创业板上市公司高管辞职问题研究

发布时间：2018-08-24 13:20

【摘要】：随着改革开放的深入，中国经济高速发展，作为国民经济的晴雨表的股票市场也蓬勃发展，特别是2009年创业板市场的成立，生逢世界金融危机和我国宏观市场调整的大背景，又伴随市场初期投资者的热情追捧，两年来创业板市场发行上市的公司源源不断，，形成可持续发展的市场生态大观。创业板市场给那些无法在主板市场上市的高成长的新兴公司特别是高科技公司筹资的新机会。但是在创业板市场成立两周年以来，也存在着新股暴跌、高管辞职潮、只发行不上市等现象。就高管频繁辞职现象，高管是出于经济利益而选择辞职，还是因为公司业绩低下而出逃，以及高管辞职比例受到哪些因素影响，这些问题逐渐成为大家的焦点。本文以国内外对高管变更和高管辞职的研究为基础，结合创业板上市公司的制度背景和理论分析，着重从管理层特征和企业业绩两方面研究创业板上市公司高管辞职影响因素。本文以2010年创业板上市公司为研究样本，选取高管年龄、薪酬、持股比例衡量管理者特征，净利润增长率与每股现金净流量衡量公司业绩，经过建立回归模型最终证明：高管平均薪酬、代表公司业绩的净利润增长率和每股现金净流量显著影响着创业板上市公司高管是否辞职；高管平均薪酬、每股现金净流量与资产负债率显著影响着创业板上市公司高管的辞职比例。
[Abstract]:With the deepening of reform and opening up and the rapid development of China's economy, the stock market, as a barometer of the national economy, is booming, especially the establishment of the gem market in 2009, which is born against the background of the world financial crisis and the adjustment of China's macro market. With the enthusiasm of investors in the early stage of the market, there has been a steady stream of companies issuing and listing in the gem market in the past two years, forming a market ecological view of sustainable development. The growth Enterprise Market (gem) is a new opportunity to raise money for high-growth start-ups, especially high-tech companies, that cannot be listed on the main market. However, since the second anniversary of the gem, there has also been a sharp fall in new shares, a wave of resignation of executives, and only issuance and non-listing. Whether executives choose to resign for financial reasons or run away because of poor corporate performance, and what factors affect the proportion of senior executives' resignations, are becoming the focus of attention in the case of frequent resignations. Based on the domestic and foreign research on executive turnover and executive resignation, combined with the system background and theoretical analysis of gem listed companies, this paper focuses on the factors that affect the resignation of gem listed companies from two aspects: management characteristics and corporate performance. In this paper, the gem listed companies in 2010 as a study sample, select the executive age, compensation, shareholding ratio to measure the characteristics of managers, net profit growth rate and net cash flow per share to measure the performance of the company. Through the establishment of regression model, it is proved that the average executive compensation, the net profit growth rate representing the performance of the company and the net cash flow per share significantly affect the resignation of the executives in the gem listed companies, and the average executive compensation. Net cash flow per share and asset-liability ratio significantly affect the proportion of the resignation of executives in gem listed companies.
【学位授予单位】：安徽工业大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F272.92;F832.51

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