高管变更对企业个股交易的影响

发布时间：2018-04-18 13:22

  本文选题：高管变更 + 高管特征　； 参考：《财会月刊》2017年15期

【摘要】：选取2004~2014年沪深股市主板4个行业上市公司数据作为研究对象,借助多元回归分析,研究上市企业高管变更及其特征对企业个股交易的影响。结果表明:高管变更和高管年龄与企业年个股交易间存在显著的负相关关系;高管任期与企业年个股交易间没有显著关系。进一步研究发现:滞后一年董事长变更对企业年个股交易无明显影响,总经理变更与企业年个股交易之间存在负相关关系;不论当年还是滞后一年,董事长和总经理同时变更对企业年个股交易均产生负面影响。
[Abstract]:From 2004 to 2014, the data of four industries listed companies in the main board of Shanghai and Shenzhen stock market were selected as the research object. By means of multiple regression analysis, the effects of the change of executives and their characteristics on the individual stock trading of listed enterprises were studied.The results show that there is a significant negative correlation between the change of executives and the age of executives and the annual stock trading, while there is no significant relationship between the tenure of senior executives and the annual stock trading.Further study shows that the change of chairman has no obvious influence on the annual stock trading, and the change of general manager has a negative correlation with the annual stock trading, whether in the same year or one year behind,Chairman and general manager change at the same time to the company's annual stock transactions have a negative impact.
【作者单位】： 上海海事大学经济管理学院;
【基金】：国家自然科学基金项目(项目编号:71572105)
【分类号】：F832.51;F272.91
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本文编号：1768544