高管团队异质性对中国涉农上市企业技术创新的影响

doi:10.3969/j.issn.1004-1524.2021.07.20

浙江农业学报 ›› 2021, Vol. 33 ›› Issue (7): 1339-1346.DOI: 10.3969/j.issn.1004-1524.2021.07.20

• 农业经济与发展 • 上一篇

高管团队异质性对中国涉农上市企业技术创新的影响

张恒瑞(), 黄天柱^*()

陕西科技大学经济与管理学院,陕西西安 710021

收稿日期:2021-02-22 出版日期:2021-07-25 发布日期:2021-08-06
通讯作者: 黄天柱
作者简介:*黄天柱,E-mail: huangtianzhu@126.com
张恒瑞(1994—),男,陕西汉中人,硕士研究生,研究方向为企业管理。E-mail: 1120974337@qq.com
基金资助:
陕西省软科学研究计划(2018KRM108);陕西省哲学社会科学重点研究基地(18JZ012)

Influence of top management team heterogeneity on technological innovation of China’s agriculture-related listed enterprises

ZHANG Hengrui(), HUANG Tianzhu^*()

School of Economics and Management, Shaanxi University of Science and Technology,Xi’an 710021,China

Received:2021-02-22 Online:2021-07-25 Published:2021-08-06
Contact: HUANG Tianzhu

摘要/Abstract

摘要：

高管团队作为企业最高的决策主体,在提高涉农上市企业技术创新水平中发挥着重要的作用。以技术创新、高层梯队理论为依托,收集中国涉农上市企业2017—2019年高管特征与企业财务等相关数据,设定变量、构建模型,使用实证分析方法,研究高管团队异质性、政府补贴与涉农上市企业技术创新之间的关系。结果发现,高管团队任期、职业、学历异质性的提升有利于技术创新,但年龄异质性的提升抑制企业的技术创新。政府补贴正向激励了高管团队任期、职业异质性对技术创新的影响。研究结果可为涉农上市企业持续改善高管团队结构,提高技术创新水平提供参考。

关键词: 高管团队异质性, 政府补贴, 技术创新, 涉农上市企业

Abstract:

Technological innovation is considered to be the key to enhance the core competitiveness of agriculture-related enterprises. As the highest decision-making body of the enterprise, top management team (TMT) plays an important role in the improvement of the technological innovation level. Based on the relevant theories of technological innovation and high-level echelon theory, the relevant data of TMT characteristics and finance status of China’s agriculture-related listed enterprises in 2017-2019 were collected in the present study, along with variables set and models constructed, to study the relationship within the heterogeneity of TMT, government subsidies and technological innovation level of China’s agriculture-related listed enterprises via empirical analysis. The results showed that the improvement of the heterogeneity of tenure, occupation and educational background of TMT was conducive to technological innovation, but the improvement of age heterogeneity of TMT inhibited technological innovation. The government subsidies positively stimulated the influence of tenure and occupation heterogeneity of TMT on technological innovation. The above results could provide references for China’s agriculture-related listed enterprises to continuously improve their technological innovation level by perfection of the TMT structure.

Key words: top management team heterogeneity, government subsidies, technological innovation, agriculture-related listed enterprises

中图分类号:

S-9
F306

张恒瑞, 黄天柱. 高管团队异质性对中国涉农上市企业技术创新的影响[J]. 浙江农业学报, 2021, 33(7): 1339-1346.

ZHANG Hengrui, HUANG Tianzhu. Influence of top management team heterogeneity on technological innovation of China’s agriculture-related listed enterprises[J]. Acta Agriculturae Zhejiangensis, 2021, 33(7): 1339-1346.

图/表 5

参考文献 17

[1]	HAMBRICK D C, MASON P A. Upper echelons: the organization as a reflection of its top managers[J]. Academy of Management Review, 1984, 9(2):193-206. DOI URL
[2]	何瑛, 于文蕾, 戴逸驰, 等. 高管职业经历与企业创新[J]. 管理世界, 2019, 35(11):174-192.
	HE Y, YU W L, DAI Y C, et al. Career experience of executives and enterprise innovation[J]. Management World, 2019, 35(11):174-192.(in Chinese)
[3]	柯江林, 孙健敏, 张必武. 我国上市公司高管团队成员的离职原因: 基于人口特征差距的解释及经验研究[J]. 经济管理, 2006, 28(23):55-60.
	KE J L, SUN J M, ZHANG B W. Reasons for the resignment of top management team members in China’s listed companies: explanation based on population characteristics gap and empirical research[J]. Economic Management, 2006, 28(23):55-60.(in Chinese)
[4]	TALKE K, SALOMO S, KOCK A. Top management team diversity and strategic innovation orientation: the relationship and consequences for innovativeness and performance[J]. Journal of Product Innovation Management, 2011, 28(6):819-832. DOI URL
[5]	郭天娇, 邹国庆. 高管团队异质性、惯例更新与商业模式创新: 有调节的中介效应模型[J]. 商业研究, 2020(7):8-14.
	GUO T J, ZOU G Q. TMT heterogeneity, routine updating and business model innovation: a moderated mediation model[J]. Commercial Research, 2020(7):8-14.(in Chinese)
[6]	CAMELO C, FERNÁNDEZ-ALLES M, HERNÁNDEZ A B. Strategic consensus, top management teams, and innovation performance[J]. International Journal of Manpower, 2010, 31(6):678-695. DOI URL
[7]	CAMELO-ORDAZ C, GARCÍA-CRUZ J, SOUSA-GINEL E. The influence of top management team conflict on firm innovativeness[J]. Group Decision and Negotiation, 2015, 24(6):957-980. DOI URL
[8]	熊艾伦, 王子娟, 张勇, 等. 性别异质性与企业决策: 文化视角下的对比研究[J]. 管理世界, 2018, 34(6):127-139.
	XIONG A L, WANG Z J, ZHANG Y, et al. Gender heterogeneity and corporate decision:a comparative study from cultural perspectives[J]. Management World, 2018, 34(6):127-139.(in Chinese with English abstract)
[9]	王曦若, 迟巍. 高管团队人力资本异质性与企业创新投入的关系: 高管团队地位不平等的调节作用[J]. 技术经济, 2018, 37(8):35-42.
	WANG X R, CHI W. Relationship between human capital heterogeneity of top management team and firm’s innovation input: moderating effect of status inequality among executives[J]. Technology Economics, 2018, 37(8):35-42.(in Chinese with English abstract)
[10]	彭红星, 毛新述. 政府创新补贴、公司高管背景与研发投入: 来自我国高科技行业的经验证据[J]. 财贸经济, 2017, 38(3):147-161.
	PENG H X, MAO X S. Government subsidies for innovation, company executives background and R&D investment: evidence from the high-tech industry[J]. Finance & Trade Economics, 2017, 38(3):147-161.(in Chinese with English abstract)
[11]	孙秀丽, 赵曙明, 白晓明. 制度支持、高管团队冒险倾向与公司创业关系研究[J]. 科研管理, 2018, 39(12):123-130.
	SUN X L, ZHAO S M, BAI X M. Relationship among institutional support, top management team risk propensity and corporate entrepreneurship[J]. Science Research Management, 2018, 39(12):123-130.(in Chinese with English abstract)
[12]	唐跃军, 左晶晶, 李汇东. 制度环境变迁对公司慈善行为的影响机制研究[J]. 经济研究, 2014, 49(2):61-73.
	TANG Y J, ZUO J J, LI H D. The impact of institutional environment transition on corporate philanthropic behavior[J]. Economic Research Journal, 2014, 49(2):61-73.(in Chinese with English abstract)
[13]	毛其淋, 许家云. 政府补贴、异质性与企业风险承担[J]. 经济学(季刊), 2016, 15(4):1533-1562.
	MAO Q L, XU J Y. Government subsidy, heterogeneity and corporate risk-taking[J]. China Economic Quarterly, 2016, 15(4):1533-1562.(in Chinese with English abstract)
[14]	谢玲红, 毛世平. 中国涉农企业科技创新现状、影响因素与对策[J]. 农业经济问题, 2016, 37(5):87-96.
	XIE L H, MAO S P. Resent situation, influencing factors and countermeasures of scientific and technological innovation in agricultural enterprises in China[J]. Issues in Agricultural Economy, 2016, 37(5):87-96.(in Chinese)
[15]	喻登科, 严红玲. 技术创新与商业模式创新二元耦合组织成长路径: 华为30年发展历程研究[J]. 科技进步与对策, 2019, 36(23):85-94.
	YU D K, YAN H L. Corporate growth path based on dual coupling of technological innovation and business model innovation: analysis of Huawei’s thirty-year experience[J]. Science & Technology Progress and Policy, 2019, 36(23):85-94.(in Chinese with English abstract)
[16]	BLAU P M. Inequality and heterogeneity[M]. New York: Free Press, 1977.
[17]	方杰, 温忠麟, 梁东梅, 等. 基于多元回归的调节效应分析[J]. 心理科学, 2015, 38(3):715-720.
	FANG J, WEN Z L, LIANG D M, et al. Moderation effect analyses based on multiple linear regression[J]. Journal of Psychological Science, 2015, 38(3):715-720.(in Chinese with English abstract)

变量类型 Variable type	变量 Variable	符号 Symbol	衡量指标 Measurement
因变量 Dependent variable	技术创新 Technological innovation	R&D	研发支出与企业主营业务收入之比 Ratio of R&D expenditure to main business income
自变量 Independent variable	年龄异质性 Age heterogeneity	Hage	高管团队成员年龄大小的Herfindahl系数 Herfindahl coefficient of age of TMT members
	任期异质性 Tenure heterogeneity	Htenu	高管团队成员任职时长的Herfindahl系数 Herfindahl coefficient of service tenure of TMT members
	职业异质性 Occupation heterogeneity	Hfum	高管团队成员职业背景的Herfindahl系数 Herfindahl coefficient of career background of TMT members
	学历异质性 Educational background heterogeneity	Hdeg	高管团队成员受教育程度的Herfindahl系数 Herfindahl coefficient of education level of TMT members
调节变量 Regulatory variable	政府补贴 Government subsidies	Gov	政府补贴的自然对数 Natural logarithm of government subsidies
控制变量 Control variable	团队规模 Team size	Tsize	高管团队成员人数 Number of TMT members
	企业规模 Enterprise scale	Size	企业年末总资产的自然对数 Natural logarithm of total assets at the end of the year
	平均任期 Average tenure	Mtenu	高管团队成员任职时间均值 Average service tenure of TMT members
	平均年龄 Average age	Mage	高管团队成员年龄均值 Average age of TMT members
	平均学历 Average education	Mdeg	高管团队成员受教育程度均值 Average education level of TMT members
	财务杠杆 Financial leverage	Def	普通股每股收益变动率/息税前利润变动率 Change rate of earnings per share of common stock/change rate of profit before interest and tax
	上市时间 Time to market	Cage	当期年份-上市时间 Current year-time to market
	资产收益率 Return on assets	Roe	资产收益率=净利润/平均资产总额 Return on assets=net profit/average total assets
	行业因素 Industry factor	Ind	虚拟行业 Virtual industry
	年份因素 Year factor	Year	虚拟年份 Virtual year

变量类型 Variable type	变量 Variable	符号 Symbol	衡量指标 Measurement
因变量 Dependent variable	技术创新 Technological innovation	R&D	研发支出与企业主营业务收入之比 Ratio of R&D expenditure to main business income
自变量 Independent variable	年龄异质性 Age heterogeneity	Hage	高管团队成员年龄大小的Herfindahl系数 Herfindahl coefficient of age of TMT members
	任期异质性 Tenure heterogeneity	Htenu	高管团队成员任职时长的Herfindahl系数 Herfindahl coefficient of service tenure of TMT members
	职业异质性 Occupation heterogeneity	Hfum	高管团队成员职业背景的Herfindahl系数 Herfindahl coefficient of career background of TMT members
	学历异质性 Educational background heterogeneity	Hdeg	高管团队成员受教育程度的Herfindahl系数 Herfindahl coefficient of education level of TMT members
调节变量 Regulatory variable	政府补贴 Government subsidies	Gov	政府补贴的自然对数 Natural logarithm of government subsidies
控制变量 Control variable	团队规模 Team size	Tsize	高管团队成员人数 Number of TMT members
	企业规模 Enterprise scale	Size	企业年末总资产的自然对数 Natural logarithm of total assets at the end of the year
	平均任期 Average tenure	Mtenu	高管团队成员任职时间均值 Average service tenure of TMT members
	平均年龄 Average age	Mage	高管团队成员年龄均值 Average age of TMT members
	平均学历 Average education	Mdeg	高管团队成员受教育程度均值 Average education level of TMT members
	财务杠杆 Financial leverage	Def	普通股每股收益变动率/息税前利润变动率 Change rate of earnings per share of common stock/change rate of profit before interest and tax
	上市时间 Time to market	Cage	当期年份-上市时间 Current year-time to market
	资产收益率 Return on assets	Roe	资产收益率=净利润/平均资产总额 Return on assets=net profit/average total assets
	行业因素 Industry factor	Ind	虚拟行业 Virtual industry
	年份因素 Year factor	Year	虚拟年份 Virtual year

指标Index	R&D	Hage	Htenu	Hfum	Hdeg	Tsize	Size	Mtenu	Mage	Mdeg	Def	Cage	Roe
平均值Mean	0.129	0.657	0.550	0.248	0.413	7.318	22.30	2.671	48.41	2.183	1.240	20.74	0.068
标准差SD	0.138	0.201	0.334	0.190	0.195	2.541	0.996	0.515	3.120	0.363	0.489	4.503	0.115

指标Index	R&D	Hage	Htenu	Hfum	Hdeg	Tsize	Size	Mtenu	Mage	Mdeg	Def	Cage	Roe
平均值Mean	0.129	0.657	0.550	0.248	0.413	7.318	22.30	2.671	48.41	2.183	1.240	20.74	0.068
标准差SD	0.138	0.201	0.334	0.190	0.195	2.541	0.996	0.515	3.120	0.363	0.489	4.503	0.115

指标Index	R&D	Hage	Htenu	Hfum	Hdeg	Tsize	Size	Mtenu	Mage	Mdeg	Def	Cage
Hage	0.020^*
Htenu	0.139^**	-0.153
Hfum	0.127^**	-0.008	-0.122
Hdeg	0.116^**	0.071	-0.038	0.083
Tsize	0.118^**	0.061	0.036	0.266	0.068
Size	-0.178^***	-0.063	0.112	0.103	-0.169	0.248
Mtenu	0.125^**	-0.091	0.394	0.159	0.001	-0.106	0.116
Mage	-0.102^*	-0.200	0.138	0.202	-0.015	0.143	0.253	0.229
Mdeg	-0.015	0.044	0.080	0.085	-0.097	-0.017	0.360	0.172	0.048
Def	-0.019	0.119	0.012	-0.008	0.102	0.130	-0.029	-0.041	-0.064	-0.009
Cage	-0.164^***	-0.213	0.319	-0.168	-0.203	-0.146	0.132	0.115	0.146	0.038	-0.082
Roe	-0.032	-0.010	-0.116	0.094	-0.111	-0.019	0.268	0.016	0.049	0.098	-0.437	0.001

高管团队异质性对中国涉农上市企业技术创新的影响

Influence of top management team heterogeneity on technological innovation of China’s agriculture-related listed enterprises

RichHTML

PDF (PC)

可视化

摘要/Abstract

引用本文

使用本文

图/表 5

参考文献 17

相关文章 2

编辑推荐

Metrics

本文评价

指标Index	Hage	Htenu	Hfum	Hdeg	Gov	Tsize	Size	Mtenu	Mage	Mdeg	Cage	Roe	Def
VIF	1.17	1.43	1.29	1.11	1.57	1.3	1.48	1.44	1.26	1.22	1.27	1.40	1.34
1/VIF	0.85	0.70	0.78	0.90	0.64	0.77	0.67	0.70	0.79	0.82	0.78	0.72	0.75

变量 Variable	模型1 Model 1	模型2 Model 2	模型3 Model 3
Tsize	0.024^***	0.017^**	0.017^**
Size	-0.077^***	-0.074^***	-0.111^***
Mtenu	0.085^**	0.019^*	0.016^*
Mage	-0.007^*	-0.011^**	-0.010^*
Mdeg	0.066	0.068	0.043
Cage	-0.009^***	-0.011^***	-0.012^***
Roe	0.028	0.062	0.106
Def	-0.054	-0.054	-0.043
Hage	—	-0.103^*	-0.092^*
Htenu	—	0.183^***	-0.947^***
Hfum	—	0.250^***	-3.975^***
Hdeg	—	0.149^*	-0.432
Gov	—	—	-0.124^***
Gov*Hage	—	—	0.003^*
Gov*Htenu	—	—	0.068^***
Gov*Hfum	—	—	0.258^***
Gov*Hdeg	—	—	0.036
Year	—	—	—
Ind	—	—	—
常数项Constant	1.971^***	2.096^***	4.943^***
R²	0.166	0.211	0.260

[1]	许美芳, 黄晓东, 魏家香, 冯戬, 邵迎. 基于专利分析视角的浙江省污水治理技术态势研究[J]. 浙江农业学报, 2018, 30(12): 2121-2128.
[2]	吴刚;颜平;*;柯福艳 . 浙江省发展农业技术创新战略联盟的需求诱因及对策[J]. , 2011, 23(6): 0-1247.