A market as the research sample. Data is tested and analyzed by SPSS(Version 17.0). The results are as following: Firstly, under the background of stock ownership separation refor
11、m, IIItheres obviously positive stimulated motive between the educational heterogeneity of TMT and corporate performance. However, result showed negative when it came to the age. Secondly, considering the stock ownership separation reform makes the major state-owned shareholders hold fewer shares, t
12、he term of office is positive related to firm performance corporate performance. It showed that the proportion of state-owned shares and the heterogeneity of the term of office have the positive adjustable function of affecting the corporate performance. China has the distinctive systematic environm
13、ent which makes the stock ownership separation reform become the important intervening variable. It helps deepen the understanding about the heterogeneity of TMT in China. Meanwhile, it assists the researches on corporate governance, strategic management and organization behavior, even does a favor
14、for a new discussing method. Besides, the research results of this thesis will construct the high efficient TMT on special social surroundings and dynamically adapt the construction of TMT. Also, the research results aid to offer useful reference and guidance by improving the adaptability and team w
15、orks efficiency of TMT. Finally, this thesis posted the limitations of relative research and prospects for future. Key words: TMT; Heterogeneity; Corporate Performance; Stock Ownership Separation Reform第一章 绪论 1第一章 绪论 1.1 研究背景 改革开放 30 多年，我国出现了一些企业综合竞争能力很强的国有大型企业，在国际上也取得了良好的声望，但总体来说，我国大部分企业的适应能力以及可持续发
16、展能力还很弱，亏损倒闭的案例时常发生。据有关数据调整显示，对不同区域近千家亏损企业的研究结果表明，由外界因素即宏观经济环境及国家政策的变化而导致的企业亏损仅占其间的不到十分之一，而高达八成的亏损皆来自于经理层的管理问题。 进入新世纪，人才成了克敌制胜的制高点，企业对人才的白热化竞争也愈演愈烈。其中，成功的企业家以及职业经理人等创新型、专业性人才更是对企业的长远发展起着举足轻重的作用。也就是说，企业的持续性发展离不开具有专业素质的管理者，更需要有高效管理团队的共同决策。 目前，中国面临着很多的挑战和机遇，特别加入世界贸易组织后带来的全面快速的提升，更一步深化了对外开放的理念与运作模式，它导致了我国企业同时应对国内外的竞争对手的巨大压力，伴随着我国对社会主义市场经济制度的不断摸索和变化，整体上，中国企业发展的环境将会更为复杂和多变。在此环境下，我国企业与国际上的企业一样面临着一个突出的问题，那就是如何通过有效地实施企业战略管理，保证企业持续长远发展，这对企业中战略制订与实施者高层管理团队提出了更高的要求。我国企业高层管理中传统的那种主要领导做出决策，其它高层管理者分管一方的模式
