高階管理團隊多樣性對財務績效之關聯性研究：以中國上市公司為例

高階管理團隊被視為改變公司績效的關鍵，近年來受到公司策略管理學界的矚目，因此，本研究欲探討高階管理團隊特性(教育程度、性別、任期、年齡)與綜合指標對於企業財務績效之影響。過去管理文獻在探討高階管理團隊之議題時，多以團隊成員單一特性是否影響財企業之財務績效為焦點，但是結果並不一致，因此本研究欲再一次探討高階管理團隊特性對於企業財務績效之關聯性。本研究樣本資料取自台灣經濟新報(Taiwan Economic Journal；TEJ)及國泰安資料庫(CSMAR)，選取2012年至2016年之資料，以中國上市公司之高階管理團隊作為本研究資料分析資樣本。實證結果發現，會計績效上，高階管理團隊多樣性對於公司會計績效上呈現負向不顯著，而在市場績效上，高階管理團隊多樣性對於公司財務績效有正向顯著影響。

關鍵字

高階管理團隊多樣性；財務績效；中國上市公司

並列摘要

The top management team is regarded as the key to change the company's performance, which has attracted the attention of the corporate strategy management circle in recent years. Therefore, this study is focusing on the impact of the top management team characteristics (education level, gender, tenure, and age) on the financial performance of enterprises. Even though there have been lots of management literature discussing the topics of the top management team, which usually concentrated on whether company financial performance affected by the characteristic of team members, but the conclusion was inconsistent. Hence, this study intended to examine the connections between the senior management team characteristics and financial performance of enterprises. The sample of this study is composed of the top management team in Chinese companies, collecting data from 2012 to 2016 on the Taiwan Economic Journal (TEJ) and CSMAR. According to the results, in accounting performance, the diversity of the top management team has a negative and non-significant impact on Accounting financial performance. However, in market performance, diversity has a positive significant impact on corporate financial performance.