| 控制权私利、公司业绩与CEO变更——兼评上市公司内部治理机制的效率 |
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| 引用本文： | 蒋荣,刘星.控制权私利、公司业绩与CEO变更——兼评上市公司内部治理机制的效率[J].财经研究,2010(10). |
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| 作者姓名： | 蒋荣 刘星 |
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| 作者单位： | 重庆大学贸易与行政学院;重庆大学经济与工商管理学院; |
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| 基金项目： | 国家自然科学基金资助项目(70772100) |
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| 摘 要： | 文章在理论分析的基础上,提出大股东控制框架下CEO变更的五大假设,并以此为视角,基于上交所上市公司2004-2006年公司治理的实践,在运用Logistic回归模型进行实证检验的基础上,对上市公司内部治理机制的效率进行评价。研究发现:(1)能力假设获得证实,表明内部治理机制治理效应的存在;(2)合谋假设获得支持,大股东控制权私利弱化其对CEO的监督;(3)董事会独立性假设得以证实,且董事会履职倾向保守和谨慎;(4)就现阶段的股权结构而言,大股东的利益协同与利益模糊假设同时获得证实。
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| 关 键 词： | CEO变更 控制权私利 公司业绩 内部治理机制的效率 |
Private Benefit of Control,Corporate Performance and CEO Turnover: Evaluation on the Efficiency of Internal Governance Mechanisms |
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| JIANG Rong,LIU Xing.Private Benefit of Control,Corporate Performance and CEO Turnover: Evaluation on the Efficiency of Internal Governance Mechanisms[J].The Study of Finance and Economics,2010(10). |
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| Authors: | JIANG Rong LIU Xing |
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| Institution: | JIANG Rong1,LIU Xing2(1.School of Trade , Administration,Chongqing University,Chongqing 400040,China,2.School of Economics , Business Administration,China) |
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| Abstract: | On the basis of theoretical analyses,the paper raises five hypotheses of CEO turnover under the control of large shareholders.Then,based on the corporate governance of listed companies on SSE from 2004 to 2006,it evaluates the efficiency of internal governance mechanisms by Logistic regression model.To some extent,it confirms the five hypotheses aforementioned,namely ability hypothesis,collusion hypothesis,board dependence hypothesis,convergence-of-interest hypothesis and fuzzy interest hypothesis.In additi... |
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| Keywords: | CEO turnover private benefit of control corporate performance efficiency of internal governance mechanisms |
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