CEO任期与企业绩效关系的实证研究
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摘要
CEO任期,不仅仅是一个简单的时间现象,而且是一个十分重要的管理问题。对于CEO本人和所在的企业组织来说,CEO任期的价值和作用都比较明显。任期既可以带给CEO积极开放的管理思维、动力十足的学习行为以及由此达致的企业的管理辉煌,也可以让CEO变得盲目自信、顽固保守、思维狭隘,严重脱离企业管理的实际,最终堕落为企业高层权力博弈的出局人。CEO任期对于企业的绩效影响也是如此,带来的既可能是企业与CEO管理能力有效匹配的绩效黄金期,也可能是长任期CEO控制下的二者间矛盾重重的绩效黑暗期。也就是说,CEO任期显著地影响着企业的绩效,任期在其时段分布上的差异,具有明显的企业绩效含义。这是CEO任期与企业绩效的关系问题,成为近些年来企业战略管理领域和高层管理领域的理论热点的根本原因。
但是,就CEO任期与企业绩效之间关系的明确含义,存在着较大的学术争议。CEO任期的长与短,对企业绩效的综合影响,到底是孰优孰劣,相关表述不甚一致。就整体而言,基于高阶管理理论(Upper echelons theory)而展开的CEO任期与企业绩效的关系研究,主要是在西方社会文化背景和规范有序的市场环境中进行的,据此得出的相关理论结论,就不可避免地具有显著的地域特征。立足于社会经济大转型的我国市场背景,进行CEO任期与企业绩效之间关系理论的引进和检验,进而形成吸纳了我国独特背景元素的理论结论,有助于进一步地发展CEO任期与企业绩效的关系理论,有利于拓展理论的适用空间。
关于CEO任期与企业绩效之间的关系问题,学术上的意义自不待言,对于现实的指导性价值也很重要。因为,随着我国市场化进程的开启,在市场化逻辑日益螺旋式上升的历史展开中,CEO任期与企业绩效之间的关系现象开始纷纷出现,CEO任期对于企业绩效的重要性开始凸现。但是,就目前国内对于此类现象的关注来看,大部分仍然停留于一般泛泛而谈的层面,比较规范的实证研究很少。为此,本文在既有文献的基础上,采用问卷调研的形式,通过第一手资料的获取,来展开CEO任期与企业绩效之间关系的实证研究。籍此,希望探明我国CEO任期与企业绩效之间的具体关系形式,发现CEO任期影响企业绩效以至于让CEO自己出局的内在关系机理,为企业具体的管理实践提供操作上的建议。
在吸收和借鉴既有研究成果的基础之上,本文提出了比较全面系统的理论研究模型。首先研究了CEO任期与企业绩效之间的直接关系。基于我国市场化背景的样本数据的检验结论表明,CEO任期与企业绩效之间存在着比较显著的正向关系。对此,本文提出了CEO动态学习能力在CEO任期、企业绩效之间正向关系形成中的重要作用,指出了CEO加强个人学习的重要性。其次,本文试图探寻CEO任期与企业绩效之间关系得以存在的中间转换机制因素,为此,设定和检验了CEO个人变革态度、高层管理团队(TMT)风险倾向和企业战略匹配性等三个中间变量的作用假设。检验结果表明,企业战略匹配性的中介作用相对比较显著和突出。这说明,在我国市场化进程呈现鲜明的阶段性特征和市场化程度越来越高的外部经营环境下,CEO具备适时地企业战略规划的调整、转换能力的重要性。最后,本文检验了来自行业、企业和CEO其他人口统计学特征等变量对于CEO任期与企业绩效之间关系的调节作用。检验结果表明,企业的过往绩效、企业的股权特征、CEO的年龄以及CEO的性别等变量的调节作用相对明显。说明,对于具有本文样本企业特征的中小型企业来说,充分利用既往绩效所积累的有限资源,积极实施企业股权的相对分散化而不是过于集中于CEO或者董事长个人,有利于企业绩效的持续改善。在选任企业的CEO之时,CEO候选人的年轻化是一个基本的趋势,同时,在积极辨识每一个CEO候选人具体特征的基础上,性别上的差异似乎也是关注的重点。
立足于我国不断展开的市场化进程,关于CEO任期与企业绩效之间关系的实证研究,本文只是探索性的开始,在研究方法和理论框架等方面都有待深化和突破。
CEO tenure, not only is an ordinary time phenomenon, but also is an important management matter, which has relatively distinct value for CEO and firm. Tenure can give CEO active management thinking, energetic learning which result in good performance. On the other hand, tenure can make CEO blindly self-confident, stiffly conservative. It could destroy the firm, which would make CEO a failure. In the same way, CEO tenure, can not only make CEO match with the firm, but also give birth to keen-edged conflict for the long-tenured CEO's control. In a word, CEO tenure affects firm performance, whose distribution differences have obvious performance function. This is why the relationship between CEO tenure and firm performance has become academic hotspot for the recent years in the strategy and top-management fields.
There are numerous academic disputes on the affirmatory meaning of the relationship between CEO tenure and firm performance. The scholars can not reach consistency about the viewpoints that the long tenure has positive performance function or not. As a whole, the researches about the relationship between CEO tenure and firm performance have been carried through in the western social and economic context according to the upper echelons theory. It would produce regionally parochialism for the above research conclusions accordingly. But the introduction and validation of the theory for the relationship between CEO tenure and form performance would absorb our country's market characteristic, develop new theory viewpoints and facilitate the theory extension in the our transitional market system.
The research on the relationship between CEO tenure and firm's performance has great practical value besides the theoretic significance, because many phenomena about relationship between CEO tenure and firm's performance have come forth gradually from the market-oriented reform in China. Although the importance of CEO tenure to the firm performance has been recognized, the relevant researches mostly cared for the superficial problems, did not pay attention to the deep-seated mechanism by the quantitative research. This paper promotes normative research by right of questionnaire investigation on the base of the extant literatures. The goal is to prove up the relationship form, to find the mechanism that CEO tenure affects the firm performance which can offer practical advices for corporations in China.
This paper develops a comprehensive theoretical model through the absorption of the present research production. Firstly, the test outcome about the direct relationship between CEO tenure and firm performance indicates that CEO tenure has positive influence on the firm performance significantly. The CEO's dynamic learning ability is brought forward to explain the positive relationship form, which emphasize the linchpin of the dynamic learning ability for the CEOs in transitional period of China. Secondly, this paper tries to find the existence probabilities of the intervening variables that are strategic match between corporation and outside environment, top-management-team risk-taking propensity and CEO's attitude toward change. The research result proves the intervening function for the strategic match between corporation and outside environment; it gives prominence to the strategy planning and strategy adjustment for the CEO. Thirdly, this paper tests the moderating influences from the industry-level variables, organizational-level variables and CEO-level variables. The intervening functions of the firm's past performance, corporation's stock characteristics, CEO age and CEO gender are proved. The above conclusions make clear that the small- and medium-sized enterprises like the surveyed object in this paper, should make the best of the past performance, decentralize not centralize the stock of the enterprise to promote the firm's performance. The younger CEO candidates should be selected as compared with the older. At the same time, the difference of the gender should be think much of after CEO candidates' ability characteristics have been identified.
This paper on the relationship between CEO tenure and firm's performance is only an exploratory start in the transitional context of China. The research methods and theory frame should be deepened and improved in many aspects.
但是,就CEO任期与企业绩效之间关系的明确含义,存在着较大的学术争议。CEO任期的长与短,对企业绩效的综合影响,到底是孰优孰劣,相关表述不甚一致。就整体而言,基于高阶管理理论(Upper echelons theory)而展开的CEO任期与企业绩效的关系研究,主要是在西方社会文化背景和规范有序的市场环境中进行的,据此得出的相关理论结论,就不可避免地具有显著的地域特征。立足于社会经济大转型的我国市场背景,进行CEO任期与企业绩效之间关系理论的引进和检验,进而形成吸纳了我国独特背景元素的理论结论,有助于进一步地发展CEO任期与企业绩效的关系理论,有利于拓展理论的适用空间。
关于CEO任期与企业绩效之间的关系问题,学术上的意义自不待言,对于现实的指导性价值也很重要。因为,随着我国市场化进程的开启,在市场化逻辑日益螺旋式上升的历史展开中,CEO任期与企业绩效之间的关系现象开始纷纷出现,CEO任期对于企业绩效的重要性开始凸现。但是,就目前国内对于此类现象的关注来看,大部分仍然停留于一般泛泛而谈的层面,比较规范的实证研究很少。为此,本文在既有文献的基础上,采用问卷调研的形式,通过第一手资料的获取,来展开CEO任期与企业绩效之间关系的实证研究。籍此,希望探明我国CEO任期与企业绩效之间的具体关系形式,发现CEO任期影响企业绩效以至于让CEO自己出局的内在关系机理,为企业具体的管理实践提供操作上的建议。
在吸收和借鉴既有研究成果的基础之上,本文提出了比较全面系统的理论研究模型。首先研究了CEO任期与企业绩效之间的直接关系。基于我国市场化背景的样本数据的检验结论表明,CEO任期与企业绩效之间存在着比较显著的正向关系。对此,本文提出了CEO动态学习能力在CEO任期、企业绩效之间正向关系形成中的重要作用,指出了CEO加强个人学习的重要性。其次,本文试图探寻CEO任期与企业绩效之间关系得以存在的中间转换机制因素,为此,设定和检验了CEO个人变革态度、高层管理团队(TMT)风险倾向和企业战略匹配性等三个中间变量的作用假设。检验结果表明,企业战略匹配性的中介作用相对比较显著和突出。这说明,在我国市场化进程呈现鲜明的阶段性特征和市场化程度越来越高的外部经营环境下,CEO具备适时地企业战略规划的调整、转换能力的重要性。最后,本文检验了来自行业、企业和CEO其他人口统计学特征等变量对于CEO任期与企业绩效之间关系的调节作用。检验结果表明,企业的过往绩效、企业的股权特征、CEO的年龄以及CEO的性别等变量的调节作用相对明显。说明,对于具有本文样本企业特征的中小型企业来说,充分利用既往绩效所积累的有限资源,积极实施企业股权的相对分散化而不是过于集中于CEO或者董事长个人,有利于企业绩效的持续改善。在选任企业的CEO之时,CEO候选人的年轻化是一个基本的趋势,同时,在积极辨识每一个CEO候选人具体特征的基础上,性别上的差异似乎也是关注的重点。
立足于我国不断展开的市场化进程,关于CEO任期与企业绩效之间关系的实证研究,本文只是探索性的开始,在研究方法和理论框架等方面都有待深化和突破。
CEO tenure, not only is an ordinary time phenomenon, but also is an important management matter, which has relatively distinct value for CEO and firm. Tenure can give CEO active management thinking, energetic learning which result in good performance. On the other hand, tenure can make CEO blindly self-confident, stiffly conservative. It could destroy the firm, which would make CEO a failure. In the same way, CEO tenure, can not only make CEO match with the firm, but also give birth to keen-edged conflict for the long-tenured CEO's control. In a word, CEO tenure affects firm performance, whose distribution differences have obvious performance function. This is why the relationship between CEO tenure and firm performance has become academic hotspot for the recent years in the strategy and top-management fields.
There are numerous academic disputes on the affirmatory meaning of the relationship between CEO tenure and firm performance. The scholars can not reach consistency about the viewpoints that the long tenure has positive performance function or not. As a whole, the researches about the relationship between CEO tenure and firm performance have been carried through in the western social and economic context according to the upper echelons theory. It would produce regionally parochialism for the above research conclusions accordingly. But the introduction and validation of the theory for the relationship between CEO tenure and form performance would absorb our country's market characteristic, develop new theory viewpoints and facilitate the theory extension in the our transitional market system.
The research on the relationship between CEO tenure and firm's performance has great practical value besides the theoretic significance, because many phenomena about relationship between CEO tenure and firm's performance have come forth gradually from the market-oriented reform in China. Although the importance of CEO tenure to the firm performance has been recognized, the relevant researches mostly cared for the superficial problems, did not pay attention to the deep-seated mechanism by the quantitative research. This paper promotes normative research by right of questionnaire investigation on the base of the extant literatures. The goal is to prove up the relationship form, to find the mechanism that CEO tenure affects the firm performance which can offer practical advices for corporations in China.
This paper develops a comprehensive theoretical model through the absorption of the present research production. Firstly, the test outcome about the direct relationship between CEO tenure and firm performance indicates that CEO tenure has positive influence on the firm performance significantly. The CEO's dynamic learning ability is brought forward to explain the positive relationship form, which emphasize the linchpin of the dynamic learning ability for the CEOs in transitional period of China. Secondly, this paper tries to find the existence probabilities of the intervening variables that are strategic match between corporation and outside environment, top-management-team risk-taking propensity and CEO's attitude toward change. The research result proves the intervening function for the strategic match between corporation and outside environment; it gives prominence to the strategy planning and strategy adjustment for the CEO. Thirdly, this paper tests the moderating influences from the industry-level variables, organizational-level variables and CEO-level variables. The intervening functions of the firm's past performance, corporation's stock characteristics, CEO age and CEO gender are proved. The above conclusions make clear that the small- and medium-sized enterprises like the surveyed object in this paper, should make the best of the past performance, decentralize not centralize the stock of the enterprise to promote the firm's performance. The younger CEO candidates should be selected as compared with the older. At the same time, the difference of the gender should be think much of after CEO candidates' ability characteristics have been identified.
This paper on the relationship between CEO tenure and firm's performance is only an exploratory start in the transitional context of China. The research methods and theory frame should be deepened and improved in many aspects.
引文
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