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论文编号：	1724
作者编号：	1120060696
上传时间：	2009/6/17 19:52:57
中文题目：	高管团队特征与企业慈善捐赠关系
英文题目：	Top Management Team Characteri
指导老师：	任学锋 教授
中文关键字：	高管团队特征;企业慈善捐赠;冗余
英文关键字：	Top management team characteri
中文摘要：	近年来，作为一种重要的社会责任实现方式，企业慈善捐赠受到了很多学者的关注。他们从不同角度对企业慈善捐赠的动机、影响因素、具体策略等方面进行了理论探讨和实证研究。其中，哪些因素影响了企业慈善捐赠这一问题在实证研究中最为常见。然而，已有的研究却忽视了高管团队在企业慈善捐赠决策中所发挥的重要影响作用，这与高管团队是企业经营理念和重大决策的决定性力量形成了巨大的反差。 本文基于高阶理论视角，利用上市公司数据，通过层级回归分析、调节回归分析和分组回归分析等分析方法，剖析了高管团队特征与企业慈善捐赠之间的关系，检验了高管团队平均年龄、平均任期、平均教育水平、产量导向职能经验、平均薪酬等五个具体特征变量对企业慈善捐赠水平的影响，考察了冗余资源、企业所有制形式这两个权变因素对上述高管团队特征变量与企业慈善捐赠水平关系的影响作用。 通过对理论假设的实证检验，本文的主要结论与发现如下：第一，高阶理论可以应用到企业慈善捐赠的研究领域，高管团队特征是企业慈善捐赠的重要影响因素。年龄是影响高层管理者进行企业慈善捐赠决策的重要影响因素，高管团队的平均年龄与企业慈善捐赠水平正相关；具有产量导向职能经验的高管更关注企业的运营效率问题，更愿意用企业的资源从事各种提高企业运营效率的活动而不愿意进行慈善捐赠；高层管理者的薪酬对企业慈善捐赠决策有重要的影响作用，其薪酬越高，就越愿意用更多的企业资源参与慈善捐赠。 第二，冗余资源的类型和水平对高管团队特征与企业慈善捐赠水平的关系发挥了重要的调节作用。研究发现，可恢复性冗余对高管团队特征与企业慈善捐赠水平的关系发挥了显著的调节作用，可利用冗余则对高管团队特征与企业慈善捐赠水平的关系没有影响。同一类型的冗余资源水平对不同的高管团队特征与企业慈善捐赠的关系产生的调节作用也是不同的：可恢复性冗余对高管团队平均年龄、团队中具有产量导向职能经验高管的比例与企业慈善捐赠水平的关系分别发挥正向调节作用，对团队平均薪酬与企业慈善捐赠水平的关系发挥了负向调节作用。 第三，企业所有制形式在高管团队特征与企业慈善捐赠水平的关系之间发挥了重要的调节作用：在高管团队平均年龄相同的情况下，国有企业比民营企业在企业慈善捐赠方面的支出要多一些；在高管团队所拥有的产量导向职能经验高管所占比例一样的情况下，民营企业比国有企业在企业慈善捐赠方面的支出要少一些；在高管团队平均薪酬相同的情况下，国有企业比民营企业在企业慈善捐赠方面表现得更为慷慨。 第四，国有企业和民营企业在平均年龄、产量导向职能经验以及平均薪酬三个高管团队特征变量与企业慈善捐赠水平关系的差异，实际上是代理问题在企业慈善捐赠领域的具体体现，是由国有企业和民营企业在代理问题上的差异所造成的。企业所有制形式对高管团队特征与企业慈善捐赠关系的调节作用，实际上反映了国有企业在慈善捐赠中代理问题比民营企业严重的基本事实。 本文的创新点主要体现在以下三个方面：一是发现了高管团队特征对企业慈善捐赠的重要影响作用，拓展了高阶理论的应用范围；二是探讨冗余资源纳对高管团队特征与企业慈善捐赠关系作用机制，证实了冗余资源在高层管理者进行慈善捐赠决策时调节作用的存在；三是揭示了企业所有制对高管团队特征与企业慈善捐赠关系的影响机理，发现代理问题是影响高管团队进行企业慈善捐赠的深层次原因。 本文也有一些遗憾与不足，在论文的最后部分指出了这些局限性与未来的研究方向。
英文摘要：	As an important aspect of corporate social responsibility, corporate philanthropy has received the attention from many scholars in recent years. Among studies on the motives, influencing factors and strategies of corporate philanthropy, the determinants of corporate philanthropy are the one that is most often examined in the empirical research. However, the important role of top management team in corporate philanthropy decision-making has been neglected, despite the reality that top management team determines to a large extent the business philosophy and policy-making of a firm. This dissertation, based on the Upper Echelons Perspective, analyzes the relationship between top management team characteristics and corporate philanthropy through secondhand data of listed firms. Regression techniques are used including the hierarchical regression analysis, the moderated regression analysis and split-sample multiple linear regression analysis. This dissertation examines the influence of five top management team characteristics variables on corporate philanthropy level including the average age, average tenure, average education level, the functional experience with throughput orientations and the average salary, as well as inspects two contingency variables of the slack resources and ownership. Based on the theoretical and empirical studies, some conclusions can be reached: First, the Upper Echelons Theory may apply to the research area of corporate philanthropy and top management team characteristics are important determinants of corporate philanthropy. Specifically speaking, age, that is, the average age of top management team, plays an important role in corporate philanthropy decision-making. Executives with higher throughput orientations focus on the efficient transformation of inputs to outputs. They are more willing to use business resources to improve the efficiency of the activities of production rather than for corporate philanthropy. The executive salary also influences corporate philanthropy decision-making: the higher their salary, the more willing they are to participate in corporate philanthropy. Second, the type and the level of slack resources moderate the relationship between top management team characteristics and corporate philanthropy level. This research discovers that recoverable slack significantly moderates the relationship while available slack does not. Moreover, the level of slack resources also moderates the relationship between top management team characteristics and corporate philanthropy: the recoverable slack positively moderates the relationship between the average age of top management team and corporate philanthropy, the relationship between the proportion of top management team members with throughput functions,and negatively moderates the relationship between the average salary of top management team and amount of charitable donation. Third, ownership plays an important role in the relationship between top management team characteristics and corporate philanthropy. With the average age of the top management team being the same, the state-owned enterprises donate more than private enterprises; with the proportion of top management team members with throughput orientation being the same, the private enterprises spend less; and with top the average salary of management team being the same, the state-owned enterprises displays greater generosity in corporate philanthropy. Fourth, the divergence of the state-owned enterprises and the private enterprises in the relationship between the three top management team characteristics including average age, functional experience with throughput orientation, the average salary and the corporate philanthropy results from different agency problems in the state-owned enterprises and the private enterprises. The moderating effect of ownership reflects that agency problems are more serious in state-owned enterprises than in private enterprises. This dissertation makes some tentative theoretical contributionss as follows: Firstly, it discovers that the top management team characteristics are important influencing factors in corporate philanthropy, extending the application scope of upper echelons theory; secondly, the discussion about the moderating effect of slack resources confirms the important role of the slack resources in corporate philanthropy decision-making; thirdly, it explores the mechanism of ownership in philanthropy and discovered agency problems as the underlying factor in top management team philanthropy decision-making. And the final part of the article points out the limitations as well as the future research directions.
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