胡志亮,郑明贵,尤碧莹

• 1:江西理工大学经济管理学院

摘要(Abstract)：

人才是第一资源，也是提高全要素生产率的重要因素，企业作为微观经济实体，是提高全要素生产率的关键来源。本文选取中国沪深A股上市非金融、非ST企业高管人才的履历作为研究样本，将其定义为内部晋级、半路出道和外部引进三大类，运用多元回归分析方法检验该三类高管人才选拔观对全要素生产率的影响。研究发现：重视半路出道和外部引进高管人才选拔观会降低全要素生产率，而重视内部晋级高管人才选拔观会提高全要素生产率。机制分析表明：重视内部晋级高管人才选拔观有利于企业嫁接市场资源，提升商业信用；而重视半路出道和外部引进高管人才选拔观不利于提升商业信用，同时商业信用有利于提高全要素生产率。进一步研究发现：倾向于内部晋升高管人才选拔观的企业会赋予更高的短期绩效下降“容忍度”,更注重长期绩效。此外，在非国有企业中半路出道高管人才选拔观产生了与内部晋级高管人才选拔观相同的作用，为外部引进方式选拔高管人才找到了替代渠道。本研究揭示了高管人才选拔观与全要素生产率的内在机理，该结论为企业选择何类人才以破解经济增长质量难题提供了经验证据，同时对我国实施创新驱动发展战略和人才强国战略具有一定的启示意义。

关键词(KeyWords)： 内部晋级;半路出道;外部引进;全要素生产率;商业信用

Abstract:

Keywords:

基金项目(Foundation): 国家社会科学基金重点项目(18AGL002);; 国家自然科学基金重点项目(71631006)的资助

作者(Author): 胡志亮,郑明贵,尤碧莹

参考文献(References)：

• 蔡昉.2013.中国经济增长如何转向全要素生产率驱动型[J].中国社会科学，(1):56-71.Cai F.2013.How can Chinese economy achieve the transition toward total factor productivity growth?[J].Social Sciences in China,(1):56-71.(in Chinese)
• 陈冬，孔墨奇，王红建.2016.投我以桃，报之以李：经济周期与国企避税[J].管理世界，32(5):46-63.Chen D,Kong M Q,Wang H J.2016.Give me a peach,reciprocate a li:The economic cycle and tax avoidance of state-owned enterprises[J].Journal of Management World,32(5):46-63.(in Chinese)
• 陈运森，王玉涛.2010.审计质量、交易成本与商业信用模式[J].审计研究，(6):77-85.Chen Y S,Wang Y T.2010.Audit quality,transaction cost and mode of trade credit[J].Auditing Research,(6):77-85.(in Chinese)
• 樊纲，王小鲁，马光荣.2011.中国市场化进程对经济增长的贡献[J].经济研究，46(9):4-16.Fan G,Wang X L,Ma G R.2011.Contribution of marketization to China's economic growth[J].Economic Research Journal,46(9):4-16.(in Chinese)
• 方军雄.2009.我国上市公司高管的薪酬存在粘性吗?[J].经济研究，44(3):110-124.Fang J X.2009.Is top management compensation of Chinese public companies sticky?[J].Economic Research Journal,44(3):110-124.(in Chinese)
• 郭庆旺，贾俊雪.2005.中国全要素生产率的估算：1979—2004[J].经济研究，40(6):51-60.Guo Q W,Jia J X.2005.Estimating total factor productivity in China[J].Economic Research Journal,40(6):51-60.(in Chinese)
• 黄波，王满.2018.分析师跟踪影响了商业信用融资吗——基于我国上市公司的实证分析[J].山西财经大学学报，40(8):42-55.Huang B,Wang M.2018.Does analyst following affect commercial credit financing—Based on the empirical analysis of listed companies in China[J].Journal of Shanxi University of Finance and Economics,40(8):42-55.(in Chinese)
• 简泽，段永瑞.2012.企业异质性、竞争与全要素生产率的收敛[J].管理世界，28(8):15-29.Jian Z,Duan Y R.2012.Firm heterogeneity,competition and convergence of total factor productivity[J].Journal of Management World,28(8):15-29.(in Chinese)
• 江艇，孙鲲鹏，聂辉华.2018.城市级别、全要素生产率和资源错配[J].管理世界，34(3):38-50,77.Jiang T,Sun K P,Nie H H.2018.Administrative rank,total factor productivity and resource misallocation in Chinese cities[J].Journal of Management World,34(3):38-50,77.(in Chinese)
• 柯江林，张必武，孙健敏.2007.上市公司总经理更换、高管团队重组与企业绩效改进[J].南开管理评论，10(4):104-112.Ke J L,Zhang B W,Sun J M.2007.A study on the listed companies' general manager turnover,top management team recomposition and firm performance improvement[J].Nankai Business Review,10(4):104-112.(in Chinese)
• 孔东民，徐茗丽，孔高文.2017.企业内部薪酬差距与创新[J].经济研究，52(10):144-157.Kong D M,Xu M L,Kong G W.2017.Pay gap and firm innovation in China[J].Economic Research Journal,52(10):144-157.(in Chinese)
• 李双燕，苗进.2020.差异化股权制衡度、行业异质性与全要素生产率——基于混合所有制企业的证据[J].经济管理，42(1):5-24.Li S Y,Miao J.2020.Differentiated equity balance,industry hetergeoneity and total factor productvity:Evidence from mixed owenership enterprises[J].Business and Management Journal,42(1):5-24.(in Chinese)
• 李卫宁，张祎宁.2014.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，22(8):47-55.Li W N,Zhang Y N.2014.Relationship among new CEO's characteristics,TMT adjustment and performance—Empirical study based on ST listed enterprises[J].Chinese Journal of Management Science,22(8):47-55.(in Chinese)
• 黎文靖，岑永嗣，胡玉明.2014.外部薪酬差距激励了高管吗——基于中国上市公司经理人市场与产权性质的经验研究[J].南开管理评论，17(4):24-35.Li W J,Cen Y S,Hu Y M.2014.Does external pay gap encourage top management?An empirical study based on managerial market and ownership type[J].Nankai Business Review,17(4):24-35.(in Chinese)
• 李新春，苏晓华.2001.总经理继任：西方的理论和我国的实践[J].管理世界，17(4):145-152.Li X X,Su X H.2001.The succession to the general manager:The western theory and China's practice[J].Journal of Management World,17(4):145-152.(in Chinese)
• 李旭超，宋敏.2021.僵尸企业债务支付拖欠与民营企业全要素生产率[J].世界经济，44(11):49-74.Li X C,Song M.2021.Delayed payments and TFP of private firms in China[J].The Journal of World Economy,44(11):49-74.(in Chinese)
• 刘鑫.2020.外来的和尚念新经?CEO外部继任对企业创新绩效的影响[J].科技进步与对策，37(9):113-122.Liu X.2020.Does outsider successor initiate innovation?An empirical research on the effect of CEO successor's origin on post-succession corporate innovation[J].Science & Technology Progress and Policy,37(9):113-122.(in Chinese)
• 逯东，余渡，黄丹，等.2020.内部培养与外部空降：谁更能促进企业创新[J].中国工业经济，(10):157-174.Lu D,Yu D,Huang D,et al.2020.Internal training and external hiring:Who can better promote corporate innovation[J].China Industrial Economics,(10):157-174.(in Chinese)
• 鲁晓东，连玉君.2012.中国工业企业全要素生产率估计：1999—2007[J].经济学(季刊),11(2):541-558.Lu X D,Lian Y J.2012.Estimation of total factor productivity of industrial enterprises in China:1999—2007[J].China Economic Quarterly,11(2):541-558.(in Chinese)
• 陆正飞，杨德明.2011.商业信用：替代性融资，还是买方市场?[J].管理世界，27(4):6-14,45.Lu Z F,Yang D M.2011.The commercial credit:Alternative financing or buyers' markets?[J].Journal of Management World,27(4):6-14,45.(in Chinese)
• 孟庆斌，李昕宇，张鹏.2019.员工持股计划能够促进企业创新吗?——基于企业员工视角的经验证据[J].管理世界，35(11):209-228.Meng Q B,Li X Y,Zhang P.2019.Can employee stock ownership plan promote corporate innovation?Empirical evidence from the perspective of employees[J].Journal of Management World,35(11):209-228.(in Chinese)
• 钱雪松，康瑾，唐英伦，等.2018.产业政策、资本配置效率与企业全要素生产率——基于中国2009年十大产业振兴规划自然实验的经验研究[J].中国工业经济，(8):42-59.Qian X S,Kang J,Tang Y L,et al.2018.Industrial policy,efficiency of capital allocation and firm's total factor productivity—Evidence from a natural experiment in China[J].China Industrial Economics,(8):42-59.(in Chinese)
• 饶品贵，徐子慧.2017.经济政策不确定性影响了企业高管变更吗?[J].管理世界，33(1):145-157.Rao P G,Xu Z H.2017.Does economic policy uncertainty affect corporate executive change?[J].Journal of Management World,33(1):145-157.(in Chinese)
• 盛明泉，任侨，王文兵.2021.激励机制错位矫正与企业全要素生产率提升研究[J].管理学报，18(6):843-852.Sheng M Q,Ren Q,Wang W B.2021.Research on the correction of incentive mechanism dislocation and the improvement of enterprise total factor productivity[J].Chinese Journal of Management,18(6):843-852.(in Chinese)
• 宋弘，封进，杨婉彧.2021.社保缴费率下降对企业社保缴费与劳动力雇佣的影响[J].经济研究，56(1):90-104.Song H,Feng J,Yang W Y.2021.The effect of a reduction of the social security contribution rate on enterprise social security participation and labor employment[J].Economic Research Journal,56(1):90-104.(in Chinese)
• 孙鲲鹏，王丹，肖星.2020.互联网信息环境整治与社交媒体的公司治理作用[J].管理世界，36(7):106-132.Sun K P,Wang D,Xiao X.2020.Internet scrutiny and corporate governance effect of social media[J].Journal of Management World,36(7):106-132.(in Chinese)
• 孙晓华，王昀.2014.企业规模对生产率及其差异的影响——来自工业企业微观数据的实证研究[J].中国工业经济，(5):57-69.Sun X H,Wang Y.2014.The influence of firm size on productivity and its difference—Based on the empirical test of industrial firms in China[J].China Industrial Economics,(5):57-69.(in Chinese)
• 王洪盾，岳华，张旭.2019.公司治理结构与公司绩效关系研究——基于企业全要素生产率的视角[J].上海经济研究，(4):17-27.Wang H D,Yue H,Zhang X.2019.Research on the relationship between corporate governance structure and corporate performance—A perspective based on corporate total factor productivity[J].Shanghai Journal of Economics,(4):17-27.(in Chinese)
• 王化成，张修平，侯粲然，等.2017.企业战略差异与权益资本成本——基于经营风险和信息不对称的中介效应研究[J].中国软科学，(9):99-113.Wang H C,Zhang X P,Hou C R,et al.2017.Corporate strategic deviance and the cost of equity capital[J].China Soft Science,(9):99-113.(in Chinese)
• 王书斌.2018.国家扶贫开发政策对工业企业全要素生产率存在溢出效应吗?[J].数量经济技术经济研究，35(3):21-38.Wang S B.2018.Does poverty alleviation and development policy has spillover effect on industrial enterprises' TFP?[J].The Journal of Quantitative & Technical Economics,35(3):21-38.(in Chinese)
• 魏志华，王毅辉，李常青.2009.股权结构、行业竞争性与公司绩效——基于产出效率角度的经验证据[J].上海立信会计学院学报，23(3):60-69.Wei Z H,Wang Y H,Li C Q.2009.Ownership structure,industry competition and firm's performance—An empirical study based on the angle of productivity[J].Journal of Shanghai Lixin University of Commerce,23(3):60-69.(in Chinese)
• 肖文，薛天航.2019.劳动力成本上升、融资约束与企业全要素生产率变动[J].世界经济，42(1):76-94.Xiao W,Xue T H.2019.Rising labour costs,financial constraints and changing TFP of enterprises in China[J].The Journal of World Economy,42(1):76-94.(in Chinese)
• 谢克海.2019.谁上谁下：清晰区分企业人才的“361体系”——基于实践层面的人力资源战略管理决策[J].管理世界，35(4):160-170,188.Xie K H.2019.The “361 system” of clearly distinguishing enterprise talent:Strategic management decision of human resource based on practical level[J].Journal of Management World,35(4):160-170,188.(in Chinese)
• 徐保昌，谢建国.2016.市场分割与企业生产率：来自中国制造业企业的证据[J].世界经济，39(1):95-122.Xu B C,Xie J G.2016.Market segmentation and firm productivity:Evidence from Chinese manufacturing firms[J].The Journal of World Economy,39(1):95-122.(in Chinese)
• 杨亚平，李晶.2014.出口强度、资本密集度对中国出口企业自选择效应和学习效应的影响[J].产经评论，5(1):46-57.Yang Y P,Li J.2014.The impacts of export intensity and capital intensity on self-selection and learning effect of Chinese export firms[J].Industrial Economic Review,5(1):46-57.(in Chinese)
• 姚星，杨孟恺，李雨浓.2019.商业信用能促进中国制造企业创新吗?[J].经济科学，(3):80-92.Yao X,Yang M K,Li Y N.2019.Can commercial credit promote innovation of China's manufacturing firms?[J].Economic Science,(3):80-92.(in Chinese)
• 张红，周黎安，梁建章.2017.内部员工优势——来自企业人事数据的实证证据[J].管理世界，(12):141-157.Zhang H,Zhou L A,Liang J Z.2017.Insider advantage:Empirical evidence from firm's personnel data[J].Journal of Management World,(12):141-157.(in Chinese)
• 张京心，廖子华，谭劲松.2017.民营企业创始人的离任权力交接与企业成长——基于美的集团的案例研究[J].中国工业经济，(10):174-192.Zhang J X,Liao Z H,Tan J S.2017.Power handover of private enterprises and enterprise growth during the founder's departure—A case study of Midea Group Co.,Ltd[J].China Industrial Economics,(10):174-192.(in Chinese)
• 张新民，金瑛，刘思义，等.2021.互动式信息披露与融资环境优化[J].中国软科学，(12):101-113.Zhang X M,Jin Y,Liu S Y,et al.2021.Interactive disclosure and optimization of financing environment[J].China Soft Science,(12):101-113.(in Chinese)
• 郑洁，左翎.2016.地方政府性债务的结构性风险及其治理[J].财经问题研究，(7):77-81.Zheng J,Zuo L.2016.The structural risk of local government debt and its governance[J].Research on Financial and Economic Issues,(7):77-81.(in Chinese)
• 郑军，林钟高，彭琳.2013.高质量的内部控制能增加商业信用融资吗?——基于货币政策变更视角的检验[J].会计研究，(6):62-68.Zheng J,Lin Z G,Peng L.2013.Can higher quality of internal controlIncrease trade credit financing?—Evidence from monetary policy changes[J].Accounting Research,(6):62-68.(in Chinese)
• 郑志刚，梁昕雯，吴新春.2014.经理人产生来源与企业未来绩效改善[J].经济研究，49(4):157-171.Zheng Z G,Liang X W,Wu X C.2014.The source of new CEOs and firm performance—Evidence from CEO rotations in Chinese listed firms[J].Economic Research Journal,49(4):157-171.(in Chinese)
• Aghion P J,Cai M,Dewatripont M,et al.2015.Industrial policy and competition[J].American Economic Journal:Macroeconomics,7(4):1-32.
• Becker G S.1962.Investment in human capital:A theoretical analysis[J].Journal of Political Economy,70(5):9-49.
• Bertrand M,Mullainathan S.1999.Is there discretion in wage setting?A test using takeover legislation[J].The Rand Journal of Economics,30(3):535-554.
• Caggese A,Cuňat V.2013.Financing constraints,firm dynamics,export decisions,and aggregate productivity[J].Review of Economic Dynamics,16(1):177-193.
• Carlson R O.1961.Succession and performance among school superintendents[J].Administrative Science Quarterly,6(2):210-227.
• Chan W.1996.External recruitment versus internal promotion[J].Journal of Labor Economics,14(4):555-570.
• Chen M J,Guariglia A.2013.Internal financial constraints and firm productivity in China:Do liquidity and export behavior make a difference?[J].Journal of Comparative Economics,41(4):1123-1140.
• Chen Y,Fan Z Y,Gu X M,et al.2020.Arrival of young talent:The send-down movement and rural education in China[J].American Economic Review,110(11):3393-3430.
• Chung C N,Luo X R.2013.Leadership succession and firm performance in an emerging economy:Successor origin,relational embeddedness,and legitimacy[J].Strategic Management Journal,34(3):338-357.
• Cull R,Xu L C.2005.Institutions,ownership,and finance:The determinants of profit reinvestment among Chinese firms[J].Journal of Financial Economics,77(1):117-146.
• Cummings T,Knott A M.2018.Outside CEOs and innovation[J].Strategic Management Journal,39(8):2095-2119.
• Daily C M,Certo S T,Dalton D R.2000.International experience in the executive suite:The path to prosperity[J].Strategic Management Journal,21(4):515-523.
• Ederer F,Manso G.2013.Is pay for performance detrimental to innovation?[J].Management Science,59(7):1496-1513.
• Fang V W,Tian X,Tice S.2014.Does stock liquidity enhance or impede firm innovation?[J].The Journal of Finance,69(5):2085-2125.
• Forchini G,Jiang B.2019.The unconditional distributions of the OLS,TSLS and LIML estimators in a simple structural equations model[J].Econometric Reviews,38(2):208-247.
• Ge Y,Qiu J P.2007.Financial development,bank discrimination and trade credit[J].Journal of Banking & Finance,31(2):513-530.
• Georgakakis D,Ruigrok W.2017.CEO succession origin and firm performance:A multilevel study[J].Journal of Management Studies,54(1):58-87.
• Giannetti M,Liao G M,Yu X Y.2015.The brain gain of corporate boards:Evidence from China[J].The Journal of Finance,70(4):1629-1682.
• Greenstone M,List J A,Syverson C.2012.The effects of environmental regulation on the competitiveness of U.S.manufacturing[R].Working Paper 18392,Cambridge:NBER.
• Guiso L,Sapienza P,Zingales L.2015.The value of corporate culture[J].Journal of Financial Economics,117(1):60-76.
• Hambrick D C.2007.Upper echelons theory:An update[J].Academy of Management Review,32(2):334-343.
• Heckman J J.1979.Sample selection bias as a specification error[J].Econometrica,47(1):153-161.
• Hsieh C T,Klenow P J.2009.Misallocation and manufacturing TFP in China and India[J].The Quarterly Journal of Economics,124(4):1403-1448.
• Karaevli A.2007.Performance consequences of new CEO ‘outsiderness’:Moderating effects of pre- and post-succession contexts[J].Strategic Management Journal,28(7):681-706.
• Kogan L,Papanikolaou D,Seru A,et al.2017.Technological innovation,resource allocation,and growth[J].The Quarterly Journal of Economics,132(2):665-712.
• Kumbhakar S C,Denny M,Fuss M.2000.Estimation and decomposition of productivity change when production is not efficient:A paneldata approach[J].Econometric Reviews,19(4):312-320.
• Lazear E P,Oyer P.2004.Internal and external labor markets:A personnel economics approach[J].Labour Economics,11(5):527-554.
• Levinsohn J,Petrin A.2003.Estimating production functions using inputs to control for unobservables[J].The Review of Economic Studies,70(2):317-341.
• Manso G.2011.Motivating innovation[J].The Journal of Finance,66(5):1823-1860.
• Palia D,Lichtenberg F.1999.Managerial ownership and firm performance:A re-examination using productivity measurement[J].Journal of Corporate Finance,5(4):323-339.
• Solow R M.1957.Technical change and the aggregate production function[J].The Review of Economics and Statistics,39(3):312-320.
• Tian X,Wang T Y.2014.Tolerance for failure and corporate innovation[J].The Review of Financial Studies,27(1):211-255.
• Tribó J A.2007.Ownership structure and inventory policy[J].International Journal of Production Economics,108(1/2):213-220.
• Young A.1995.The tyranny of numbers:Confronting the statistical realities of the east Asian growth experience[J].The Quarterly Journal of Economics,110(3):641-680.
• (1)事实上,企业绩效指标与全要素生产率存在密切关系,如Palia and Lichtenberg(1999)证实TobinQ与全要素生产率正相关。魏志华等(2009)认为企业绩效在很大程度上由企业的产出效率所决定,较高的生产效率往往能够带来更好的企业业绩。