董事会治理对创业板上市公司创始高管离任影响研究

The Influence of Founding Executives′Board Governance on the Executives' Resign for GEM Listed Companies

以2009-2011年创业板上市公司为样本,运用logit回归分析法实证研究了创业企业IPO后的创始高管董事会治理结构对高管离任的影响。研究结果显示,创业IPO企业创始高管股权分散程度与创业板上市公司高管离任显著负相关,创始高管控制董事会程度、创始高管持股比例与高管离任负相关,但影响效果不显著;进一步将高管离任类型分为创始高管离任和非创始高管离任,发现创始高管控制董事会程度、创始高管持股比例以及创始高管股权分散程度与创始高管离任显著负相关,而与非创始高管离任正相关。

According to the samples of the listed companies on GEM from 2009to 2011,using logit regression analysis,this paper empirically researched the founding executive board governance structure after the IPO of the entrepreneurial firm and the influence on the executives＇ resign.Results show that the equity dispersion degree of the founding executive of the entrepreneurial firm has significant negative correlation with the executives＇ resign of the listed companies on GEM.The controlling degree to the board of the founding executives and the shareholding ratio of the founding executives have negative correlation,but the effect is not significant;the paper further divides the types of the executive departing into the founding executives＇ resign and the non-founding executives＇ resign,and finds the controlling degree to the board of the founding executive,the shareholding ratio of the founding executive team and the equity dispersion degree of the founding executive have significant negative correlation with the founding executives＇ resign,but have positive correlation with the non-founding executives＇ resign.