中文摘要：

在先前的高管团队与企业绩效关系的研究中,一些研究认为权力分布不均衡、集中度高的高管团队对企业绩效有积极影响,而另一些研究则发现权力分布均衡、集中度低的高管团队对企业绩效有积极影响作用。提出将高管团队的权力分布进一步细分为两个分布特征,分别是权力集中在最高权力者的程度和高管团队整体的权力分布不均衡程度。并以2009—2013年上海和深圳证券交易所的A股上市公司为研究样本,利用大样本、跨行业数据,综合两个方面的分布特征实证研究了高管团队权力分布与企业绩效的关系。研究发现,在高管团队整体权力分布较为均衡,并且权力更多地集中在高管团队的最高权力者时,企业能获得更好的绩效。

英文摘要：

Among the prior studies on relationship between top management team and firm performance, some ar- gued that top management team with unequal power distribution and high power centralization would enhance finn performance, while others found that equal power distribution and low power centralization would improve firm performance. To fill these gaps, two dimensions of top management team power distribution are proposed by this paper, which are the extent to which power is centralized on the most powerful leader and the extent to which power is distributed unequally within the entire top management team. Empirical research on the relation- ship between two power distribution dimensions and firm performance is conducted on the listed firms in Shang- hai and Shenzhen stock exchange from 2009 to 2013 fiscal year. Results show that firm performance would be improved if power in top management team is more equally distributed and more power is centralized on the most powerful leader.