股价崩盘与CEO变更

Stock Price Crash and CEO Turnover

CEO变更是公司重要的战略决策,哪些因素会导致董事会作出更换CEO的决策是学术界和实务界关心的话题,本文考察了公司股价崩盘对CEO变更的影响。研究发现,公司股价崩盘与CEO变更显著正相关,上述现象在盈余管理程度高的情况下更为明显,控股股东产权性质、机构投资者持股比例、股权分置改革、所属地区市场化程度和CEO权力都会影响股价崩盘风险的效应。进一步研究发现,在CEO被解聘之后,公司的崩盘风险明显下降。这意味着,中国上市公司董事会在制定CEO聘任决策时在一定程度上考虑了股价崩盘信息,而且变更CEO是缓解股价崩盘风险的有效举措,这也表明中国上市公司高管治理整体上是有效的。

CEO turnover is an important strategic decision of corporations. The factors that will lead the board of directors to replace their CEOs are a concern of both academic and practical circle. This paper investigates the effect of the company's stock price crash on CEO turnover. Our study finds that the company's stock price crash is significantly positively associated with CEO turnover;and we find that the stock price crash's impact on CEO turnover is more pronounced in companies with higher institutional investors ownership and such factors as controller type, institutional investor, marketization, the split-share reform and CEO power have effect on it. Finally, we find that the company's crash risk significantly decreases when the CEOs were fired. Our research shows that the boards of directors in listed companies do consider the stock price crash information in making CEO employment decisions to some degree and changing the CEOs is effective to ease the stock price crash risk. To a certain extent, it also shows that in general corporate governance regarding executive managers is effective in China market.