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。

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.

目錄
第壹章、緒論......................................1
第一節、研究背景與動機.............................1
第二節、研究目的..................................4
第三節、研究流程..................................4
第貳章、文獻探討..................................6
第一節、高階管理團隊(TMT)功能......................6
第二節、高階管理團隊之特徵.........................9
第三節、高階管理團隊多樣性與財務績效...............13
第参章、假說與實證模型............................17
第一節、研究架構.................................17
第二節、研究假說.................................18
第三節、變數定義與衡量............................22
第四節、實證模型.................................25
第五節、統計方法.................................26
第六節、樣本選取.................................26
第肆章、實證結果與分析............................27
第一節、敘述性統計...............................27
第二節、相關性分析...............................30
第三節、迴歸分析.................................31
第伍章、結論與建議...............................37
第一節、研究結論.................................37
第二節、研究意涵.................................39
第三節、管理意涵.................................40
第四節、研究限制與未來研究之建議...................41
參考文獻.........................................42
圖目錄
圖1 研究流程圖....................................5
圖3-1-1研究架構圖................................17
表目錄
表4.1敘述性統計..................................27
表4.2相關係數....................................30
表4.3高階管理團隊特性與ROA之迴歸結果...............31
表4.4高階管理團隊特性與Tobin’s Q之迴歸結果.........32
表4.5高階管理團隊多樣性與ROA之迴歸結果.............35
表4.6高階管理團隊多樣性與Tobin’s Q之迴歸結果.......36
表5-1研究假說與實證結果...........................37

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