张莹雪 葛玉辉

摘 要：信息技术类企业作为深度整合信息与工业化的战略型企业，对我国国际竞争力的提升具有十分重要的作用。文中以2016—2018年信息技术产业A股上市公司为研究对象，为了排除企业粉饰真实业绩和财务状况的影响，基于因子分析法透过财务报表的常规披露对上市公司绩效做出更趋于本质化的评价（即盈利质量）。然后通过回归分析探究高管团队权利分布、战略柔性与盈利质量的关系。研究表明：高管团队权力分布不均衡对战略柔性产生负向影响;战略柔性与盈利质量呈显著正相关关系;战略柔性在高管团队权力分布不均衡与盈利质量之间具有中介效应。这说明，我国信息技术类上市公司的高管团队整体权力分布较为均衡时，有利于驱动企业战略柔性，从而获得更好的绩效。

关键词：高管团队;权力分布;战略柔性;盈利质量;因子分析

中图分类号：F 272.91

Abstract：Information technology enterprises，as strategic enterprises with deep integration of information and industrialization，play an important role in the promotion of Chinas international competitiveness.Using the sample of Ashare listed companies in information technology industry from 2016 to 2018，in order to

eliminate the influence of whitewashing financial situation，based on factor analysis through the regular disclosure of financial statements，this paper made a more essential evaluation of the performance of listed companies（such as profit

quality），then used regression analysis to explore the relationship between power distribution of top management team，strategic flexibility and profit quality.This study shows that the unbalanced power distribution in top management team has negative impact on strategic flexibility，while strategic flexibility has positive effects on profit quality;strategic flexibility plays an intermediary role in the relationship between the uneven distribution of power and profit quality.This indicates that when the overall power distribution of the senior management team of information technology listed industry is more balanced，it will help to drive the strategic flexibility of enterprises，so as to achieve better performance.

Key words：top management team;power distribution;strategic flexibility;profit quality;factor analysis

0 引言

上市企业公开披露信息中的盈利相关信息及市值作为大多数利益相关者进行投融资判断的主要信息来源，在引导资本市场资源配置方面发挥着重要的作用[1]，但安然和帕玛拉特等上市公司的会计丑闻以及2020年初瑞幸咖啡业绩造假事件的发生，越来越多投资者对公开披露的财务报告失去信心。新一代信息技术产业作为国家重点培育的战略性新兴产业之一，具有高技术性、高风险性、高投入性的特征[2]，其会计公开信息背后的真实业绩水平更加受到关注。……