高管团队背景特征对企业投资的影响研究
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浙江财经学院硕士学位论文
I
摘要
在企业发展过程中，资源配置发挥着基础性的作用。资源配置过程可以说是
企业投资过程，故深入理解企业投资的影响因素对企业来说意义深远。以往对企
业投资的研究多从经济学角度，公司治理角度，企业财务角度等进行影响因素的
探索，忽视了作为投资决策人的高层管理者的重要作用。现代企业的经营管理难
以依靠一己之力来完成，而是需要整个高层管理团队的同心协力来完成。而高层
管理团队整个团队的特征由团队成员个体的特征组合而成。本文基于这样一个理
论与现实背景从高层管理团队背景特征角度来研究企业投资，得出企业高层管理
团队背景特征与企业投资间的关系，并对今后企业人力资源配置和企业投资研究
提出政策性建议，这对于企业挑选合适的高层管理者，选择合理的投资水平，实
现企业可持续发展，具有重要的理论和现实意义。
本文以高层梯队理论为基础，以企业投资水平为研究对象，探索企业高层管
理团队各种背景特征与企业投资水平间的关系。本文运用描述性分析，均值分析
中的独立样本 T检验，结构方程模型等统计分析方法，围绕主题内容进行数据收
集分析、模型构建，参数估计，假设检验。主要研究内容与成果如下：
1．本文选择高层管理团队的平均年龄、平均任期、平均教育水平、专业背景、
工作经历、内外部晋升比例、性别比例八个背景特征，结合以往企业投资的研究，
引入企业规模、管理者持股、企业成长性、现金流四个影响企业投资水平的控制
变量，构建结构方程模型。
2．本文首先对数据进行描述性分析，揭示企业高层管理团队和企业投资的现
状。其次通过均值分析，对两种不同控股类型企业进行比较，研究发现国有控股
企业与非国有控股企业在很多方面存在差异，少部分方面没有差异。在高层管理
团队背景特征的团队规模、平均年龄、专业背景、内外部晋升、教育水平和性别
比例方面和固定投资水平、新增资本性投资水平方面存在差异；在高层管理团队
工作经历、平均任期和总投资水平上是没有差别的。
3．通过结构方程模型分析，本文提出十四个假设，七个得到验证。研究发现
高层管理团队的平均年龄、平均任期、平均教育水平、从企业内部晋升的管理者
比例、男性高层管理者比例、高层管理者持股水平、企业规模与企业投资水平负
相关。这七个结果验证了原假设。科学工程类专业背景的管理者比例与企业投资
水平负相关、现金流水平与企业投资水平正相关的结论与原假设相反。研究还发
现企业规模不仅通过现金流对企业投资水平产生影响，而且还会直接对企业投资
水平产生影响的新结论，同时间接了证明现金流的中介作用。此外，高层管理团
浙江财经学院硕士学位论文
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队工作经历与企业成长性由于未通过验证性因子分析，而没有最终进入模型，故
其与企业投资水平的假设未得到验证。
本文主要的创新在于（1）八个特征变量使得研究内容更加全面，运用结构方
程模型这一统计分析方法，而不是简单的回归分析，为今后的研究提供多重而非
单一影响机制的研究范式。（2）从高层管理团队背景特征的视角来研究上市企业
投资决策行为，为上市企业投资决策行为研究提供新的分析视角。此外，扩展了
高层梯队理论的应用范围。（3）通过本研究，可以为企业投资的控制管理提供新
的视角，即从管理者这一源头进行企业合理的投资水平决策，提高投资效率。
关键词：高层管理团队；企业投资；高层梯队理论；结构方程模型
浙江财经学院硕士学位论文
III
ABSTRACT
In the process of corporate development, resource allocation plays a fundamental
role. Resource allocation process can be regarded as the process of corporate investment,
so understanding the impact of factors on corporate investment is meaningful. Previous
research on corporate investment are much more from the economic point of view, the
corporate governance point of view, corporate financial point of view, but all of view
ignore the important role of senior managers as an investment decision makers. Modern
enterprise management is difficult to rely on the power of one’s own to complete. It
requires the concerted efforts of the entire senior management team to complete. The
characteristics of the entire team are the combination of individual characteristics.
Based on this theoretical and practical background, from the perspective of the senior
management team, we study the relation between them and draw up some conclusion
and give some recommendations for corporate to invest in human resources policy,
which have great theoretical and practical significance for the selection of suitable
high-level corporate managers, choose the right level of investment to achieve
sustainable development.
This paper, based on the upper echelon theory, study the influence of backgrounds
of top management team on corporate investment. In this paper, descriptive analysis, the
mean value of the independent samples T test methods, structural equation modeling
and other statistical methods, data collection around the theme of the content, modeling,
parameter estimation, hypothesis testing. The main content and conclusions are as
follows:
1. Eight characteristics are choose in thin paper, the average age, average tenure,
the average level of education, professional background, work experience, the
proportion of internal or external, the sex ratio of man. The eight background
characteristics and corporate investment, combined with firm size, managerial
ownership, the growth of corporate, cash flow construct structural equation models.
2. This paper analyses all the data to reveal the stature of top management team
and corporate investment. Second, compare two different types of enterprises controller.
The research found the state-owned holding enterprises and non state-owned holding
enterprises differ in many respects, there was no difference in a few aspects. In the
background characteristics of top management team, team size, average age,
浙江财经学院硕士学位论文
IV
professional background, internal and external promotion, education, and gender aspects
and the level of fixed investment, new capital investment levels are different, work
experience in the top management team, the average tenure and The total investment
level is not different.
3. Through structural equation modeling, this paper presents a fourteen hypothesis,
seven of which are verified. Study found the average age of the top management team,
the average tenure, the average level of education, the rate of managers promoted from
inner, the ratio of male managers, scientific manager of engineering background ratio,
high level of managerial ownership, firm size negatively correlated with the level of
corporate investment, the level of cash flow are positively influence the level of
corporate investment. The study also found that the scale of enterprises not only through
cash flow impact on the level of corporate investment, but also impact directly on
corporate investment ,which is a new conclusion and indirectly proved the intermediary
role of cash flow. Experienced management team and the growth of corporate did not
pass the confirmatory factor analysis and eventually not enter the model, so the
assumptions related with them have not been verified.
In this paper, the main innovation is (1) the eight characteristics make the content
more comprehensive. The way of using structural equation model provide the multiple
mechanism rather than a single paradigm such as regression for future study. (2) the
perspective of top management team’s background to study the corporate investment
decision-making behavior to listed companies, provide a new analytical perspective. In
addition, the expanded range of upper echelon theory. (3) Through this study, provide a
new approach for the control of corporate investment, which is to control from
beginning-managers.
Keywords: Top-management team; corporate investment; upper echelons; structural
equation modeling
浙江财经学院硕士学位论文
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目录
第1章 绪论 ...................................................................................................................1
1.1 研究背景与研究目的 ........................................................................................1
1.2 研究内容、框架与方法 ....................................................................................2
1.3 研究意义 ............................................................................................................4
1.4 可能的创新点 ....................................................................................................5
第2章 研究理论与文献回顾 .......................................................................................6
2.1 高层管理团队背景特征对企业投资行为影响的理论基础 ............................6
2.2 高层管理团队背景特征相关文献回顾与评述 ................................................8
2.3 企业投资相关理论文献回顾与评述 ..............................................................13
2.4 高层管理团队和企业投资研究总评述 ..........................................................19
第3章 高管团队对企业投资影响的研究设计 .........................................................21
3.1 高层管理团队与企业投资的概念和研究变量界定 ......................................21
3.2 高管团队对企业投资影响的研究假设 ..........................................................26
3.3 高管团队对企业投资影响的研究模型 ..........................................................29
3.4 高管团队与企业投资的样本筛选与数据来源 ..............................................30
3.5 数据分析方法简介 ..........................................................................................31
第4章 高管团队对企业投资影响的实证检验 .........................................................34
4.1 高管团队与企业投资描述性统计分析 ..........................................................34
4.2 国有企业与非国有企业差异性分析 ..............................................................38
4.3 研究变量验证性因子分析 ..............................................................................41
4.4 高管团队对企业投资影响的模型分析与结果讨论 ......................................45
第5章 研究结论与展望 .............................................................................................51
5.1 研究结论与对策建议 ......................................................................................51
5.2 研究局限与研究展望 ......................................................................................54
参考文献 .......................................................................................................................56
附录 硕士在读期间发表的学术论文 .........................................................................63
致谢 ...............................................................................................................................64
摘要：
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浙江财经学院硕士学位论文I摘要在企业发展过程中，资源配置发挥着基础性的作用。资源配置过程可以说是企业投资过程，故深入理解企业投资的影响因素对企业来说意义深远。以往对企业投资的研究多从经济学角度，公司治理角度，企业财务角度等进行影响因素的探索，忽视了作为投资决策人的高层管理者的重要作用。现代企业的经营管理难以依靠一己之力来完成，而是需要整个高层管理团队的同心协力来完成。而高层管理团队整个团队的特征由团队成员个体的特征组合而成。本文基于这样一个理论与现实背景从高层管理团队背景特征角度来研究企业投资，得出企业高层管理团队背景特征与企业投资间的关系，并对今后企业人力资源配置和企业投资研究提出政策性建议...
作者：李佳
分类：高等教育资料
价格：150积分
属性：70 页
大小：939.46KB
格式：PDF
时间：2024-09-20
