高管成群离职、大股东控制力与公司业绩实证研究——基于中国2008—2009年制造业新增ST公司的证据

An Empirical Study on Senior Managers' Clustering Dimission,Power of Principal Shareholders and Company Performance——Evidence from Manufacturing ST Companies during 2008—2009

近年来,上市公司高管成群离职现象频现。以2008—2009年中国制造业新增ST公司为样本,按同行业原则选取19家健康公司为对照样本,揭示公司业绩变动的过程特征。研究发现:公司业绩下滑过程特征明显,路径清晰;高管成群离职现象对公司业绩具有显著预警作用;激励不足影响高管内驱力释放是业绩下滑的潜在因素,"一股独大"是业绩下滑的机制因素。

In recent years, phenomenon of senior managers＇clustering demission often occurs. Based on 19 financially distressed samples and 19 healthy samples during 2008 -2009, this study explores company performance characteristics in different period of falling into financially distress. The results of this study include four aspects. Firstly, the route to financial distress is distinct. Secondly, there is a striking prediction effect of senior managers＇clustering demission when a company falls into financial distress. Thirdly, the potential danger is poor motivation system which would not arouse senior managers＇ driving force. Finally, one shareholder monopolizes is the mechanism reason of financial distress.