中德证券高管变更对经营绩效的影响研究

发布时间：2018-04-24 16:18

本文选题：中德证券 + 高管变更　；参考：《湘潭大学》2017年硕士论文

【摘要】：高级管理人员的变更,作为公司股东或董事会做出的最重要决策之一,长期以来受到国内外学者的关注。随着我国资本市场的进一步对外开放,合资证券公司逐渐成为我国证券市场的重要组成部分。在合资券商的发展过程中,连续数年业绩惨淡,合资经营表现不佳,致使合资券商高管变更频频发生。那么我国合资证券公司高管变更会对合资证券公司的经营绩效产生怎样的影响,高管变更导致经营绩效变动,其背后更深层的原因是什么,这些是论文最主要的研究议题。论文以合资券商重新启动审批后首个高管变更事件,中德证券高管变更为案例,采用综合性的评价指标,从盈利能力、经营增长、偿债能力、资产质量四个方面,与对照企业进行对比分析,来考察高管变更前后的经营绩效表现。雷达图分析以及财务数据反映的结果显示:高管变更前,中德证券经营绩效整体表现较差,这也是造成其高管发生变更的直接原因。而高管变更的确会影响其经营绩效表现,并在一定程度上对绩效产生正向的影响。同时,论文还对高管变更导致的经营绩效变动背后的原因进行进一步分析,得出高管变更对股权与控制权均衡、及业务结构与业务战略调整以及合资目的协调等的影响,是造成中德证券高管变更后经营绩效变动的主要原因。在此基础上,论文从协调双方资源,构建共同战略目标;优化业务结构,调整业务战略;平衡双方利益,提升中方控制权三个方面进行改进,为合资证券公司摆脱经营困境提出了具体可行的解决方案。论文与以往研究多针对大样本进行实证统计不同,论文以高管变更为要素,从实务出发,通过对单个案例进行深度研究,来探析高管变更与经营绩效的关系,并对高管变更引起绩效变动的原因进行分析总结,加强了研究的创新意义,丰富了高管变更与经营绩效的相关文献。
[Abstract]:As one of the most important decisions made by the shareholders of the company or the board of directors, the change of senior managers has long been paid attention by scholars both at home and abroad. With the further opening of the capital market in China, the joint venture securities company has gradually become an important component of the securities market in China. Poor performance and poor performance of joint ventures have led to frequent changes in the joint venture executives. Then, what is the effect of the change of senior executives on the performance of the joint venture securities companies, the change of executive performance and the deeper causes behind the change of executive performance, which are the main research topics in the paper. This paper restarts the first executive change event after approval by joint venture broker. China Germany securities executives change into a case, using comprehensive evaluation index, from four aspects of profitability, business growth, debt paying ability and asset quality, and comparing with the control enterprise to examine the performance performance of senior executives before and after the change. And the results of the financial data show that the overall performance of the Chinese and German securities performance is poor before the executives change, which is the direct cause of the change of the senior executives, and the executive change does affect its performance performance and has a positive impact on the performance to a certain extent. The reasons behind the changes in the performance of the camp are further analyzed, and the effect of the balance of the executive change to the ownership and control rights, the business structure and business strategy adjustment and the joint purpose coordination are the main reasons for the change of the management performance after the change of the Chinese and German securities executives. The strategic objective: to optimize the business structure, to adjust the business strategy, to balance the interests of the two sides, to improve the three aspects of China's control, and to put forward a concrete and feasible solution for the joint venture securities companies to get rid of their management difficulties. Through a deep study of a single case, the relationship between executive change and performance is analyzed, and the reasons for the change in performance are analyzed and summarized, which strengthens the innovation significance of the research and enriches the related literature of executive change and management performance.

【学位授予单位】：湘潭大学
【学位级别】：硕士
【学位授予年份】：2017
【分类号】：F832.39

【参考文献】