上市公司董事会结构对总经理变更影响的实证研究

An Empirical Study of Impacts of Board's Structural Characteristics on General Managers'Turnover in Chinese Listed Companies

利用深沪股市325家上市公司1997年～2006年的数据,对董事会结构如何影响强制性和常规性总经理变更进行实证检验。结果表明:董事长兼总经理与强制性总经理变更显著负相关,而与常规性总经理变更显著正相关;董事会中外部董事比例越高,总经理越有可能被强制性更换;董事会规模及成员持股比例无论对强制性总经理变更还是常规性总经理变更都不具有明显的相关性。

This paper investigates how the board＇s structural characteristics affect forced general managers＇ turnover and voluntary general managers＇ turnover by using panel data of 325 non-financial listed companies in China.The results indicate that the likelihood of forced turnover remarkably declines when the positions of the general manager and the chairperson of the board are jointly held by the same individual.On the contrary,the likelihood of voluntary CEO turnover significantly increases when the general manager is also the chairperson of the board.In addition,the likelihood of forced turnover increases when the ratio of outside directors on the board is higher.However,neither forced nor voluntary turnover is related to the board size or the proportion of the shares held by the board members.