摘要
基于政府控制权差异,本文对我国上市公司进行了分类,并据此检验了经营业绩和经营者变更的关系。根据所选样本在样本区间的实证结果表明:整体上看,公司绩效对经营者变更有显著负向作用;其中,政府直接控制型公司的经营者变更对绩效的敏感性显著低于其他类型的公司;一般法人控制型公司和国有法人控制型公司的经营业绩在经营者变更后短期内显著下降;无论哪类公司的经营者变更都没对业绩发挥显著促进作用。本文的研究为转型经济中深化企业改革提供了有意义的借鉴。
This study examines the relation between executive turnover and firm performance in China′s listed companies, which are classified into companies held directly by the government, companies held by state-owned asset management company, companies held by state-owned enterprise and companies held by general legal person. The results indicate there is a significantly negative relation between executive turnover and firm performance and the executive turnover of government-holding companies is less sensitive to firm performance than that of other companies. In addition, in a short term after executive turnover, the firm performance of state-owned enterprise holding companies and general legal person holding companies decreases; in all kinds of firms, the firm performance still can′t be improved after executive turnover. Our findings provide reference for further SOE reform during the transition economy.
出处
《管理评论》
2006年第3期3-13,共11页
Management Review
