创业板高管离职对公司业绩的影响研究

发布时间：2018-09-10 14:27

【摘要】：截止2012年12月31日，已经有356家公司在我国深圳创业板上市，在这356家上市公司当中，有219家公司在2012年12月31日前存在高管离职现象，创业板高管离职之多引发了社会的广泛关注。人们在关注高管离职原因的同时，更加关注高管离职给创业板公司造成的影响。本文基于此，从实证的角度探究创业板高管离职对公司业绩的影响。本文首先梳理和综述了相关理论和文献。研究发现，关于高管离职的研究成果已经很多，但学者们没有得到统一的结论。国外早期研究认为，高管离职会对企业业绩造成负向的影响，，但近期的研究认为高管的变更会促进企业业绩的增长。国内的研究也经过了类似的变化。学者们还从不同角度进行研究，包括公司性质、高管离职原因、高管的权力分类和公司治理角度。由于学者们选取的研究对象、研究区间以及选择评价绩效的指标不同，自然难有统一的结论。本文在前人研究的基础上，提出关于创业板高管离职对离职当年以及离职次年公司业绩影响的相关假设。由于本文研究涉及离职当年和离职次年的公司业绩，因此需要获得公司连续三年的财务数据。基于创业板的发展现状，本文选择首批上市的28家公司为研究样本。关于业绩评价方面，单一的财务指标无法完全反映一个公司的经营业绩，因此本文从盈利能力、经营能力和抗风险能力三个方面选取11个财务指标，并采用因子分析法将获得的综合得分作为经营业绩评价的标准。基于获得的综合得分，运用配对样本T检验和独立样本T检验来对相关假设进行检验。通过实证研究发现：高管离职对离职当年的业绩有负向的影响，对离职次年的业绩有显著正向影响；不同离职类型对企业业绩的影响不同，非正常离职较正常离职对企业的影响大，对于离职当年来说，非正常离职的企业业绩降低的多，但在离职次年，非正常离职没有显著的影响。基于实证研究的结论，本文针对创业板提出了以下政策建议：建立严格的市场准入制度、加强企业文化激励和完善合理的退市制度。
[Abstract]:As of December 31, 2012, 356 companies have been listed on the Shenzhen gem. Among the 356 listed companies, 219 companies have the phenomenon of executive turnover before December 31, 2012. The growth enterprise board executive leaves the many has caused the social widespread concern. At the same time, people pay more attention to the impact of executive turnover on gem companies. Based on this, this paper explores the impact of gem executive turnover on corporate performance from an empirical point of view. This paper first reviews the relevant theories and literature. The study found that there have been a lot of research on executive turnover, but scholars have not reached a unified conclusion. Early studies abroad suggest that executive turnover can have a negative impact on corporate performance, but recent research suggests that executive turnover promotes growth in corporate performance. Domestic research has undergone similar changes. Scholars also study from different angles, including the nature of the company, the reasons for executive turnover, the classification of executive power and corporate governance. It is difficult to reach a uniform conclusion because of the different research object, research interval and the index of performance evaluation. On the basis of previous studies, this paper puts forward some hypotheses about the influence of the turnover of gem executives on the performance of the company in the year of separation and the year after departure. Because this paper studies the performance of the company in the year of separation and the year after separation, we need to obtain the financial data of the company for three consecutive years. Based on the development of gem, 28 listed companies are selected as research samples. On the aspect of performance evaluation, a single financial index can not completely reflect the operating performance of a company, so this paper selects 11 financial indicators from three aspects of profitability, management ability and risk tolerance. The comprehensive score obtained by factor analysis is regarded as the standard of business performance evaluation. Based on the obtained comprehensive scores, paired sample T test and independent sample T test are used to test the relevant assumptions. Through the empirical study, it is found that executive turnover has a negative impact on the performance of the current year of separation, and a significant positive impact on the performance of the following year; different types of turnover have different effects on the performance of the enterprise. Abnormal turnover has a greater impact on the enterprise than the normal exit. For the year of separation, the performance of the abnormal turnover is much lower, but in the following year, the abnormal turnover has no significant impact. Based on the conclusion of empirical research, this paper puts forward the following policy suggestions for gem: establishing strict market access system, strengthening corporate culture incentive and perfecting reasonable delisting system.
【学位授予单位】：合肥工业大学
【学位级别】：硕士
【学位授予年份】：2013
【分类号】：F275;F272.91;F832.51

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