公司信息披露违规与高管变更——基于上市公司所处行业经营状况的影响分析

Information Disclosure Violations of Listed Company and Executive Change

上市公司信息披露违规问题在我国证券市场中比较普遍。在考虑行业经营状况的情况下,研究监管层处罚结果对公司管理层职位变动情况的影响。研究发现:公司在考虑高管去留的问题时,并不会过滤掉所有来自行业和市场的信息干扰,而是在对公司高管经营管理水平做出评价时,综合考虑行业因素,行业整体状况越不景气,公司高管越有可能因为违规而降职。而当行业整体状况比较繁荣时,高管违规行为对高管的职位变化没有显著影响。

The violation of the listed company information disclosure regulations occurred frequently in our securities market. Considering the external industry factors, this paper analyzes the executives’change of illegal information disclosure after their violations are punished by the supervision. The findings are as follows: On the whole, whether the executive’s position changes or not after the illegal information disclosure is highly negatively related with the whole industry’s operating conditions. A better performance of the whole industry is positively related to the promotion of fired executives.