中文摘要：

选取2006--2010年我国中小企业板上市公司为研究样本，实证考察了创业型企业高管团队异质性对创业战略导向的直接影响，以及两者关系如何受到企业所有制的调节作用。层级回归分析结果表明：除教育背景测量指标外，高管团队年龄、性别和职业经历的异质性均会对创业战略导向产生显著正向影响。分组回归结果表明：在国有企业所有制和非国有企业所有制下，高管团队异质性对创业战略导向均产生了显著影响效应，且国有企业所有制下的调节效应大于非国有企业所有制。不过针对高管团队异质性的分项测量指标分析结果却揭示，在不同的企业所有制下，不同高管团队异质性测量指标的影响效应存在显著差异。

英文摘要：

by adopting the sample of the listed companies of the China＇s Small and Medium-sized Enterprises Board for 2006-2010 period, the paper empirically examined the direct effect of demographical heterogeneity of top management team （TMT） on entrepreneurial strategic orientation （ESO）, as well as the moderating effect of corporate ownership. Hier- archical regression analysis shows that, except for TMT educational background, the demographical heterogeneity of TMT age, gender and functional experience have significantly positive correlation with ESO. Furthermore, grouping re- gression analysis indicates that corporate ownership moderates the relationship between TMT demographical heterogene- ity and ESO, and further TMT demographical heterogeneity will have greater effect in state-owned enterprises than in non-state-owned enterprises. However, further analysis results reveal that different measurement indicators of TMT demo- graphical heterogeneity have differentially moderating effects under different corporate ownerships. The findings of this study have positive implications for constructing entrepreneurial TMT, designing ESO and selecting corporate ownership.