| 高管变更与非效率投资的相关性研究——基于我国A股上市公司数据简 |
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| 引用本文： | 张巧良,刘欣佳.高管变更与非效率投资的相关性研究——基于我国A股上市公司数据简[J].南京金融高等专科学校学报,2014(4):49-59. |
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| 作者姓名： | 张巧良 刘欣佳 |
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| 作者单位： | 兰州理工大学经济管理学院,甘肃兰州730050 |
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| 摘 要： | 采用沪深两市A股上市公司2006年至2012年数据,区分过度投资和投资不足两类样本公司,就高管变更因素对公司投资效率的影响进行分析,结果显示：高管变更导致公司投资效率下降;高管非常规变更与公司投资效率存在负相关关系;在过度投资的样本中,随着总经理任职期限的延长,公司的过度投资现象变得更严重;高管人员内部继任与公司的投资效率呈显著的负相关关系;董事长与总经理两职合一可提高公司的投资效率。
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| 关 键 词： | 高管变更 投资效率 非效率投资 公司治理 投资决策 公司价值 上市公司 公司业绩 信息披露 |
A Correlation Research on Executive Turnover and Inefficient Investment： Based on the Empirical Data of A-share Listed Corporations in China |
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| ZHANG Qiaoliang,LIU Xinjia.A Correlation Research on Executive Turnover and Inefficient Investment： Based on the Empirical Data of A-share Listed Corporations in China[J].Journal of Nanjing Higher Finance College,2014(4):49-59. |
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| Authors: | ZHANG Qiaoliang LIU Xinjia |
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| Institution: | ZHANG Qiaoliang, LIU Xinjia |
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| Abstract: | Taking the data of A-share listed corporations in Shanghai and Shenzhen stock markets from 2006 to 2012, this paper studies the impact of executive changes on investment efficiency with overinvestment and underinvestment companies as samples. The research finds that executives turnover will lead to the decline of investment efficiency. There exists a negative correlation between un-routine executive turnover and the company＇s investment efficiency. In the sample of overinvestment, with the extension of CEO tenure, the overinvestment phenomenon will become more serious. There is a significantly negative correlation between internal succession and the company＇ s investment efficiency. The integration of the chairman of the board and the general manager improves the company＇s investment efficiency. |
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| Keywords: | executive turnover investment efficiency inefficient investment corporate governance investment decision corporate value listed company company performance information disclosure |
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