总经理更替模式对公司业绩的影响——来自中国上市公司的证据

Impacts of CEO Turnover Pattern on the Company Performance: Evidence from Chinese Listed Company

把上市公司按照所有制结构类型分为国有控股上市公司和民营上市公司,利用倾向得分匹配方法(PSM)和回归分析实证研究了上市公司总经理更替模式对公司业绩的影响,结果发现:(1)国有控股和民营上市公司总经理更替模式对公司业绩影响程度不同;(2)国有控股上市公司总经理内部提升相对于外部聘任更能提升公司业绩,而民营上市公司内部提升或是外部聘任对公司业绩影响相近,没有明显区别;(3)无论是国有公司还是民营公司,总经理更替在短期内的负向影响要大于长期。最后,为了降低总经理更替对公司业绩的负面影响,提出了对策建议。

This paper divides the listed companies into state held and privately owned companies according to ownership structure. We iden- tify the impacts of CEO turnover modes on the performances of the listed companies, with the propensity score matching I PSM） and regression analysis are employed. The conclusions are as follows. （1 ） The influences of CEO turnover on the performance are different for state held and privately owned compa- nies. （ 2 ） Compared to the external labor market, internal promotion can raise the performance for state held companies. Internal promotion and external employment have similar influences on the performance for private owned companies. （ 3） The negative impacts of CEO turnover on performance in the short run is more than that in the long run for both state and private owned enterprises. Then, policy suggestions are proposed to reduce the detrimental impaets.