中国旅游上市公司高管任期与企业绩效关系研究

发布时间：2018-06-10 20:02

本文选题：中国旅游上市公司 + 高管任期　；参考：《湖南师范大学》2015年硕士论文

【摘要】：随着经济全球化的不断加快,市场竞争日益激烈,加剧了企业发展的不确定性,由此带来的是各个企业高管被更替的比率逐渐上升。一项调查研究发现,1995年以来,北美地区公司高管的更替比率增加了54%,而全球范围内则增加了70%。2008年上半年,我国有关上市公司高管人员的更替公告达到了163次。高管任期的逐渐缩短,己成为了一种新的趋势。对于企业而言,高管任期既可能为企业创造良好的绩效,也可能使企业绩效降低甚至走向低谷。因此,关于企业高管任期长短的优劣问题,近年来已逐渐成为理论界和企业战略管理等领域关注的热点。虽然高管任期与企业绩效之间的关系得到越来越多国内外学者的关注,但这方面比较规范的实证研究并不多,且研究具有一定的局限性。尤其是国内的相关研究起步较晚,相应的研究成果不多,较具开拓性和权威性的文献更是缺乏。因此,本文以中国旅游上市公司为研究样本,选择2006-2013年为研究区间,从战略持续性的角度出发,根据“提出问题——分析问题——解决问题”的逻辑思路,利用从CSMAR数据库和中国旅游上市公司年报中披露的数据,采用理论分析与实证检验相结合的研究方法,探究高管任期对企业绩效影响的内在机理,为合理确定我国旅游上市公司高管任期提供科学的依据,达到改善企业绩效的最终目的。实证检验的结果表明：(1)在控制了高管年龄、高管是否持股、企业规模以及企业性质这几个因素后,中国旅游上市公司高管任期对企业绩效有显著影响,且与其呈倒U型关系。(2)在本文的样本区间内,中国旅游上市公司高管的最佳任期为6年。(3)在控制了高管年龄、高管是否持股、企业规模以及企业性质这几个因素后,高管是否在任的最后一年对企业绩效有显著影响。而且高管在任的最后一年,中国旅游上市公司绩效显著低于其他年度。(4)战略持续性在中国旅游上市公司高管任期与企业绩效之间起到部分中介作用。针对本文的研究结论,笔者还得出了中国旅游上市公司发展的相关启示。在文章的最后,还指出了本研究存在的不足之处以及未来进一步研究的方向。
[Abstract]:With the acceleration of economic globalization, the market competition is becoming more and more fierce, which intensifies the uncertainty of enterprise development. A study found that since 1995, the turnover ratio of executives in North American companies has increased by 54 percent, while in the first half of the year of 70.2008, the number of announcements about the turnover of executives in listed companies in China has reached 163. The gradual shortening of executive tenure has become a new trend. For enterprises, executive tenure may not only create good performance for enterprises, but also make corporate performance decline or even go to the bottom. Therefore, the advantages and disadvantages of the tenure of senior executives have gradually become the focus of attention in the field of theory and strategic management of enterprises in recent years. Although more and more scholars at home and abroad pay attention to the relationship between executive tenure and corporate performance, there are not many normative empirical studies in this area, and the research has some limitations. In particular, domestic research started late, the corresponding research results are not much, more pioneering and authoritative literature is even less. Therefore, this article takes the Chinese tourism listed companies as the research sample, selects 2006-2013 as the research interval, proceeds from the strategic persistence angle, according to the logical thought of "posing problem-analyzing problem-solving problem". Using the data from CSMAR database and the annual report of the listed tourism companies in China, this paper explores the internal mechanism of the effect of senior executive tenure on corporate performance by combining theoretical analysis with empirical testing. It provides a scientific basis for the determination of the term of senior executives of tourism listed companies in our country, and achieves the ultimate goal of improving the performance of enterprises. The empirical results show that after controlling the age of the executives, whether the executives hold shares, the size of the enterprises and the nature of the enterprises, the tenure of the senior executives of the listed tourism companies in China has a significant impact on corporate performance. In the sample range of this paper, the best tenure of senior executives of Chinese tourism listed companies is 6 years. 3) after controlling for the age of the executives, whether the executives hold shares, the size of the enterprises and the nature of the enterprises, there are several factors, such as the age of the executives, the ownership of the executives, the size of the enterprises and the nature of the enterprises. Whether a senior executive is in the last year of his tenure has a significant impact on corporate performance. Moreover, in the last year of senior management, the performance of Chinese tourism listed companies is significantly lower than that of other year. 4) Strategic sustainability plays a part of intermediary role between the tenure of senior executives and corporate performance of China tourism listed companies. According to the conclusion of this paper, the author also draws the enlightenment of the development of Chinese tourism listed companies. At the end of the paper, the shortcomings of this study and the direction of further research are also pointed out.
【学位授予单位】：湖南师范大学
【学位级别】：硕士
【学位授予年份】：2015
【分类号】：F592.6;F272.5

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