高管变故与企业价值研究——基于闰土股份的案例分析

Research Onexecutive's Depart and Enterprise Value——Based on the Case of Zhejiang Run Tu co.,ltd

高管是企业重要的人力资本,对公司价值的作用无可替代,人力资本不仅仅对宏观的经济增长具有显著作用,而且对企业绩效和公司价值也起到了不可替代的作用,是公司至关重要的资源。公司高管辞世会对企业价值产生重要影响,一旦高管发生意外而辞世,不仅使整个公司因为失去重心而面临严峻考验,而且会给公司的价值增值带来一定的阻碍。以浙江省闰土股份有限公司(以下简称闰土股份)原董事长阮加根的意外离世案例为分析对象,深入考察关键人力资本丧失对公司经营、绩效、投资者信心等方面的影响,进而帮助我们更好地理解和认识高管人力资本价值,为高管选聘、薪酬合约设计等提供更好的参考依据。

Executive＇s depart has an important impact on the enterprise because executives are important human capital with an irreplaceable value.Human capital has significant effect on macro economic growth not only,but also to enterprise performance and the value of the company plays an irreplaceable role,is a vital resource. Executives who died will have important effect to the enterprise value,once the executive accident and died,because not only makes the whole company lost focus and face the severe test,and will bring to the company＇s value-added certain obstacles. We take zhejiang Run Tu co.,LTD.（ hereinafter referred to as Run Tu） former chairman Ruan Jia Gen accidental death case as the analysis object,to study the key human capital loss to the company＇s operations,performance,the influence of investor confidence,etc,which help us better understand and meet executives＇ human capital value and provide better reference for compensation contract design.