第一大股东持股比例与高层管理人员变更之相关性研究——基于上市公司的实证分析

The Impact of the Controlling Shareholder on Top Management Turnover:Evidence From the Listed Company in China

以2006年上海证券交易所808家上市公司为样本,划分为业绩平稳和业绩下滑两类公司,实证考察第一大股东持股对高管变更的影响。研究结果显示,其他大股东的持股与更换管理层呈现显著的正相关关系,而股权的国有性质与高管变更未呈现显著的相关关系。同时,我们的结论表明,董事长和总经理两职兼任与高管变更负相关,独立董事制度对高管变更的影响不能发挥其正面监督作用。

This paper empirically examined the impact of controlling shareholder on top management turnover of listed companies based on the data of 808 companies in Shanghai Stock Exchange in 2006. The whole sample companies were divided into two groups ： companies of stable performance and companies of declined performance. The results showed that the other large shareholding was significantly positively correlated with management turnover, but the state holding did not. The results also showed that the practice of chairman serving concurrently as manager was negatively related with management change, and the independent director system was not able to play positive role in the Supervision of management change.