CEO非正常变动对中国民营控股上市公司业绩波动的影响

发布时间：2018-04-10 01:14

本文选题：CEO非正常变更　切入点：公司未来业绩波动　出处：《山东大学学报(哲学社会科学版)》2017年06期

【摘要】：基于PSM的方法,考察CEO非正常变更对中国民营控股上市公司未来业绩波动的影响。通过对2007-2015年沪、深两市所有A股民营控股上市公司相关数据进行实证检验,发现并不是所有的CEO非正常变更都会带来公司未来业绩的提升,亏损公司可通过强制变更不作为的CEO提高公司未来业绩,而这一结论在盈利公司却不成立;亏损公司样本中,若被强制变更的CEO是不具有政治背景的则带来公司未来业绩的显著上升;而在盈利公司样本中,若具有政治背景的CEO被强制变更则会使得公司未来业绩显著下降。上述结论说明,我国上市公司治理机制并不完善。今后,应进一步完善CEO的任免机制,改善公司治理机制,以提高公司治理效率。
[Abstract]:Based on the method of PSM, this paper investigates the influence of abnormal change of CEO on the future performance fluctuation of private holding listed companies in China.Through the empirical test of the relevant data of all private holding companies in Shanghai and Shenzhen stock markets from 2007 to 2015, it is found that not all abnormal changes of CEO will lead to the improvement of the future performance of the companies.A loss-making company can improve its future performance by forcing changes in the CEO of inaction, a conclusion that is not true in profitable companies; in the sample of loss-making companies,If the CEO that is forced to change is not political, it will bring about a significant increase in the future performance of the company, while in the sample of profitable companies, if the CEO with political background is forced to change, the future performance of the company will decline significantly.The above conclusion shows that the governance mechanism of listed companies in China is not perfect.In the future, the mechanism of appointment and removal of CEO should be further improved, and the mechanism of corporate governance should be improved in order to improve the efficiency of corporate governance.
【作者单位】：山东大学管理学院;山东财经大学;
【基金】：国家自然科学基金“治理风险导向的商业银行公司治理研究:理论发展与机制耦合(71272119)”;“董事会非正式沟通对决策质量的影响研究:路径、机理与效应(71372093)” 教育部人文社会科学研究规划项目“基于SCP的董事会治理绩效形成机理与影响因素研究(13YJA630109)” 山东省自然科学基金“山东省上市公司董事会治理绩效评价与影响因素研究(ZR2013GM020)”
【分类号】：F272.91;F275;F832.51

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