高管团队断裂带对创业企业成长绩效影响的实证研究——创新强度的调节效应

近年来，高管团队断裂带对企业绩效的影响引起了国内外学者的广泛关注，然而高管团队断裂带究竟是促进还是抑制了企业绩效尚无一致结论。基于交叉分类视角，以我国2011—2018年创业板民营上市公司为研究样本，应用广义最小二乘法，实证分析了高管团队断裂带对企业成长绩效的影响，以及企业创新强度对二者关系的调节作用。实证研究结果显示：高管团队任务相关断裂带和社会分类断裂带与民营创业企业成长绩效存在显著的倒U型关系，同时，企业创新强度对高管团队断裂带与民营创业企业成长绩效关系具有显著调节效应。具体而言，企业创新强度越高，高管团队任务相关断裂带和社会分类断裂带与民营创业企业成长绩效间的倒U型关系越显著。

Empirical Research on the Impacts of Top Management Team Faultlines on Growth Performance of the Entrepreneurial Firms

In recent years,research on the impacts of top management team faultlines on firm performance has attracted the attentions of the scholars. What is the influence of top management team faultlines on firm performance? Prior studies have yielded inconsistent findings. Based on cross-categorization perspective,this paper employed the data on Chinese start-up private firms during the period from 2011 to 2018,and generalized least squares method to empirically analyze the impacts of top management team faultlines on private firm growth performance,and the moderating effects of firm innovation intensity on the above relationship. Research results show that top management team task-related faultlines as well as bio-demographic faultlines have inverted U-shaped relationship with firm growth performance. Simultaneously,firm innovation intensity has significant moderating effect on the relationship between top management team faultlines and firm growth performance. Specifically,the higher firm innovation intensity is,the more obvious the inverted U-shaped relationship between top management team task-related faultlines,and bio-demographic faultlines and firm growth performance is.