具有政府背景的高管继任影响公司价值吗?——托宾Q值视角下的解读

Do the top management successors who have government experience or background influence the firm value?——Using TobinQ

本文研究了来自我国A股市场的上市公司高管变更中,具有政府背景身份的高管继任者对其继任公司的价值影响。实证研究的结果表明,具有政府背景的高管继任之后,公司价值显著高于不具有政府背景的高管所继任的公司价值,也显著高于一般未发生高管变更的公司价值。但由于没能剔除年度之间市场价值变动的影响,并未能得出具有政府背景的高管继任后公司价值逐年上升的结论。

This paper, using the data on top management turnovers disclosed by the listed firms in China, investigates the relationship between the top management successors having government experience or background and firm value. Statistical tests show that the top management successors having government experience or back- ground are highly positively related to firm value. That is to say, the firms which have the top management successors having government experience or background have positively higher firm value than those just having ,common successors or not having management turnovers. However, due to the influence of the change of market ,vallue between 2002 and 2003, the paper can not draw the conclusion that the value of the firms whose top manageement successors have government experience or background increases year by year.