创业板制造业企业财务绩效与高管团队离职的关系——基于治理机制调节作用的实证研究

发布时间：2018-05-30 12:58

本文选题：企业绩效 + 高管团队离职　；参考：《南京工程学院学报(社会科学版)》2016年04期

【摘要】：高管团队是组织制定战略方案、建立企业文化和实现企业经营目标的关键成员,有能力和责任改变企业的经营绩效。对2011年前完成上市的252家创业板制造业企业高管团队进行研究,结果表明:企业绩效与离职率显著负相关;高管团队持股比例、高管薪酬、CEO和董事长两职兼任与离职率不相关,董事会结构中外部董事比例与高管团队离职显著正相关;高管持股对企业绩效与高管团队离职关系的调节效应不显著,高管薪酬减弱了调节企业绩效与离职关系,总经理和董事长两职兼任负向调节绩效与团队离职关系;董事会结构外部董事占比对绩效—离职关系调节效应显著。因此,企业绩效的好坏会显著影响高管团队离职行为,而在董事长和总经理两职兼任条件下,绩效与离职的敏感性会明显减弱;与此相反,当董事会结构中外部独立董事比例较高时,也即董事会执行力和独立性较高的情况下,绩效与高管团队离职关系更加显著。
[Abstract]:The senior management team is the key member of the organization to formulate the strategic plan, establish the enterprise culture and realize the enterprise management goal, has the ability and the responsibility to change the business performance of the enterprise. The results of the study on 252 listed companies listed in the gem before 2011 show that the corporate performance is negatively correlated with the turnover rate, and the proportion of ownership of the executive team, the executive compensation and the chairman are not related to the turnover rate. The proportion of external directors in the structure of the board is significantly positively correlated with the turnover of the executive team, while the effect of executive ownership on corporate performance and turnover is not significant, and executive compensation weakens the adjustment of corporate performance and turnover. Both the general manager and the chairman have the functions of negative performance adjustment and team turnover, and the proportion of external directors in the board structure has a significant effect on the performance-turnover relationship adjustment. Therefore, the performance of the enterprise will significantly affect the turnover behavior of the executive team, while the sensitivity of performance and turnover will be significantly reduced under the condition of both the chairman and the general manager serving concurrently; on the contrary, When the proportion of external independent directors in the structure of the board is high, that is, the executive power and independence of the board of directors are higher, the relationship between performance and the turnover of executive team is more significant.
【作者单位】：安徽财经大学工商管理学院;
【分类号】：F406.7;F272.91;F425

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