高层管理团队特征与公司绩效
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摘要
农业产业化是现代农业发展的方向，龙头企业是推进农业产业化的关键，而涉农上市公司是龙头企业的“龙头”。因此，做大做强涉农上市公司，不论是对于推进农业产业化更好更快发展、促进现代农业建设，还是对于带动农民就业增收都具有十分重要的现实意义。涉农上市公司中的高层管理团队，作为公司战略的制定者，其制定的决策将会事关公司的兴衰，其战略的执行将会决定公司的绩效。而高层管理团队能否制定正确的战略以及其执行力效果如何，某种程度上取决于整个团队的传记性特征。基于上述原因，本文以高层管理团队传记性特征作为视角来研究其对涉农上市公司绩效的影响。
本文选取在深沪两市上市的86家涉农上市公司作为研究对象，样本期间为2004-2010年，将高层管理团队传记性特征变量划分为非异质性特征变量与异质性特征变量，采用非平衡面板数据通过建立计量经济模型进行回归分析。另外，基于中国区域经济发展不平衡的现实情况，在计量经济模型中加入市场化进程指标，通过高层管理团队传记性特征变量与市场化进程指标的交互作用，来研究在不同的市场化进程影响下高层管理团队传记性特征与涉农上市公司绩效的关系。
实证检验结果表明：在中国涉农上市公司中，高层管理团队的非异质性特征变量中平均年龄、性别比例与公司绩效存在显著的正相关关系，政治关联及其与市场化指数的交互变量对公司绩效均存在显著的负相关关系；异质性特征变量中受教育水平异质性及其与市场化指数的交互变量与公司绩效均存在极显著的正相关关系。而其余的变量，如平均受教育水平、平均任期、平均年龄与市场化指数的交互变量、任期异质性、年龄异质性及其与市场化指数的交互变量并没有通过显著性检验。鉴于样本公司所处地区市场化进程的相似性以及所处行业市场化进程水平较低的现状，市场化进程指标在此虽对高层管理团队部分传记性特征变量（非异质性特征变量中的平均年龄、政治关联，异质性特征变量中的年龄异质性、受教育水平异质性）与公司绩效的影响有一定的削减作用，但作用并不明显。但这在一定程度上也反映了我国市场化改革的有效性。
最后，基于中国市场经济发展现状以及涉农行业的特点对各检验结果进行了讨论，并根据研究结果就有关涉农上市公司高层管理团队的构建问题提出了针对性建议，为其提高经营绩效、优化公司治理结构、实现公司价值最大化提供决策依据。
Agricultural industrialization is the direction of the development of modern agriculture; the leadingenterprise is the key to promote the industrialization of agriculture, while agricultural Listed Companiesare the leading of the leading enterprises. Therefore, it is a very important practical significance whetherfor promoting agricultural industrialization and rapid development, and modern agriculturalconstruction, or for increasing peasants' employment and income to make agriculture-related listedcompanies bigger and stronger. Top management team in the agriculture-related listed companies is theformulation of corporate strategy, whose decision-making will influent the companies' rise and fall, andwhose strategy-implementing will determine the corporate performance. To some extent, it depends onthe demographic characteristics of the entire team whether the top management team makes the rightstrategy and the good effect of its execution or not. For these reasons, this paper makes the demographiccharacteristics of the top management team as a breakthrough to study its impact on the performance ofagriculture-related listed companies.
Take86agriculture-related listed companies listed in Shanghai stock exchange and Shenzhen stockexchange from2004to2010as research samples, this paper divides the demographic characteristics ofthe top management team variables into non-heterogeneity variables and heterogeneity variables, andmakes regression analysis of unbalanced panel data through the creation of econometric models. Inaddition, based on the realities of the regional imbalance of economic development in China, theindicator of market-oriented process is added into the econometric models to study the relationshipbetween the demographic characteristics of top management team and the performance ofagriculture-related listed companies under the influence of the indicator of market-oriented processthrough the interaction of the demographic characteristics variables and the market-oriented processindicator.
Empirical test results show that: in China's agriculture-related listed companies, there is asignificant positive correlation between the average age and the sex ratio of the top management teamnon-heterogeneity variables and corporate performances. And there is a significant negative correlationbetween the interaction variable of political association and market index and corporate performances.There is a very significant positive correlation between educational level heterogeneity and itsinteraction variable with the market index and corporate performances. While the remaining variables,such as the average level of education, the average tenure, the interaction of the average age and themarket index variable, the interaction variable of age heterogeneity and market index did not pass asignificant test. Given the similarity of the sample companies and their locations, the process ofmarketization and the lower the level of the industries in which the process of marketization of thestatus quo, the indicator of the market-oriented process in this part make a little reduction to therelationship between part of demographic characteristics,(such as average age, political association, ageheterogeneity and the heterogeneity of education level) and corporate performances and, but the effect isnot obvious. But this also reflects, to some extent, the effectiveness of market-oriented reforms inChina.
Finally, discussion is made on the test results based on the characteristics of China's marketeconomy development as well as agriculture-related industries and recommendations are put forward onthe problem related to build the top management team in agricultural listed companies to provide thebasis for decision making on improving the operational performance, optimizing the corporategovernance structure and maximizing the value of the companies.
本文选取在深沪两市上市的86家涉农上市公司作为研究对象，样本期间为2004-2010年，将高层管理团队传记性特征变量划分为非异质性特征变量与异质性特征变量，采用非平衡面板数据通过建立计量经济模型进行回归分析。另外，基于中国区域经济发展不平衡的现实情况，在计量经济模型中加入市场化进程指标，通过高层管理团队传记性特征变量与市场化进程指标的交互作用，来研究在不同的市场化进程影响下高层管理团队传记性特征与涉农上市公司绩效的关系。
实证检验结果表明：在中国涉农上市公司中，高层管理团队的非异质性特征变量中平均年龄、性别比例与公司绩效存在显著的正相关关系，政治关联及其与市场化指数的交互变量对公司绩效均存在显著的负相关关系；异质性特征变量中受教育水平异质性及其与市场化指数的交互变量与公司绩效均存在极显著的正相关关系。而其余的变量，如平均受教育水平、平均任期、平均年龄与市场化指数的交互变量、任期异质性、年龄异质性及其与市场化指数的交互变量并没有通过显著性检验。鉴于样本公司所处地区市场化进程的相似性以及所处行业市场化进程水平较低的现状，市场化进程指标在此虽对高层管理团队部分传记性特征变量（非异质性特征变量中的平均年龄、政治关联，异质性特征变量中的年龄异质性、受教育水平异质性）与公司绩效的影响有一定的削减作用，但作用并不明显。但这在一定程度上也反映了我国市场化改革的有效性。
最后，基于中国市场经济发展现状以及涉农行业的特点对各检验结果进行了讨论，并根据研究结果就有关涉农上市公司高层管理团队的构建问题提出了针对性建议，为其提高经营绩效、优化公司治理结构、实现公司价值最大化提供决策依据。
Agricultural industrialization is the direction of the development of modern agriculture; the leadingenterprise is the key to promote the industrialization of agriculture, while agricultural Listed Companiesare the leading of the leading enterprises. Therefore, it is a very important practical significance whetherfor promoting agricultural industrialization and rapid development, and modern agriculturalconstruction, or for increasing peasants' employment and income to make agriculture-related listedcompanies bigger and stronger. Top management team in the agriculture-related listed companies is theformulation of corporate strategy, whose decision-making will influent the companies' rise and fall, andwhose strategy-implementing will determine the corporate performance. To some extent, it depends onthe demographic characteristics of the entire team whether the top management team makes the rightstrategy and the good effect of its execution or not. For these reasons, this paper makes the demographiccharacteristics of the top management team as a breakthrough to study its impact on the performance ofagriculture-related listed companies.
Take86agriculture-related listed companies listed in Shanghai stock exchange and Shenzhen stockexchange from2004to2010as research samples, this paper divides the demographic characteristics ofthe top management team variables into non-heterogeneity variables and heterogeneity variables, andmakes regression analysis of unbalanced panel data through the creation of econometric models. Inaddition, based on the realities of the regional imbalance of economic development in China, theindicator of market-oriented process is added into the econometric models to study the relationshipbetween the demographic characteristics of top management team and the performance ofagriculture-related listed companies under the influence of the indicator of market-oriented processthrough the interaction of the demographic characteristics variables and the market-oriented processindicator.
Empirical test results show that: in China's agriculture-related listed companies, there is asignificant positive correlation between the average age and the sex ratio of the top management teamnon-heterogeneity variables and corporate performances. And there is a significant negative correlationbetween the interaction variable of political association and market index and corporate performances.There is a very significant positive correlation between educational level heterogeneity and itsinteraction variable with the market index and corporate performances. While the remaining variables,such as the average level of education, the average tenure, the interaction of the average age and themarket index variable, the interaction variable of age heterogeneity and market index did not pass asignificant test. Given the similarity of the sample companies and their locations, the process ofmarketization and the lower the level of the industries in which the process of marketization of thestatus quo, the indicator of the market-oriented process in this part make a little reduction to therelationship between part of demographic characteristics,(such as average age, political association, ageheterogeneity and the heterogeneity of education level) and corporate performances and, but the effect isnot obvious. But this also reflects, to some extent, the effectiveness of market-oriented reforms inChina.
Finally, discussion is made on the test results based on the characteristics of China's marketeconomy development as well as agriculture-related industries and recommendations are put forward onthe problem related to build the top management team in agricultural listed companies to provide thebasis for decision making on improving the operational performance, optimizing the corporategovernance structure and maximizing the value of the companies.
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