中國高階管理團隊特性變動之研究:以寬裕資源做為調合變數

Abstract

公司治理的議題不管是在實務界或學術界，一直都是熱切被討論和研究的問題。尤其是位屬公司高層的高階管理團隊(TMT)的行為，因同時掌握了制定決策及公司目標的權力，比起基層員工更能對公司的績效帶來顯著且直接的影響，因此如何透過有效監督及組織高階管理團隊以達到更卓越之企業績效來落實企業社會責任便成了許多學者熱切投入及討論之議題。 自Hambrick與Mason自1984年提出高階管理理論以來已逾二十個年頭，自然產生了許多從各種高階管理團隊之面向進行探討的經典學術文章，但令人不免感到遺珠之憾的是過去之文章多從高階管理團隊特性之平均水準或分散水準進行探討，而在現今這個瞬息萬變的競爭市場，卻鮮少學者使用變動之觀點對高階管理團隊進行探討，因此本研究將延續高階管理理論之論點，研究高階管理團隊之團隊大小及年齡之變動對公司績效之影響，並以寬裕資源做為調合變數進行探討。本研究之樣本共收集收集338家中國上市公司，橫跨國泰安資料庫(CSMAR)以及中國統計年報自2003年至2008年之資料，嘗試透過實證的討論和分析，提供給實務界及學術界建設性的結果。 本研究之結果與從過去文獻和理論進行推論所得出之假說大致相同。公司高階管理團隊的大小之變動程度與績效成正比，而年齡離散程度之變動程度則成反比，寬裕資源對團隊大小變動與績效間之主效果無調合效果，但對年齡變動與績效的關係則有加強主效果之作用，此結果亦能在統計上獲得證實。本研究承繼過去高階管理理論之相關研究，嘗試拓展學術上於相關議題的全面性與發展性，希望提供公司在高階管理團隊的遴選及決策上建設性的建議和做法。

Corporate governance has been a popular issue for a long while. The behavior of top management team (TMT) plays a magnificent role in corporate governance because TMT holds the power of strategy design and goal setting and yields essential effect toward firm performance. Therefore, how to manage and supervise the TMT effectively to achieve prominent performance, set goals and execute corporate social responsibility has became an ever emerging topic. It has been over 20 years since Hambrick and Mason proposed the upper echelons theory and developed many classical essays in variety perspectives. Being wondered that even though many perspectives has been discussed (e.g. TMT characteristics average level and diversity level), but the variation concept of TMT is yet examined in such competitive environment. Consequently, the main purpose of this research is to investigate the relationships between TMT demographics and firm’s financial performance with a variation perspective and include slack resource as moderator to examine the moderating effect. This research has collected a set of panel data of 338 listed companies in mainland China and sampled from secondary database (CSMAR) and China statistic yearbook, with a timeframe from 2003 to 2008. The research results is matched mostly with the existed literature: There is positive direct effect between level of TMT’s size variation and firm’s financial performance and level of TMT’s age heterogeneity variation revealed negative relationship instead. The level of slack resource enhanced the negative direct effect between TMT’s age variation level and firm’s financial performance but exhibited insignificance with TMT’s size variation level.