总经理更换与高管团队的稳定性研究——来自中国上市公司的经验证据被引量：31

CEO Turnover and Top Management Team Stability——Evidence from Chinese Listed Companies

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摘要文章从业绩相关理论、锦标赛理论和专用化人力资本理论出发,对总经理更换后的高管团队稳定性进行了理论分析和实证检验。经验证据表明,总经理更换提高了高管离职的概率,但降低了企业绩效对高管离职的影响;总经理被迫离职后的年轻高管有较高的离职概率;高管与离任总经理的专用化人力资本越高,总经理更换后高管离职概率越高,而与继任总经理的专用化人力资本则可使高管离职概率有一定程度的降低。实证结果支持锦标赛理论和专用化人力资本理论,但业绩相关理论没有得到支持。 With the help of literature review, we confirm that there is a link between CEO turnover and top management team stability. We then assess these links empirically using data from Chinese listed companies. We present some main findings. First, we find that CEO and manager turnover are positively related. Second, we do not find that this relationship is stronger when firm performance is poor. Third, this association is driven largely by manager age and incoming CEO age, which is consistent with promotion tournaments theory. Importantly, the hypothesis that specific human capital between manager and CEO affects the value of manager retaining is supported.

作者张必武石金涛

机构地区上海交通大学管理学院

出处《财经研究》 CSSCI 北大核心 2006年第1期121-132,共12页 Journal of Finance and Economics

关键词总经理更换高管离职企业绩效晋升锦标赛专用化人力资本 CEO turnover senior executive departing firm performance promotion tournaments specific human capital

分类号 F272.9 [经济管理—企业管理]

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