摘要
我们选择相对操控前业绩(ABROA)刻画公司的真实业绩,通过对CEO变更期间ABROA变化的分析,检验了CEO变更机制的有效性。研究结果表明,上市公司相对操控前业绩变化与CEO非常规变更显著正相关,但与常规变更的正相关关系不显著,这至少说明CEO非常规变更机制是有效的。常规变更与非常规变更的比较表明,竞争是CEO变更机制有效性得以发挥的关键。
The paper selects the adjusted performance before earnings management,then examines the efficiency d CEO alteration mechanism by analyzing the change of the adjusted performance before eamings management during the period of CEO alteration. The paper. finds that there is a positive significantly relation between the adjusted performance before earnings management and CEO non - routine alteration , while it is not the same to CEO routine alteration. By comparing non - routine and routine alteration, this paper aho finds that competition is the key to the efficiency of CEO alteration mechanism.
出处
《山西财经大学学报》
CSSCI
2007年第3期62-67,共6页
Journal of Shanxi University of Finance and Economics
基金
国家自然科学基金资助项目(批准号:70372041)
关键词
上市公司
CEO变更
相对操控前业绩
listed companies
CEO alteration
relative performance before earnings management
