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论文编号：	1378
作者编号：	2005014
上传时间：	2010/4/28 17:01:47
中文题目：	高层管理团队特征对多元化
英文题目：	Diversification Strategy Top Management Team TMT Demography
指导老师：	薛有志
中文关键字：	多元化战略 高层管理团队（TMT） TMT人口统计特征
英文关键字：	Diversification Strategy Top Management Team TMT Demography
中文摘要：	伴随着一个世纪的并购浪潮，美国企业多元化战略历经了横向一体化、垂直一体化、混合多元化和相关多元化、归核化的演变历史，多元化战略的实施确实为诸如通用电器等国际著名多元化企业规模经济、范围经济的实现创造了条件。但由于20世纪70年代过度多元化战略的实施降低了多元化企业的经营业绩，学术界和企业界开始质疑股东代理人——公司经理做出进入非相关行业的决策的动机，并以委托代理理论为基础研究多元化经营和公司治理的关系。在委托代理理论的视角下，高管人员被看作是怀有自利倾向的机会主义行动者，管理者个人为了提高个人声誉和职业报酬、降低职业风险和人力资本风险而选择进入其他非相关行业，因此公司治理的重要作用就是抑制管理者的个人私利行为以降低企业多元化水平。尽管国内外学者已经证明企业内部存在着委托代理问题，而且研究结果也支持多元化战略会导致“多元化折扣”，但同样有研究结果证实多元化战略的实施可以为企业带来战略“溢出”，内部资本市场的有效性可以为企业带来战略收益。因此如何看待企业多元化的战略选择问题便成为人们关注的焦点。 1984年Hambrick和Mason提出的高阶梯队理论认为企业的战略选择是整个高层管理团队特征相互作用的结果，组织的战略决策和绩效是高层管理团队特征的反映。因此从高管团队特征角度重新审视企业多元化战略选择的动机为人们重新认识多元化战略选择提供了新的视角，随之而来的实证研究结果也证明了在英美等发达国家中，高管团队特征影响了企业的多元化战略选择。 由于中国正处于经济转轨时期，制度环境和市场环境与英美等发达国家存在较大差异，高阶梯队理论能否解释中国特殊社会文化背景下的企业多元化战略选择问题，即能否为人们重新认识多元化战略的动机提供新的视角成为本研究关注的焦点。因此，本研究试图揭示在中国特殊的政治、经济和文化背景下，企业高层管理团队与公司战略选择之间的关系：（1）高层管理团队的人口统计特征对多元化战略选择的影响；（2）高层管理团队异质性对多元化战略选择的影响。 本研究主要采用文献研究和实证研究等方法，选取我国沪市制造业107家上市公司作为研究样本，研究结果如下： （1）高层管理团队的规模、平均年龄和团队任期异质性与企业多元化程度显著正相关。即高管团队规模、平均年龄和团队任期异质性越大，企业越倾向实施多元化战略。 （2）高层管理团队年龄质性对企业多元化水平的提高起部分抑制作用，高管团队平均组织任期、组织任期异质性、团队平均教育水平、教育水平异质性和平均团队任期对企业多元化水平的提高起到一定的促进作用。 上述研究结果从某种程度上表明，企业多元化战略的选择是高层管理团队特征自然演化的一种必然结果，是高层管理团队人口统计特征和团队异质性共同作用的结果，而且社会资本在推动企业选择多元化战略的过程中起着重要的促进作用。
英文摘要：	Following the mergers and acquisition for more than one century, the corporate diversification strategy has experienced horizontal integration, vertical integration, mixed diversification and related diversification and refocusing stages. Implementing the diversification strategy indeed benefit a lot of famous companies such as GE by facilitating scale economy and scope economy. But to much unrelated diversification weaken firm’s value and economic performance, so the business and academic circles began to question the manager’s motive to enter the unrelated industry, and started to study the relationship between diversification operation and corporate governance in the agency theory perspective. In light of agency theory, the managers are viewed as operator with the opportunism to benefit personal prestige, professional wage, and reduce work-related and human capital risks, so they are inclined to enter unrelated industry. Though the home and abroad scholars have proved the existence of agency problem, and some empirical research also supported the conclusion that diversification causes value discount, there are research results that prove diversification will bring strategic advantages by virtue of the efficiency of internal capital market. So the diversification strategy choice becomes the focus of interest. In 1984 the theory Upper Echelons advocated by Hambrick and Mason means firm’s strategic choice is the result of reciprocal action by the whole TMT characteristics. Organization’s strategic choice and performance are the reflection of managerial characteristics, so there will be a new explanation for firm’s motive to diversify. Also following empirical results confirmed the view that TMT characteristics determine firm’s strategic choice in England and America and other developed countries. Because of economy transition in China, there are significant difference in institutional environments and market environments between China and other developed countries such as England and America. Whether the Upper Echelons Theory can explain why firm diversify under special social and cultural environments in China. So whether the theory can provide another perspective to explain firm’s diversification motive. This paper tries to disclose the relationship between TMT characteristics and strategic choice under the special political, economic and cultural context in China: (1) the effect of TMT demography on diversification strategy choice; (2) the effect of TMT heterogeneity on diversification strategy choice. This research mainly uses literature study and empirical research methods choosing 107 listed companies as the research samples, and the author gets the following results: (1) The TMT size, average age and team tenure heterogeneity is significantly negative with diversification degree, it means the TMT size, and average age and team tenure heterogeneity promote firms to diversify. (2) TMT age heterogeneity partly inhibits firms to diversify. While the TMT average team tenure, organization tenure heterogeneity, team average education level, education level heterogeneity and average team tenure partly promote firms to diversify. The results above partly demonstrate that the diversification strategy choice is the natural outcome of TMT characteristics; it is also the result of the interaction between the demography characteristics and team heterogeneity. At the same time, the social capital plays an important role in promoting firms to diversify.
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