「危機」每天隨時隨地都在上演，當企業遭遇危機其高階管理團隊人口統計變數所呈現的樣態一直是過去研究的熱門議題，由於時間、地點甚至是產業不同都有可能造成不同結果，因此關於高階管理團隊樣態(異質性)並未獲得一致性的定論。本研究將探討(1)高階管理團隊異質性的變動能否幫助提升企業績效(2)策略改變是否能做為異質性變動與績效間之中介變數。研究對象為臺灣2005年至2018年間上市危機企業加上對照的未發生危機企業，經過篩選後最終樣本共有82間企業，橫跨16種產業別。研究結果顯示當企業面臨危機，企業內部高階管理團隊應該呈現同質化。年資異質性降低的變動能夠幫助企業獲得較好的績效表現，但教育程度異質性並未獲得支持。高階管理團隊的背景經驗也顯著影響績效表現。至於策略改變做為異質性變動與績效間之中介變數則獲得部分支持。本研究認為威脅剛性理論能夠較好適配在台灣上市企業高層面臨危機時會呈現的樣態，透過穩固的權力結構進行有效的辨認環境與策略改變進而幫助企業績效表現。

As enterprises face the crisis, the top management team composition change is predicted to alter the strategies for better performance or survival. Previous studies concerning the change of top management team heterogeneity of a firm encountered with a crisis have not been consistent. This study aims to investigate whether the change of the heterogeneity of top management team of a firm in a crisis can help improve enterprise performance and explore the mediating role of strategic change of a crisis firm.
We sample the crisis firms in Taiwan according to the database of TEJ (Taiwan Economic Journal), and the listed firm faced crises during 2005 and 2008. The total sample size is 82 of 16 industries, and we also select 82 comparable firms as the conrol group. The results show that as an enterprise is faced with a crisis, the more homogeneous the top management teams is the better the performance. In advance, the reduced tenure heterogeneity can help troubled firms achieve better performance, whereas the educational heterogeneity cannot. Background experience in top management teams also significantly positively affects performance. Strategy change can be regarded as a mediator between heterogeneous change of a crisis firm’s top management team and the performance.
This study supports the theory of threat rigidity arguing that as a frim faces a crisis the stability of the top management team can help decrease the transaction costs, and can effectively identify the environment. This research finding can provide the firms encountered with crises meaningful implications about the allocation of top management teams as well as strategic configuration.

第一章緒論 1
第一節 研究 1
第二節 研究問題與目的 4
第三節 研究流程 6
第二章 文獻回顧與假說推導 9
第一節 企業危機 9
第二節 高層理論 12
第三節 威脅剛性理論 16
第四節 高階管理團隊異質性對績效之影響 17
第五節 策略改變做為中介變數之影響 19
第三章 研究方法 21
第一節 研究架構 21
第二節 資料來源與樣本 21
第三節 變數衡量 23
第四節 資料分析方法 28
第四章 研究實證結果 29
第一節 樣本描述 29
第二節 敘述性統計分析 30
第三節 成對樣本T檢定 35
第四節 迴歸分析 36
第五節 統計分析結果 46
第五章 討論 47
第六章 結論與建議 51
第一節 研究結論 51
第二節 研究貢獻 53
第三節 研究限制與未來研究建議 54

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