中国上市公司董事长任期影响因素的实证研究

An Empirical Study on The Determinants of the Chairman's tenure in China

本文采用2004—2012年中国上市公司和外部制度环境的混合数据,对影响中国上市公司董事长任期的各类因素进行了实证分析,研究结果表明董事长的任期不仅受董事长的个人特征、企业债务结构和公司特征影响,还和各地的治理环境有关系。尤其是发现中国上市公司董事长任期与各地金融和劳动力市场化水平、法律基础设施完善负相关,而与各地的政府干预程度正相关,这说明市场化程度差的地区对上市公司董事长任职的行政干预替代了劳动力市场的选择。

This article focuses on various influencing factors of Chairman’s tenure.Through collecting the data on debt structure, financial data and the chairman’s personal characteristics of listed companies from 2004 to 2012,The empirical research shows that the presidency is not only influenced by the president’s personal characteristics,debt structure and corporate characteristics,and also influenced by the external governance environment.Especially found that China＆#39;s listed company president tenure is negative correlation with the financial market level,the legal infrastructure,but is positively related to the degree of government intervention.It’s show that administrative intervention replaces labor market selection.