管理层变更和公司价值:制度原因和经济后果

Management Turnover and Corporate Value:Causes and Consequences

本文通过对2005—2007年我国520家国有上市公司的实证检验,研究了关于国有上市公司高管变更的三个影响因素:公司价值、董事长与总经理两职合一以及第一大股东持股的比例。研究结果表明:国有上市公司的价值与高管变更呈正相关关系;董事长与总经理两职合一以及第一大股东持股比例与国有上市公司高管变更之间呈负相关关系;而变更所带来的绩效提升会随着时间的推移日益明显。结果显示:国有上市公司的治理是较为有效的,基本反映了"公司绩效会影响职位变迁"的公司治理原则;公司中董事长与总经理两职合一会弱化董事对管理层的监督有效性;国企应加快国有股减持步伐,完善国有上市公司治理结构。

This paper investigates three factors about top management turnover（the value of the company,non-duality of COB and CEO and the largest shareholder ratio）and the following results,based on the 520 state-owned companies in China.The empirical results show that the value of the company is positively related to the turnover of management.On the contrary,non-duality of COB and CEO and the largest shareholder ratio have negative correlation with management change.The change can increase the value of the company over time.From this study we find that the state-owned companies can basically reflected that ＂Company performance will influence the position changes about management＂.Non-duality of COB and CEO can diminish the effectiveness of the directorate＇s intendance.State-owned enterprises should accelerate the pace of state-owned share reduction.