【作者】 吴良海； 王峰娟； 陶玉侠； 谢志华；

【Author】 WU Lianghai1 WANG Fengjuan2 TAO Yuxia1 XIE Zhihua2(1、School of accountancy,Central University of Finance and Economics 100081; 2、School of Business,Beijing Technology and Business University 100048)

【机构】 中央财经大学会计学院； 北京工商大学商学院；

【摘要】 选择2001-2008年我国A股市场高管变更数据作为样本,运用事件研究法对变更公司经营业绩、短期及长期市场回报率三者之间的关系进行了研究。结果表明,高管变更的长期回报率呈下滑趋势,这种下滑并非是对高管变更公告时市场过度反应的修正;经营业绩越佳的变更公司,长期回报率也越高。分组研究发现,国有变更公司经营业绩优于非国有公司,前者的长期回报率亦高于后者;自愿变更公司的经营业绩优于强制变更公司,前者的长期回报率也显著高于后者。本文还证实,常规与非常规变更的长期回报率并无实质性差异。上述发现对完善企业高管聘任与考核机制、推进现代企业制度建设具有重要意义。更多还原

【Abstract】 This paper selects 2001-2008 China’s A-share market data of top executive turnover as a sample,using event study method,and explores the relationship among operating performance,short-term and long-term market rate of return of those top executive turnover firms.The result shows that following top executive turnover the long-term rate of return has a downward trend,this downturn is not the correction of market overreaction when top executive turnover is announced;The higher long-term operating performance,the higher long-term market rate of return.The sample-grouping study finds that operating performance of the state-owned top executive turnover is superior to that of non-state-owned firms,so is long-term rate of market return;operating performance of voluntary turnover firms is superior to that of mandatory turnover firms,so is long-term rate of market return.This paper also confirms that no substantive difference exists between the long-term rate of return of routine-departure and that of non-routine-departure.These findings bear great significance to improving the mechanism of the appointment and evaluation of corporate top executive,so do to promoting listed firms building their modern enterprise system.更多还原