摘要
摘要
在知识经济与市场竞争加剧的大背景下，如何更加有效地进行创新活动，取得丰富
而优质的创新产出，是值得企业重点关注的问题。企业的高管团队作为企业创新活动的
实际决策者与领导者，其成员的个人特质会对企业的创新行为与产出造成影响，而创新
需要批判性的视角与多样化的观点，异质性的高管团队对企业的创新绩效的影响值得进
一步的研究；高管团队通过制定战略决策来指导企业的创新，同时也会受到企业的股权
结构的约束，因此战略决策具体发挥什么样的作用机制，以及股权结构是否会在高管团
队异质性对企业创新绩效的作用中产生影响，也是本文的研究议题。
本文基于委托代理理论、高阶梯队理论以及组织双元理论，研究高管团队异质性对
企业创新绩效的影响，同时考察战略决策过程中一种特定的状态——战略双元平衡与股
权集中度在这一影响过程中发挥的作用。本文首先介绍主要的研究背景、研究目的与研
究意义，其次通过文献分析法对相关理论基础进行回顾和梳理，并针对本文的主要研究
变量进行国内外相关研究的整理与总结，在此基础上结合以往学者的研究以及相关的理
论基础，构建高管团队异质性、企业创新绩效、战略双元平衡、股权集中度等主要研究
变量的概念模型，并进一步提出本文的相关研究假设，随后基于研究的假设构建实证研
究的计量模型，并列举出变量的具体定义与测量方法，最终通过实证分析的方法，验证
本文提出的假设。
本文的实证部分通过选取 A股市场创业板企业在 2014-2017年的数据进行研究，借
助 Python软件对样本按照一定的条件进行整理和筛选，删除数据缺失以及可能对实证
结果产生偏差的样本，以及通过 ROSTCM软件对企业的年报进行内容分析，样本经处
理后整理为面板数据的格式，通过对数据的描述性统计与相关性分析后，进行了实证回
归来验证本文提出的相关假设，对假设的主效应、中介效应以及调节效应分别进行验证，
分析了高管团队异质性对企业创新绩效的影响，同时考虑战略双元平衡作为中介变量以
及股权集中度作为调节变量是否会对主效应产生影响，为了确保研究结论的可靠性进行
了稳健性检验。本文为探索高管团队异质性对企业创新绩效的影响提供了实证支持。
实证结果表明，高管团队学历异质性、任期异质性以及职能异质性对企业的创新绩
效有着显著的正向影响，战略双元平衡在高管团队异质性对企业创新绩效的影响中起到
了部分中介作用，股权集中度正向调节了高管团队任期异质性与职能异质性对企业创新
绩效的影响。本文的研究结论从合理组建高管团队，协调不同类型的创新方式以及合理
设置的股权结构等角度，为企业提升创新绩效提供管理建议与启示。
关键词：高管团队；异质性；战略双元平衡；创新绩效；股权集中度
Ⅰ

Abstract
Abstract
Under the background of knowledge economy and intensified market competition, how
to innovate more effectively and achieve high-quality innovation results is a problem worthy
of enterprises' attention. As the commander of the daily operation of the enterprise, the
characteristics of the enterprise's top management team (TMT) will have an impact on the
enterprise's behavior and output, and innovation needs a critical perspective and diversified
views. Therefore, compared with the homogeneous TMT, the impact of heterogeneous TMT
on the enterprise's innovation performance is worthy of further study; the TMT can improve
the enterprise's innovation performance through strategic decision-making, strategic
decision-making as a specific mechanism and whether the level of ownership concentration is
the scenario that affects the impact of TMT heterogeneity on enterprise innovation
performance is also the research topic of this paper.
Based on principal-agent theory, high echelon theory and organizational dual theory, this
paper studies the impact of TMT heterogeneity on enterprise innovation performance, and
examines the role of strategic ambidexterity balance and ownership concentration in the
process of impact. This paper first introduces the main research background and the purpose
and significance of the research, then reviews the relevant theoretical basis through the
literature analysis method, and summarizes the relevant research at home and abroad
according to the main research variables of this paper. On this basis, combined with the
previous scholars' research and the relevant theoretical basis, it constructs the model of TMT
heterogeneity and enterprise innovation based on the hypotheses, this paper constructs the
econometric model of empirical research, and puts forward the specific definition and
measurement methods of variables.
In this paper, empirical analysis method is used to verify the hypothesis, and content
analysis method is used to conduct communication studies’ research method on economic and
management science. By selecting the data of GEM enterprises in the A-share market from
2014 to 2017, using Python to sort out the samples, eliminating the samples with missing data
and possible deviation from the empirical results, and using ROSTCM software to analyze the
contents of the annual reports of enterprises, balanced panel data are finally obtained after the
correlation analysis, the empirical regression is carried out to verify the relevant hypotheses
proposed in this study. The main effect, mediating effect and moderating effect of the study
are verified. The impact of TMT heterogeneity on enterprise innovation performance is
analyzed. At the same time, the mechanism of strategic ambidexterity balance and whether the
level of ownership concentration is a possible influence situation are considered. The
robustness test of the reliability of the conclusion provides empirical support for exploring the
relationship between TMT heterogeneity and enterprise innovation performance.
Ⅱ

Abstract
The results show that the TMT heterogeneity have a significant positive impact on
enterprise innovation performance. The strategic ambidexterity balance plays a partial
mediating role in the relationship between TMT heterogeneity and enterprise innovation
performance. Ownership concentration positively moderates the impact of tenure and
functional heterogeneity of TMT on enterprise innovation performance. The conclusions of
this paper provide management suggestions.
Keywords:Top Management Team; Heterogeneity; Strategic Ambidexterity Balance;
Innovation Performance; Ownership Concentration
Ⅲ
。。。以下略