摘要
以总经理非常规变更为视角，采用Logistic回归模型，通过实证分析中国上市公司2000—2004年总经理变更与公司业绩、内控机制的相关性，对内控机制的效率进行了初步判断。研究表明：（1）总经理变更与公司业绩呈负相关，中国上市公司内控机制存在效率；（2）总经理变更与经理董事比例、第一大股东持股率显著负相关；与独立董事比例的相关性未得到证实；业绩既定下，经理董事比例的提高降低了总经理变更对业绩的敏感性；（3）经理董事与大股东是影响内控机制效率的关键因素，深化股权分置改革、完善独立董事制度及其行权的制度环境建设仍是未来公司治理改革的重点。
This paper uses Logistic regression model and empirically analyzes the relationship between CEO norturnover and firm performance in the listed firms of China in the years from 2000 to 2004 in order to evaluate the efficiency of internal control mechanisms. The research results are： CEO turnover has negative relation to corporation performance, has negative relation to the share holding rate of the first big share holder and the proportion of manager directors, and has unclear relation to the proportion of independent directors, the ratio of manager directors decrease the sensibility of CEO turnover. It is manager directors and top shareholder that makes the internal mechanisms be short of efficiency.
出处
《软科学》
CSSCI
2008年第2期128-133,144,共7页
Soft Science
基金
国家自然科学基金项目(70372041)
关键词
内控机制效率
公司业绩
总经理非常规变更
efficiency of the internal control mechanisms
corporation performance
CEO nor - turnover
