高管变更对投资现金流敏感性的影响研究

A Study on the Impact of Top Management Turnover on Investment-cash Flow Sensitivity

高管变更信号效应改变着企业的财务环境及经营决策。文章选用2007-2014年上市公司组成的样本验证高管变更对投资现金流敏感性的影响,结果发现,高管变更企业投资现金流敏感性较高;进一步研究发现民营企业高管变更、董事长与总经理同时变更以及新任高管为外部聘任的会导致更高的投资现金流敏感性。研究表明,高管变更使企业面临更强的融资约束,在一定程度上降低企业的投资水平。研究为企业防范高管变更产生的融资与投资风险和完善人力资源制度提供了重要依据。

The signal effect of top management turnover changes financial environment and business decision of enterprises.This paper selects the listed companies from 2007 to 2014 as samples to test the impact of top management turnover on invest-ment-cash flow sensitivity. The result shows that investment-cash flow sensitivity is high when corporate top managementchanges. The further study finds that top management turnover,the change of chairman and general manager at the same timeand new external executives of private enterprises can lead to higher investment-cash flow sensitivity. The study indicates thattop management turnover makes enterprises face greater financial constraints,and reduces investment level of enterprises to acertain extent. The paper provides an important basis for enterprises to guard against financing and investment risks of the topmanagement turnover and perfect human resource system.