管理工程学报2026，Vol.40Issue(1)：18-41,24.DOI:10.13587/j.cnki.jieem.2026.01.002
高管团队稳定性与企业创新质量
TMT stability and enterprise innovation quality
摘要
Abstract
Since ancient times,traditional Chinese culture has always emphasized"harmony"and"stability."The TMT is the core of enterprise operations and management and plays a decisive role in the enterprise's development direction.Frequent and large-scale changes in the TMT inevitably break the stable and tacit understanding between the original team members,hinder sustainable implementation of the company's business strategy,increase the uncertainty of future development and business risks,and negatively impact long-term stable development.However,relatively few studies have explored the potential economic impact of TMT stability.In the context of strengthening national strategic scientific and technological power and realizing scientific and technological self-reliance and self-improvement,in-depth research on how to improve the quality of corporate innovation and accelerate the solution of strangling problems is of both theoretical and practical significance.The formation and improvement of innovation quality depend on listed companies' long-term resource support for R&D activities.As the main body of innovation decision making and strategy execution,the TMT determines the investment direction and strength of innovation resources.According to the principal-agent theory,maintaining the TMT stability of listed companies can effectively reduce the short-sighted behavior of executive members.Furthermore,a more stable executive team is more motivated,capable,and tacitly committed to formulating valuable long-term development strategies.Therefore,the formation and enhancement of a company's innovation quality fundamentally shaped by its strategic decisions and directions and is naturally affected by the stability of the TMT. Therefore,we empirically examine the impact of TMT stability on innovation quality.The results reveal the following:1)The higher the stability of the TMT,the higher the quality of innovation.In other words,a stable TMT has better long-term orientation,which makes executives more willing to invest in corporate resources in long-term R&D activities and more committed to improving corporate innovation quality.2)The larger the compensation gap within the TMT,the weaker the positive impact of TMT stability on innovation quality;and business complexity also weakens the positive impact.3)The mechanism test establishes that TMT stability improves innovation quality,mainly by increasing the level of innovation investment,reducing business risks,and reducing the cost of equity capital.4)Further analysis reveals that the positive impact of TMT stability on innovation quality is more pronounced in firms with higher management shareholdings and in non-state firms.Finally,this paper also finds that the effect of TMT stability on innovation quality is independent of changes in key executives.Although a change in the company's actual controller can inhibit improvements in innovation quality and lead to large-scale changes in the TMT,the effect of TMT stability on innovation quality does not originate from a change in the company's actual controller. These findings have the following significant theoretical and practical implications.1)This study expands research related to the economic consequences of executive change.Based on the perspective of innovation quality,this study explores the potential economic impact of TMT stability,which helps to deepen the understanding of the overall change in the TMT and its stability,and effectively remedies the shortcomings of existing research.2)Our study enriches research on the factors influencing innovation quality.Previous studies have mainly explored the factors influencing innovation quality in the external institutional environment and internal characteristics of firms.This paper argues that TMT stability is one of the most important factors affecting innovation quality.Distinguishing this from previous empirical evidence on innovation inputs and technological innovation performance,this study concludes that TMT stability can contribute to improving innovation quality.This is an economic result of its ability to boost innovation investment and promote innovation performance,which deepens our understanding of the process and results of R&D activities.3)This study provides new perspectives and ideas to investigate the specific influence mechanism of TMT stability.Previous studies have analyzed TMT stability from the perspective of the proportion of shares held by the largest shareholder,that of shares held by institutional investors,and the nature of property rights.The effect of TMT stability on innovation quality under different compensation gaps or business complexities has received little attention.We explore the moderating role of the compensation gap and business complexity in the influence of TMT stability on innovation quality,which helps comprehensively understand the mechanism of the influence of TMT stability.These findings are important for companies to better maintain the stability of TMT and improve their motivation to innovate.关键词
高管团队稳定性/创新质量/薪酬差距/业务复杂度Key words
Stability of top management team(TMT)/Innovation quality/Compensation gap/Business complexity分类
管理科学引用本文复制引用
陆冠延,李秉祥..高管团队稳定性与企业创新质量[J].管理工程学报,2026,40(1):18-41,24.基金项目
国家自然科学基金项目(71772151) （71772151）
陕西省创新能力支撑计划软科学研究计划项目(2023-CX-RKX-187) （2023-CX-RKX-187）
陕西省哲学社会科学重大理论与现实问题研究项目(2021ND0258) The National Natural Science Foundation of China(71772151) （2021ND0258）
Soft Science Research Project of Shaanxi Innovation Capability Support Plan(2023-CX-RKX-187) （2023-CX-RKX-187）
Shaanxi Province Philosophy and Social Science Major Theoretical and Practical Issues Research Project(2021ND0258) （2021ND0258）
