CEO强制变更与公司业绩的相关性研究 ——基于国有上市公司数据 |
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引用本文: | 石荣,沈鹏远.CEO强制变更与公司业绩的相关性研究 ——基于国有上市公司数据[J].南京审计学院学报,2015(3):88-98. |
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作者姓名: | 石荣 沈鹏远 |
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作者单位: | 宁夏大学数学计算机学院;中国社会科学院研究生院 |
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摘 要: | 以2000年至2012年沪深两地A股国有上市公司为研究样本,探讨在国有上市公司存在多重目标的情况下公司业绩与CEO强制变更之间的相关性,实证结果表明:当国有上市公司处于亏损状态时,公司业绩和CEO强制变更之间显著负相关;对于经营状况良好的国有上市公司来说,公司业绩和CEO强制变更之间不存在显著的相关关系。进一步研究发现,CEO强制变更后,亏损公司的业绩会得到显著性改善,而盈利公司的业绩则没有显著变化。
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关 键 词: | 国有上市公司 公司业绩 高管变更 委托代理 股权分置 法人治理结构 CEO变更 |
A Study on the Relationship between CEO Turnover and the Corporate Performance:Based on the Date from State-owned Listed Companies |
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Authors: | SHI Rong;SHEN Pengyuan |
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Institution: | SHI Rong;SHEN Pengyuan;Graduate School,Ningxia University;Graduate School,Chinese Academy of Social Sciences; |
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Abstract: | With the empirical data of state-owned listed companies on Shanghai and Shenzhen Stock Exchanges from 2000 to 2012 as the research object, we examine the relationship between CEO forced turnover and the performance of state-owned listed Chinese companies when they have multiple objectives. The result shows that: First, there existsa anegative relationship between the level of pre-turnover profitability and CEO forced turnover when firms are incurring financial losses, but there exists no such relationship when they are making profits. Second, there is an improvement in post-turnover profitability in loss-making firms, but no such improvement in profit-making firms. |
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Keywords: | state-owned listed firms corporate performance top management turnover entrusted agency equity division corporate governance structure CEO turnover |
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