高管变更、政治关联与财务困境恢复

发布时间：2018-03-17 08:21

本文选题：高管变更　切入点：继任背景　出处：《西南交通大学》2017年博士论文　论文类型：学位论文

【摘要】：国外关于财务困境恢复问题的研究始于20世纪80年代,公司治理学者、财务学者在企业生命周期理论的分析框架下,基于公司治理理论和破产理论,对影响上市公司财务困境恢复的内部治理因素和外部宏观环境因素进行了大量的研究。国内关于财务困境恢复的研究尚处于起步阶段,尤其是对于影响财务困境恢复因素的深入研究相对不足。本文以2002-2011年我证券市场上被宣布特别处理的上市公司为研究对象,考察上市公司在陷入财务困境后的高管变更对财务困境恢复的影响,并且进一步地检验了在发生高管变更的样本中,继任高管的专业背景和“关系”背景在财务困境恢复中发挥的作用。同时也探究了高管变更给企业政治关联带来的变化,并深入的研析了政治关联帮助公司摆脱财务困境的渠道和路径。研究发现:公司在财务困境期间发生的高管变更行为有助于困境恢复,通过对继任高管的专业知识背景和“关系”背景进一步研究发现,继任高管的CEO职业经历以及财务工作经历能够显著的帮助公司摆脱困境和提高公司的会计业绩,而继任高管的年龄、学历、继任来源的影响并不显著。高管的“关系”资源,无论是政治关联还是银行关系对于公司摆脱困境和提高会计业绩都有着积极的支持作用,并且在考虑了离任高管的背景特征影响后,上述结论并没有改变。同时,更换高管后,公司的政治关联强度得到了增强;并且无论是以虚拟变量还是以指数变量来进行衡量,公司的政治关联均能够显著的帮助公司摆脱财务困境;进一步地利用中介变量检验法验证了政府补助在政治关联与财务困境恢复之间部分中介作用的存在,即政府补助是政治关联支持财务困境恢复的渠道和路径。论文立足于我国证券市场上的特别处理制度背景,探讨了上市公司在陷入财务困境后,公司的高管变更和政治关联对财务困境恢复的影响,以及高管变更与政治关联之间的关系,在一定程度上丰富了公司治理理论和财务困境恢复理论,并为困境公司在决定更换高管和继任高管的甄选、以及建立政治关联提供了决策依据。
[Abstract]:Foreign research on financial distress recovery began in 1980s, corporate governance scholars, financial scholars in the enterprise life cycle theory analysis framework, based on corporate governance theory and bankruptcy theory, This paper makes a lot of research on the internal governance factors and external macro environmental factors that affect the recovery of financial distress of listed companies. The domestic research on the recovery of financial distress is still in its infancy. In particular, the in-depth study of the factors affecting the recovery of financial distress is relatively inadequate. This paper focuses on listed companies announced to be specially treated in our securities market from 2002 to 2011. This paper examines the influence of executive changes on recovery of financial distress of listed companies after they fall into financial distress, and further examines the sample of executive changes. The role of the professional background and the "relationship" background of succeeding executives in the recovery of financial distress. And deeply analyzed the channels and paths that political connections help companies get out of financial distress. The study found that the behavior change of executives occurred during the financial distress helps the recovery of financial distress. Through a further study of the professional background and the "relationship" background of the successor executives, it is found that the CEO career experience and the financial work experience of the successor executives can significantly help the company to extricate itself from difficulties and improve the accounting performance of the company. However, the age, education, and source of succession are not significant. The relationship resources, whether political or banking, have a positive impact on the company's ability to get out of trouble and improve its accounting performance. And after considering the background characteristics of outgoing executives, the above conclusions have not changed. At the same time, the company's political connection strength has been increased after the change of executives; and whether measured in virtual or exponential variables. The political association of the company can help the company to extricate itself from the financial distress significantly, and further use the intermediary variable test method to verify the existence of part of the intermediary function between the government subsidy and the recovery of the financial distress. That is, government subsidy is the channel and path for political association to support the recovery of financial distress. Based on the background of special treatment system in China's securities market, this paper discusses the financial distress of listed companies. The influence of executive change and political connection on the recovery of financial distress and the relationship between executive change and political association enrich the theory of corporate governance and the theory of recovery of financial distress to a certain extent. It also provides a basis for difficult companies to decide on the selection of replacement and successor executives, as well as establishing political connections.
【学位授予单位】：西南交通大学
【学位级别】：博士
【学位授予年份】：2017
【分类号】：F275;D0;F272.91

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