【摘要】 文章基于2009-2013年战略性新兴产业中103家上市公司的数据,采用面板门槛模型分别检验了全样本以及不同企业性质样本中高管团队异质性对企业创新效率的影响,研究发现:(1)对于全样本的战略性新兴企业,高管团队年龄异质性和任期异质性与创新效率之间呈倒U型关系;高管团队教育水平异质性和职能背景异质性始终对创新效率有正面影响。(2)对于民营战略性新兴企业,高管团队任期异质性与创新效率之间呈倒U型关系;高管团队年龄异质性、教育水平异质性和职能背景异质性始终对创新效率有正面影响。(3)对于国有战略性新兴企业,高管团队年龄异质性和职能背景异质性与创新效率之间呈倒U型关系;高管团队任期异质性始终对创新效率有负面影响;高管团队教育水平异质性始终对创新效率产生正面影响。(4)民营企业高管团队异质性对企业创新效率的正面作用显著高于国有企业。更多还原

【Abstract】 Based on the 2009-2013 data of 103 listed companies in strategic emerging industries,this paper respectively test effects of heterogeneity of top management team on firm innovation efficiency by panel threshold model in all and different company nature sample. The conclusion is as follows:( 1) for all the strategic emerging companies,there is an inverted U-shaped relationship between age and tenure of TMT heterogeneity and innovation efficiency; heterogeneity of TMT education level and functional background always has positive impact on innovation efficiency.( 2) For private strategic emerging companies,there is an inverted U-shaped relationship between tenure of TMT heterogeneity and innovation efficiency; heterogeneity of TMT age,education level and functional background always has positive impact on innovation efficiency.( 3) For state-owned strategic emerging companies,there is an inverted U-shaped relationship between age and functional background of TMT heterogeneity and innovation efficiency; heterogeneity of TMT tenure always has negative impact on innovation efficiency; heterogeneity of TMT education level always has positive impact on innovation efficiency.( 4) The positive impact of private companies TMT heterogeneity on innovation efficiency is significantly larger than the state-owned enterprises.更多还原