核心高管特征与公司成长性关系研究——基于中国沪深两市上市公司数据的经验研究

本文以我国沪深两市2004—2006年的上市公司为样本,从核心高级管理人员的人力资本特征视角,对高管特征与上市公司成长性的关系进行了经验检验。本文发现,在其他条件不变的情况下,上市公司成长性与核心高管的平均年龄、平均任职时间显著相关,而与核心高管平均学历的相关性不显著。进一步的研究还表明,在国有控股公司和非国有控股公司中,核心高管特征与公司成长性的关系具有显著差异。本文的研究有助于深化认知人力资本特征在公司发展过程中的重要地位,对强化核心高管遴选、完善人力资源管理具有积极的借鉴意义。

A STUDY ON CORE CHARACTERISTICS OF CEOS AND THE GROWTH OF FIRMS:EVIDENCE FROM CHINA'S LISTED COMPANIES

This study examines the relationships of the core characteristics of CEOs and the growth of firms by using the samples of China's listed firms from 2004 to 2006.We empirically find that the average age and the tenure of CEOs are significantly associated with the growth of firms;while the correlation between CEOs' academic background and the firms' growth is not evident.The research furthers show that there may be significant difference between state-owned firms and non-state-owned firms in the correlation between the core characteristics of CEOs and the growth of firms.Given the growing belief that CEOs may be a key factor of competitive advantage,the research findings may contribute to successful management of corporations in the selection of CEOs and the human resource management.