“民主集中制”——高管团队教育水平异质性对企业业绩水平的影响研究"Democratic Centralism" ——Research about the Effect of Heterogeneity in the Education Level of Top Management Team on Firm Performance
付超奇,张恒
摘要(Abstract)：
本文研究了高管团队教育水平异质性对企业业绩的影响,以及股权集中度和国有持股比例对高管团队教育水平异质性对企业业绩影响的调节作用。本文发现,高管团队教育水平异质性本身对公司业绩具有消极影响,股权集中度的提升对高管团队教育水平异质性发挥反向的、积极的调节作用,国有持股比例的提升对高管团队教育水平异质性发挥反向的、积极的调节作用;本文同时还发现,高管团队教育水平异质性的提升对股权集中度和国有持股比例都发挥积极的调节作用。根据上述结论,本文总结出了类似"民主集中制"的公司治理规律——即高管团队的多元化程度和决策权的集中程度需要适度平衡,才能发挥对企业绩效最大的促进作用。
关键词(KeyWords)： 高管团队教育水平异质性;企业业绩水平;股权集中度;国有持股比例;民主集中制
基金项目(Foundation): 国家自然科学基金(71272024)的资助
作者(Author): 付超奇,张恒
DOI: 10.16513/j.cnki.cje.2015.03.007
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