我国公司内部治理对高层变更影响的实证研究

Empirical Research on the Impact of Internal Corporate Governance on Top Management Turnover

研究了2004年度深交所上市公司有关数据,发现董事会诸多变量中,仅董事会会议次数同高层变更显著相关,表明我国董事会在公司治理中的监督作用尚未得到充分体现;同时股权结构变量,尤其是国有股比例直接影响了公司高层的变更,也从另一个方面阐明了股权结构改革的迫切性.

A valid governance mechanism can ensure that when the company performs badly, it can change unfit top management. This paper empirically examined the top management turnover of listed companies in Shenzhen Stock Exchange in 2004. By using logistic model, it examined the impact of internal corporate governancc mechanisms on the possibility of top management turnover. The results suggested that the boards fail to discipline top management with poor performance, and it is necessary to reform current shareholding structure.