CEO强制变更与公司业绩的相关性研究——基于国有上市公司数据

A Study on the Relationship between CEO Turnover and the Corporate Performance: Based on the Date from State-owned Listed Companies

以2000年至2012年沪深两地A股国有上市公司为研究样本,探讨在国有上市公司存在多重目标的情况下公司业绩与CEO强制变更之间的相关性,实证结果表明:当国有上市公司处于亏损状态时,公司业绩和CEO强制变更之间显著负相关;对于经营状况良好的国有上市公司来说,公司业绩和CEO强制变更之间不存在显著的相关关系。进一步研究发现,CEO强制变更后,亏损公司的业绩会得到显著性改善,而盈利公司的业绩则没有显著变化。

With the empirical data of state-owned listed companies on Shanghai and Shenzhen Stock Exchanges from 2000 to 2012 as the research object, we examine the relationship between CE0 forced turnover and the performance of state-owned lis- ted Chinese companies when they have multiple objectives. The result shows that： First, there existsa anegative relationship between the level of pre-turnover profitability and CEO forced turnover when firms are incurring financial losses, but there ex- ists no such relationship when they are making profits. Second, there is an improvement in post-turnover profitability in loss- making firms, but no such improvement in profit-making finns.