突发性市场萎缩条件下的企业业绩下降与恢复研究——基于CEO与董事会特征的调节作用

Performance Decline and Recovery under the Condition of Sudden Market Shrinking: The Moderating Effect of CEO and Board Characteristics

本文以受"限制三公消费"政策影响的餐饮、旅游等相关行业中出现业绩下降的260家沪深A股上市公司为样本,结合"威胁刚性"理论与"沸水煮青蛙"效应,研究了突发性市场萎缩条件下的企业业绩下降与恢复问题。研究发现,突发性市场萎缩期间企业业绩下降程度与业绩恢复正相关。进一步研究发现,CEO权力和CEO职业时限会削弱这种正向影响,独立董事比例会加强这种正向影响,而董事会规模的调节作用并不显著。本研究拓展了关于企业业绩下降与恢复问题的研究范围和深度,研究结论可为遭受突发性市场萎缩的企业在实施战略调整时,提供相应的实践指导。

Based on the theory of threat rigidity and boiled frog effect,we theoretically and empirically analyze the relationship between performance decline rate and performance recovery through a sample of 260 Chines listed companies from catering,tourism and other related industries with performance decline,due to the sudden market shrinking condition of industry scope caused by the“three public consumptions restriction”policy.Results suggest that performance recovery is positively associated with performance decline rate under the condition of sudden market shrinking.The results also suggest that CEO power and CEO career horizon would weaken the positive relationship between corporate performance decline and recovery,while the proportion of independent directors can strengthen this relationship.The moderating effect of board size is not significant.This research extends the scope and depth of performance decline and recovery.And our results also provide introductive advices for the implementation of strategic adjustments for firms facing sudden market shrinking problems.