上市公司高管离职:原因、影响和行为

Executives' Turnover in Listed Companies: Reasons,Consequences and Behavior

使用1996～2011年我国上市公司的面板数据，考察了上市公司高管离职的原因、对公司的影响和高管离职影响公司绩效的途径。我们使用资产回报率和公司股票的超额回报率度量公司的绩效，发现高管离职的确与公司之前不佳的绩效相关。关于公司高管离职对公司的长短期影响，研究发现，高管离职对公司的资产回报率和股票收益率都产生了短期和长期的负面影响。关于公司高管离职影响公司当年绩效的渠道，也即高管离职影响公司的行为方式，研究发现，高管离职时主要是由于道德风险效应给公司当年的业绩带来了不利影响。基于本文的研究成果，我们提出了一些关于我国上市公司高管治理的建议。

This paper investigates the reasons and consequences of executives＇ turnover as well as their on-leave behavior by employing the panel data of publicly listed firms in China from 1996 to 2011. The author measured the firms＇ performance with return on asset and risk adjusted abnormal returns of the stock, and find that the turnover of executives is associated with the past performance. This paper examines the short term and long term effect on firms brought by the turnover of the executives and finds the negative influence both in short term and long term on the corresponding companies. The author furtherly identifies the possible channels through which executives affect the turnover year performance, i.e., their on-leave behavior and discover that the moral hazard effect dominates which brings about the negative consequences.