中小板上市公司CEO特征对离职行为的影响研究

发布时间：2018-10-21 19:49

【摘要】：近几年来,上市公司特别是中小板与创业板涌现出了大量的CEO离职案例,逐渐成为市场关注的焦点,因为企业的CEO关系到企业的正常运营以及战略决策的制定。但是,目前很多学者都将CEO的离职与企业的经营业绩联系起来,认为是企业经营业绩下滑导致了CEO的离职,而对于近年来出现的CEO离职套现的说法,并未进行系统的理论及实证研究。本文从CEO角度出发,将CEO按是否持股进行分类,研究CEO特征对持股和不持股CEO离职的影响,并分析这些影响特征的异同点,为我国在现阶段制度环境和文化环境中如何更好的开展人才战略、挽留核心人才提供了理论借鉴和实践指导本研究采用了文献综述、数据搜集和统计分析等方法。首先,本文综述了与CEO离职相关的研究理论和成果；其次,从国泰安公司开发的数据库以及深交所官网、和讯网对研究所需的上市公司财务数据和CEO相关情况进行搜集；第三,在文献综述和数据搜集的基础上,总结了影响CEO离职的因素,提出了持股及不持股CEO离职的研究假设；第四,采用SPSS统计软件对搜集的数据进行描述性分析和相关分析,并分别建立持股和不持股CEO的离职模型,进行Logistic回归分析,得出相关结论。研究发现,对于持股和不持股CEO而言,CEO薪酬差距、企业经营绩效和CEO两职合一均显著作用于CEO离职,系数为负值。不持股CEO的任职年限与离职之间是负相关关系。对于持股CEO而言,CEO的持股比例与离职之间关系为正U型,股票价格与离职呈显著的正相关关系；CEO受教育水平与离职之间呈负相关关系。但是CEO的年龄与持股及不持股CEO离职都不相关。
[Abstract]:In recent years, a large number of CEO turnover cases have emerged in listed companies, especially in small and medium sized boards and gem, which gradually become the focus of market attention, because the CEO of enterprises is related to the normal operation of enterprises and the formulation of strategic decisions. However, at present, many scholars have linked the turnover of CEO to the operating performance of enterprises, and think that the decline in business performance has led to the departure of CEO, and the theory that CEO quit to cash out in recent years. No systematic theoretical and empirical research has been carried out. From the point of view of CEO, this paper classifies CEO according to whether it holds shares, studies the influence of CEO characteristics on the turnover of shareholding and non-shareholding CEO, and analyzes the similarities and differences of these characteristics. It provides theoretical reference and practical guidance for how to better develop talent strategy and retain core talents in the current institutional and cultural environment of our country. This research adopts literature review, data collection and statistical analysis. Firstly, this paper summarizes the research theory and achievements related to CEO turnover. Secondly, it collects the financial data and CEO related information of listed companies from the database developed by Cathay Pacific and Shenzhen Stock Exchange. On the basis of literature review and data collection, this paper summarizes the factors that affect the turnover of CEO, and puts forward the research hypotheses of stock holding and non-shareholding CEO turnover. Fourthly, using SPSS statistical software to analyze the collected data descriptive analysis and correlation analysis. The exit models of shareholding CEO and non-shareholding CEO are established, and Logistic regression analysis is carried out to draw the relevant conclusions. It is found that, for both shareholding and non-shareholding CEO, CEO pay gap, corporate performance and CEO both play a significant role in CEO turnover, and the coefficient is negative. There is a negative correlation between the tenure of CEO and the turnover. For the shareholding CEO, the relationship between the share holding ratio of CEO and the turnover is positive U-type, the stock price has a significant positive correlation with the turnover, and the education level of CEO has a negative correlation with the turnover. But the age of CEO has nothing to do with the stock holding and the departure of the non-shareholding CEO.
【学位授予单位】：南京师范大学
【学位级别】：硕士
【学位授予年份】：2012
【分类号】：F272.92;F832.51;F224

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