高管变更对我国证券公司经营绩效的影响研究

发布时间：2018-03-07 22:23

本文选题：证券公司　切入点：高管变更　出处：《西南政法大学》2015年硕士论文　论文类型：学位论文

【摘要】：长期以来,高层管理人员的变更作为公司股东或者董事会做出的最重要决策之一,是国外证券市场和经济管理领域研究中的一项重要内容。此外,高层管理人员的变更也是对企业管理者行为的最极端的约束机制。西方很多学者就这一课题展开了研究,在经济和管理学科的国际顶尖杂志上发表了大量的论文,取得了一定的研究成果。自1987年深圳特区证券公司成立以来,经过近三十年的发展,我国的证券公司现如今已成为推动国民经济发展的重要力量。在各券商的发展过程中,大量的高管更换案例不断涌现,吸引了很多学者的关注。公司的控制机制分为内部控制机制和外部控制机制,董事会和监事会的监督、内部管理人员之间的相互监督属于公司内部控制机制,控制权的争夺、股票价格的波动和兼并收购等属于公司外部控制机制。高管更换的有效性是证券公司控制机制有效性的一个重要方面。在2006年,中国证券监督管理委员会颁布《证券公司董事、监事和高级管理人员任职资格监管办法》,对于证券公司高管的任职资格和变更程序都有了明确的规定。那么我国证券公司中高管的变更具有哪些特征,这些高管变更后会对证券公司的经营绩效产生怎样的影响,这是本文最主要的研究议题。另外,研究高管更换对经营绩效的影响还可以剖析公司控制机制的有效性问题,并在此基础上找到提高经营管理效率的方法。本文选取我国81家证券公司为研究对象,采用平衡面板数据实证研究了证券公司高管变更与经营绩效的关系。通过分析实证结果得出:我国证券公司分支机构负责人变更对券商经营绩效影响不显著。经理层高级管理人员的变更对经营绩效的影响随时间变化有较大差异。监事变更后只能在短期内显著提高券商经营绩效。董事和独立董事的变更与券商经营绩效显著正相关。同时,本文还得出证券公司总资产规模、资产负债率与经营绩效有较为显著的正相关关系,营业部数量与经营绩效负相关,第一大股东持股比例与经营绩效不显著的正相关,前五大股东持股比例与经营绩效负相关关系显著。最后,本文根据实证分析,提出相应政策建议。
[Abstract]:For a long time, as one of the most important decisions made by the shareholders or the board of directors of the company, the change of senior management has been an important part of the research in the field of foreign securities market and economic management. The change in senior management is also the most extreme constraint on the behavior of corporate managers. Many Western scholars have studied the subject and published a large number of papers in top international journals in the field of economics and management. Since the establishment of Shenzhen Special Zone Securities Company in 1987, after nearly 30 years of development, securities companies in our country have now become an important force to promote the development of the national economy. A large number of cases of executive turnover have been emerging, attracting the attention of many scholars. The control mechanism of the company is divided into internal control mechanism and external control mechanism, supervision by the board of directors and the board of supervisors. The mutual supervision among internal managers belongs to the internal control mechanism of the company. The volatility of stock prices and mergers and acquisitions belong to the external control mechanism of the company. The effectiveness of executive turnover is an important aspect of the effectiveness of the control mechanism of securities companies. In 2006, the China Securities Regulatory Commission issued the "Securities Company Directors," Supervisory measures for Supervisors' and Senior managers' qualifications. "there are clear provisions on the qualifications and procedures for changing senior executives of securities companies." what are the characteristics of the changes in senior management of securities companies in China? How these executives change will affect the performance of the securities companies, which is the main research topic in this paper. In addition, the study of the impact of the executive replacement on the performance of the company can also analyze the effectiveness of the company's control mechanism. In this paper, 81 securities companies in China are selected as the research object. This paper empirically studies the relationship between executive change and management performance of securities companies by using balance panel data. The empirical results show that the change of head of branches of securities companies in China has no significant impact on the performance of securities companies. The influence of the change of senior management on the management performance varies greatly with time. The change of supervisor can only improve the business performance of securities firm in the short term. The change of director and independent director and the performance of securities company are obvious. Positive correlation. At the same time, It is also found that there is a significant positive correlation between total asset size, asset-liability ratio and operating performance of the securities company, negative correlation between the number of business departments and operating performance, and no significant positive correlation between the proportion of the first largest shareholder and the operating performance. There is a significant negative correlation between the shareholding ratio of the top five shareholders and the operating performance. Finally, according to the empirical analysis, this paper puts forward the corresponding policy recommendations.
【学位授予单位】：西南政法大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F832.39;F272.91

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