The Chinese securities market has been developing gradually since the introduction of the economic reform and opening to the outside world. In 1981, our government issued national bonds in a bid to relieve the financi...The Chinese securities market has been developing gradually since the introduction of the economic reform and opening to the outside world. In 1981, our government issued national bonds in a bid to relieve the financial pressure. During the five years of 1981-1985, our country accumulated negotiable securities of RMB24.2 billion, mainly national bonds, accOunting for 97.9 percent of the total. Since 1986, the securities market has been developing towards diversification, along with increasing varieties. From 1986 to 1990,展开更多
China has moved rapidly from a socialist planned economy to a market economy.As a result,many enterprises in China are seeking talented top management to increase their performance and decrease their default risk.Stud...China has moved rapidly from a socialist planned economy to a market economy.As a result,many enterprises in China are seeking talented top management to increase their performance and decrease their default risk.Studies abound regarding top management turnover and its relationship with firm performance,however,few studies have connected top management turnover with firm default risk.In China,a market with extensive financial fraud,firm default risk is an important factor and thus we explore this relationship in the Chinese securities market.Our results indicate that firms with higher default risk are more likely to change their top management in the next financial reporting period.In addition,following changes in top management,such firms default less than other companies.展开更多
文摘The Chinese securities market has been developing gradually since the introduction of the economic reform and opening to the outside world. In 1981, our government issued national bonds in a bid to relieve the financial pressure. During the five years of 1981-1985, our country accumulated negotiable securities of RMB24.2 billion, mainly national bonds, accOunting for 97.9 percent of the total. Since 1986, the securities market has been developing towards diversification, along with increasing varieties. From 1986 to 1990,
文摘China has moved rapidly from a socialist planned economy to a market economy.As a result,many enterprises in China are seeking talented top management to increase their performance and decrease their default risk.Studies abound regarding top management turnover and its relationship with firm performance,however,few studies have connected top management turnover with firm default risk.In China,a market with extensive financial fraud,firm default risk is an important factor and thus we explore this relationship in the Chinese securities market.Our results indicate that firms with higher default risk are more likely to change their top management in the next financial reporting period.In addition,following changes in top management,such firms default less than other companies.
