创业战略导向、高管团队垂直对差异与创业绩效关系研究

本文立足于资源配置视角，从整体上将创业战略导向、高管团队垂直对差异与创业绩效纳入统一理论框架，剖析了三者变量之间的作用机理和影响关系模式，并进一步选取我国中小企业板2006－2010年上市公司作为样本进行实证检验。聚类分析结果表明，样本公司创业战略导向存在三种不同的结构维度：“内部研发”型、“外部投资”型，以及“内部研发＋外部投资”型，但大多偏好“外部投资”型创业战略导向。层次回归分析结果表明：其一，创业战略导向会对成长性和盈利性绩效会产生差异性影响，不过分组层次回归结果却进一步揭示，“内部研发”型创业战略导向尚未对企业成长性绩效产生显著影响；其二，高管团队垂直对差异会对成长性和盈利性绩效产生显著调节效应，不过年龄和任期垂直对差异仅部分产生调节效应。本文的研究结论对于高管团队培育、公司治理结构和机制优化以及研发投资方向选择等具有积极的启示作用。

A study of the relationship among entrepreneurial strategic orientation,vertical dyad differences of top management team and entrepreneurial performance

Based on the perspectives of resource allocation, this article integrates entrepreneurial strategic orientation (ESO), top management team (TMT) vertical dyad differences and entrepreneurial performance into a united theoretical framework, explores the acting mechanisms and influencing models among the variables involved, and tests the related hypotheses by using the sample from the listed companies of the China's Small and Medium-sized Enterprises Board for 2006-2010 period. Cluster analysis results indicate that there are three different dimensions for ESO, including “internal R&D”, “external investment” and “internal R&D+ external investment”. However, the majority of the sample companies prefers to the second dimension. Hierarchical regression analysis results show that ESO has different impacts on growth performance and profitability, but the grouping regressive results further reveal that the first dimension of ESO have no significant effect on growth performance; TMT vertical dyad differences are significantly correlated with growth performance and profitability on the whole, but the vertical dyad differences of age and tenure only give rise to partially moderating effect. The findings of this study have positive managerial implications for cultivating top management team, optimizing corporate governance mechanisms and emphasizing the direction of R&D.