上市公司经营者继任的绩效意义

The Performance Effects of Executive Succession in China Listed Companies

经营者的继任及其继任形式对公司的市场绩效具有影响,体现在股价即时变动的信号效应和公司系统风险水平发生变更的管理效应上。本文对沪深300指数成份股公司2001-2003年的301例董事长和总经理继任事件,用事件研究方法分析了经营者继任的信号效应,用邹检验识别了经营者继任的管理效应。研究表明,经营者继任形式是影响信号效应的重要因素,而经营者继任事件导致的管理效应是普遍存在的。另外,与国外同类研究的比较表明,中外上市公司经营者继任的绩效意义既有相似之处,也有不同之处。

Executive succession and its type impact companies＇ performance, which is characterized by signal effect and managerial effect. This paper analyzes the succession events of board of directors and general mangers in Shanghai and Shenzhen Stock Markets 300 Index companies during 2001-2003, investigating the signal effect with event study method and identifying the managerial effect with Chow test. We found that executive succession type was among the important factors influencing signal effect but did not bore upon managerial effect.