上市公司高管更替模式对企业绩效的影响

The Relationship between Listed Company Top Management’ Turnover Mode and Enterprise Performance

本文以上市公司2005-2009年间高管更替数据为研究样本,引入了高管团队重组和战略连续性作为中介变量,探讨了不同高管更替模式对企业绩效的影响路径。研究结果表明,上市公司高管强制更替外部聘任对高管团队重组有正向影响,对战略连续性有负向影响,对企业绩效有负向影响,其中高管团队重组和战略连续性在强制更替外部聘任与企业绩效之间起到中介效应;上市公司高管强制更替内部聘任对高管团队重组影响不显著,对战略连续性有正向影响,对企业绩效有正向影响,其中战略连续性在强制更替内部聘任与企业绩效之间起到中介效应;另外,高管团队重组对企业绩效有负向影响,战略连续性对企业绩效有正向影响。

The issue of top management turnover is one of the most significant and expensive strategic issue which will affect the actions of all stakeholders. At present, there are just very limited researches that compressively ponder over the role mechanisms related to different cor- porate performance. We explore the mechanism of the influences the different top management turnover make on the enterprise performance by introducing two mediating variables ,namely, top management team re- construction and strategy continuity, according to the data of the listed companies which suffered management turnover from the year of 2005 to 2009. The result shows that compulsive-outside succession is of posi- tive influence to top management team reconstruction, while strat- egy continuity have negative influence; compulsive-outside succes- sion top management is of negative influence in corporate performance. Both top management team reconstruction and strategy continu- ity have mediating effects on the relationship between compulsive- outside succession and corporate performance. Compulsive-inside suc- cession is of no signifw.ant influence to top management team reconstruc- tion, while strategy continuity has positive influence; compulsive-out- side succession top management is of positive influence in corporate per- formance. Strategy continuity has mediating effect on the relationship be- tween compulsive-inside succession and corporate performance. What＇s more, top management reconstruction exerts negative influence in corpo- rate performances, with strategy continuity positive. Thus, the possibility if the successors can improve the performance effectively is an inevitable problem both the company and the public have to consider. We can come up with the following managerial implications on consideration of the above findings. First of all, the top management turnover should be laid down scientifically to reduce its uncertainty, especially to avoid the wide range of top management reconstruction. Sccondiy, the process of the strat- egy implementation is equally important to that of the strategy formation so as to ensure the strategy continuity when the company consummates the oversight functions of the Board. Lastly, the appointment of the temporary top management will be effective to the smooth running of the company.