【摘要】 通过对上海证券交易所813家上市公司2005～2008年数据的实证研究,考察公司的政治因素和业绩因素对管理层变更的影响作用,分析两种因素中对管理层变更影响更为显著的因素,以及政治因素和业绩因素之间的相关性。实证结果表明,第一大股东持股比例和董事长与总经理两职合一或分离这两种政治因素对公司管理层变更产生显著的影响,而公司的净资产收益率这一业绩因素未对管理层变更产生显著影响,说明政治因素是公司管理层变更的直接动因;此外,公司控股股东股权变化并不对应于业绩变化。在公司治理机制中,通过调整第一大股东持股比例和董事长与总经理两职合一或分离等对公司管理层变更影响更为显著的政治因素,有助于替换无效率的管理团队,提高公司管理效率;另外一方面,由于股权变化与业绩变化之间不存在对应关系,意味着接管市场是淘汰管理层的直接和最终因素,并且管理层并不会因产品市场的经营失败而遭受直接惩罚。更多还原

【Abstract】 By taking an empirical study on 813 listed companies in Shanghai Stock Exchanges from 2005 to 2008,the author discusses the influence of political and performance factors on management turnover,analyzes the impact of the more significant factor of the two on management turnover,and the correlations between the two factors.Empirical results show that the largest shareholder’s share proportion,and the position unification or separation of COB and CEO have significant influences on corporate management turnover.On the contrary,the performance factor of the company’s return on net assets has insignificant influence on management turnover.It proves that political factor is the direct cause of management turnover.Besides,the change of the controlling shareholder does not correspond to the performance changes.Therefore,in corporate governance mechanism,by adjusting the above mentioned political factors can replace the inefficient management team and improve the management efficiency of a company;on the other hand,as there is not corresponding relationship between equity changes and performance changes,it indicates that market turnover is the direct and the ultimate factor to eliminate management level,and the management level will not be punished directly because of their operation failure in the product market.更多还原