管理者信心与公司治理的有效性——基于我国上市公司管理者变更的经验证据

Managerial Confidence and the Effectiveness of Corporate Governance:Evidence from Manager Turnover in China's Listed Companies

及时更换不称职的管理者是公司治理制度有效的重要标志。文章以2006-2008年沪深两市上市公司为研究对象,采用实证研究方法检验了公司治理参与主体的心理因素,管理者信心对其职位变更的影响。研究发现:管理者自信程度与因公司业绩欠佳导致的离职显著负相关,但在国有上市公司中,二者之间的关系并不显著;当公司所在地外部治理环境较差时,自信程度愈高的管理者愈可规避因业绩欠佳带来的离职风险。

The timely replacement of incompetent managers is an important indicator of the effectiveness of corporate governance.This paper examines the relationship between managerial confidence and manager turnover in listed companies based on the listed companies in SSE and SZSE from 2006 to 2008.The results show that： a）the degree of managerial confidence is significantly related to manager turnover caused by poor corporate performance;b）in state-owned listed companies,there is no significant relationship between managerial confidence and manager turnover;c）with the low level of the perfection of external governance environment,managers with higher confidence will be more apt to avert the demission risk caused by poor corporate performance.