| With the continuous development of the global economy and the technological level of the leap,the external environment facing enterprises is increasingly difficult to control,enterprises in order to improve the financial and market performance,to maintain a sustainable competitive advantage,the traditional business model improvement,innovation is inevitable Row.On the research of the motive force of business model innovation,there are two theories of tension and thrust.Rally theory thinks that the innovation of business model is only to meet the potential demand for consumers,and the theory of thrust is that science and technology,social and cultural environment,enterprise senior management Team and entrepreneur and other factors constitute the main business model of business innovation main source of power.As the environment and market demand become more complex,often need to face a lot of information and complex decision-making process,far beyond a leader’s ability and energy areas,only a good senior management team through the collective participation of the way Innovative business model,access to market competitive advantage,and ultimately transformed into corporate performance.The early link between the characteristics of the senior management team and the behavior and performance of the firm is the "high echelon" theory proposed by Hambrick and Mason(1984),but the results of the follow-up study find that the relationship is inconsistent and sometimes contradictory of.The main reason is that: First,the hierarchical classification of the heterogeneity of the senior management team is not consistent;second,the classification of enterprise performance measurement and the selection of inconsistencies;Third,there are regulatory and mediating effects and neglected.Based on the technical route of the problem-theoretical analysis and empirical test,this paper first reviews the related literature at home and abroad,and reviews and summarizes some important concepts and related theories.Followed by the use of meta-analysis of bibliometric analysis to verify the relationship between executive team heterogeneity and business performance.Based on the reality of the low performance of agricultural enterprises in China,this paper chooses the three most typical agricultural listed companies to explore the relationship between business model innovation,executive team heterogeneity and enterprise performance.Finally,143 agricultural enterprises listed on Shanghai and Shenzhen Stock Exchange were used as research samples,and the relationship between executive team heterogeneity and business model innovation was verified by hierarchical regression analysis(including CEO political association,team holding(Including the technological innovation,the adjustment effect of the industry difference),and also validated the validity and novelty of the business model innovation in the executive team heterogeneity of the business model innovation and the relationship between the business performance And the performance of enterprises between the intermediary effect.Through systematic research,the main conclusions are as follows:(1)There is a significant positive correlation between the heterogeneity and performance of the executive team of the firm,and the relationship between the two is significantly higher in the high-tech industry than in the low-tech industries,and the heterogeneity and performance dimensions Structure,and situational factors have a significant regulatory effect on the relationship between the two.The results of meta-analysis of 36 empirical documents show that the correlation coefficient between executive team heterogeneity and firm performance is 0.162 and its effect is significant(P <0.05),which indicates that the overall team Heterogeneity is conducive to the improvement of corporate performance.Moreover,the contribution of corporate executives’ heterogeneity to corporate performance is significantly stronger in the high-tech industry(r=0.23)than in other industries,with the weakest manufacturing(r=0.119).In general,the results of heterogeneity analysis show that the correlation coefficient between the two decreases with the decrease of the technological content of the industry.The results of meta-analysis of the measurement factors show that the dimensionality of the heterogeneity of the executive team has a significant effect on the relationship between the heterogeneity of the executive team and the firm’s performance,which indicates that the different dimensions of the heterogeneity of the executive team are The effect of performance is different,which means that it is necessary to subdivide the heterogeneity of the executive team,and to explain precisely the influence of the heterogeneity of different dimensions on the performance of the firm.The results of the meta-analysis of scenario factors show that the establishment of the firm,the ownership and the region have a significant regulatory effect on the relationship between the heterogeneity of the executive team and the firm’s performance,which further illustrates the business of the enterprises that operate in a changing environment,In addition to adjust the heterogeneity of corporate executives according to the situation,but also need to consider the external environment and the organization within the various factors at the same time coordination,matching,so as to effectively enhance the performance of enterprises.(2)Gender heterogeneity in identity-related heterogeneity has a significant negative effect on the effectiveness of business model innovation.Academic heterogeneity and functional heterogeneity in task-related heterogeneity have a significant positive effect on business model innovation novelty.The higher the heterogeneity of the senior management team,the more likely the firm will be to reduce the effectiveness of the business model innovation.Social identity theory that the individual consciously or unconsciously on their own classification,and gender is often an important indicator of social members of self-classification.With the increase of women’s participation in social activities,gender heterogeneity has become a key factor affecting the recognition among executive team members.Gender heterogeneity will reduce the innovation of business model.Although the cultural quality of the members of the executive team has been gradually improved in recent years,some members of the executive committee have increased their requirements.The members of the senior management have improved their academic qualifications by participating in various academic training.Shrink down.The difference of executive team members is more sensitive to environmental awareness,more active thinking,strategic vision is more broad,is conducive to enhancing the business model innovation,thereby enhancing the competitiveness of enterprises and improve business performance.Functional heterogeneity reflects the executive team members to master the management of knowledge of the situation.For the sample agricultural enterprises,because the scale is generally large,the corresponding functional departments are usually perfect,functional management experience often means more information sources and diverse knowledge,and ultimately to achieve effective application.As a result,heterogeneity and diversity of executive team functions tend to bring innovation to business models.(3)The relationship between CEO heterogeneity,functional heterogeneity and the validity of business model innovation has significant negative adjustment effect,the academic heterogeneity,functional heterogeneity and business model innovation novelty The relationship between the two has a significant negative adjustment effect.There is a significant positive effect on the relationship between functional heterogeneity and the effectiveness of business model innovation,which has a significant positive effect on the relationship between age heterogeneity and innovative novelty of business model innovation.CEOs who have worked or are part-time in government departments can provide the convenience of resource allocation(especially for agricultural enterprises),which is of personal importance to other members of the executive team.The ability of the CEO to obtain valuable information from the outside is the key to the enterprise’s ability to win external trust and support,thus reducing the impact of the high team heterogeneity on the business model innovation.Members of the executive team members as a way to improve the corporate governance system,to make the company managers and the owner of the objectives consistent.When the company’s executive team members holding ratio increased,the team members out of the protection of self-interest,will inevitably improve the level of supervision and control of the manager,so that other agents in the business process is limited,To better play the advantages of team heterogeneity.(4)The validity of business model innovation has a significant positive effect on enterprise financial performance(ROE),and the novelty of business model innovation has a significant negative effect on enterprise market performance(operating income growth rate).The effectiveness of the business model innovation can greatly reduce the cost of all kinds of direct and indirect transactions,thus promoting the improvement of financial performance,mainly through two mechanisms to achieve.On the one hand,the effectiveness of business model innovation helps to achieve full sharing of knowledge and information.The knowledge and information sharing among partners not only strengthens each other’s trust,but also reduces the degree of knowledge and information asymmetry,enabling companies and their partners to further improve their products and services and thereby enhance their competitive advantage.On the other hand,the effectiveness of business model will help to achieve real-time management of business operations,through efficient trading methods to improve the operational efficiency of partners and increase the dependence of partners on the enterprise,making the company in the transaction process with higher bargaining Ability,and thus contribute to the promotion of competitive advantage.The innovation of the business model innovation can fundamentally realize the innovation of the trading mechanism,help the enterprise to open up new markets and establish new cooperative relations,attract more potential users,reach out to more potential trading partners and create a new Market space,from the long-term point of view for enterprises to create new value.However,the enterprise business model innovation in the long-term business opportunities for enterprises to create at the same time,short-term will inevitably lead to the passage of existing users and trading partners.Before the new market and new partnerships are not yet fully established,corporate financial performance and market performance are likely to decline significantly in the short term.(5)The relationship between the innovation efficiency of business model and the performance of enterprise market performance shows a significant positive adjustment effect,and the relationship between business innovation novelty and enterprise market performance also shows significant positive adjustment effect.The difference between the business model innovation and the financial performance of the business model shows a significant regulatory effect on the business model innovation and the relationship between the market showed a significant regulatory effect.The business model is conducive to technology in the enterprise value creation play a role,so as to guide the technology to the direction of its business model innovation.The business model is a reasonable revenue structure that an enterprise builds in order to derive value from technology,so firms tend to invest in technologies that are suitable for business models.An important role of the business model is to release the potential value of technology in the early stages and to maximize the value of the technology,the perfect conversion of technology into market income.Technological innovation itself does not guarantee business success,because it is not born with the value of the enterprise must be through the business model to achieve innovative ideas and the successful commercialization of R & D,and only through this way to continue to gain competitive advantage The And technology itself is a commodity,must find the appropriate business model,so that the commercialization of technological achievements,and thus create more value.The new product validation program must be combined with the business model in order to ensure that the new product "to the market" and "access to value." Thus,the significant positive regulatory effect of technological innovation on the relationship between business model innovation and firm performance is manifested in the dimensions of firm market performance.(6)The validity of business model innovation plays a part in the role of task-related heterogeneity and corporate financial performance.The innovative novelty of business model also plays a mediating role between task-related heterogeneity and corporate financial performance.The stepwise method of testing the mediating effect is used to test the mediating effect of business model innovation between executive team heterogeneity and enterprise performance.The empirical results of the study opened the "black box" between executive team characteristics and corporate financial performance.Business model innovation can partially absorb the resources obtained by the heterogeneity of executive team tasks and enhance the efficiency of these resources,and ultimately improve the financial performance of enterprises.This study explains the unstable relationship between executive team heterogeneity and corporate financial performance,due to the failure to join intermediaries.Therefore,the conclusion of a more clear description of the heterogeneity of senior management team on the impact of financial performance mechanism.The same results are obtained when the financial performance of the firm’s performance and the market performance agency are replaced by the return on net assets(ROE)and the growth rate of the operating income to the total return on assets(ROA)and the robustness of the conclusion has been verified.The possible innovations of this study are mainly reflected in the following three aspects:(1)Using the meta-analysis method of bibliometrics to verify the significant positive correlation between heterogeneity and performance of executive executives,it is shown that the reasons for the inconsistency of previous studies are the differences in sample selection.And the relationship between the two in the high-tech industry is significantly higher than the low-tech content of the industry,and the executive team heterogeneity and corporate performance dimension structure,situational factors on the relationship between the two has a significant regulatory role The conclusion also points out the applicable scope and boundary condition of the echelon theory.(2)to business model innovation as a mediator variable,test the relationship between executive team heterogeneity and corporate performance,is the executive echelon theory "black box" to explore innovation.Business model innovation has been able to improve the performance of enterprises,probably because it can partially absorb the heterogeneity of the executive team to bring the potential and practical resources,while improving the efficiency of the use of these resources.This study reveals the previous reasons that the relationship between executive team heterogeneity and corporate financial performance is not stable,which is the intermediary variable that can not join the business model innovation.Therefore,this study clearly illustrates the mechanism of the heterogeneity of executive team on the financial performance of enterprises.(3)In the study of the relationship between the heterogeneity of the executive team and the innovation of the business model,the adjustment variables of the CEO association and the executive team equity ratio are added.Using the theory of political relevance and principal-agent theory,At different levels of the team,there are variables that regulate the relationship between the two.In the study of the relationship between business model innovation and enterprise performance,the effect of technological innovation on the relationship between the two models is verified,and the significant differences in the relationship between business model innovation and firm performance are compared. |
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