摘要
基于PSM的方法,考察CEO非正常变更对中国民营控股上市公司未来业绩波动的影响。通过对2007-2015年沪、深两市所有A股民营控股上市公司相关数据进行实证检验,发现并不是所有的CEO非正常变更都会带来公司未来业绩的提升,亏损公司可通过强制变更不作为的CEO提高公司未来业绩,而这一结论在盈利公司却不成立;亏损公司样本中,若被强制变更的CEO是不具有政治背景的则带来公司未来业绩的显著上升;而在盈利公司样本中,若具有政治背景的CEO被强制变更则会使得公司未来业绩显著下降。上述结论说明,我国上市公司治理机制并不完善。今后,应进一步完善CEO的任免机制,改善公司治理机制,以提高公司治理效率。
Based on PSM method,the impact of forced CEO turnover on China Private Listed Company＇s Performance is investigated.We find that forced CEO turnover is not always due to the promotion on company＇s future performance.In money-losing companies,the company＇s future performance will be improved by dismissing incompetent CEO relative to the profit making companies.In particular,the company＇s performance will be significantly increased if the dismissed CEO has political background and the performance declined if the dismissed CEO has no political background in profit making companies.The findings indicate that the corporate governance mechanism of Chinese listed companies is not perfect,and CEO＇s dismissal mechanism and corporate governance mechanism should be perfected in order to improve the corporate governance efficiency in the future.
作者
吴明霞
WU Ming-xia(College of Management, Shandong University, Jinan 250100,P. R. China;Shandong University of Finance and Economics, Jinan 250014, P. R. China)
出处
《山东大学学报（哲学社会科学版）》
CSSCI
北大核心
2017年第6期121-129,共9页
Journal of Shandong University(Philosophy and Social Sciences)
基金
国家自然科学基金"治理风险导向的商业银行公司治理研究:理论发展与机制耦合(71272119)"
"董事会非正式沟通对决策质量的影响研究:路径
机理与效应(71372093)"
教育部人文社会科学研究规划项目"基于SCP的董事会治理绩效形成机理与影响因素研究(13YJA630109)"
山东省自然科学基金"山东省上市公司董事会治理绩效评价与影响因素研究(ZR2013GM020)"
