上市公司CEO变更、继任选择与公司业绩

文章以2003-2007年为时间窗口,以沪深两地A股上市公司为研究样本,分析CEO变更前后,公司经营业绩与CEO变更的关系,不同继任模式对公司业绩的影响。实证结果显示:公司经营业绩下滑会引起CEO发生变更,非国有上市公司CEO变更可能性高于国有上市公司。CEO变更后,公司经营业绩得到改善,国有上市公司业绩提升幅度低于非国有上市公司。在常规变更样本中,外部继任公司业绩改善程度优于内部继任公司;在非常规变更样本中,回归结果则相反,内部继任公司业绩提升幅度高于外部继任公司。进一步分析可以发现,业绩提升主要来源于线下项目、非经常性损益类项目,而非公司的主营业务。

CEO Alteration,Successor Selection and Company Performance in Listed Companies

With the period of 2003-2007 as the time window and the data of the listed companies in Shanghai and Shenzhen A share stock markets as samples,this paper analyzes the relationship between corporation performance and CEO alteration and the influence of different succession modes on corporation performance.The result shows that the decline of corporate business performance would cause CEO turnover;the possibility of CEO turnover in non-state-owned listed companies is higher than that in state-owned companies.Once the CEO is changed,company performance will be improved;the level of performance improvement in state-owned listed companies is lower than that in non-state-owned companies.Among the routine turnover samples,the performance level of internal succession is better than that of external succession.Among the non-routine turnover samples,the results are reversed.Further analysis finds that the main sources of performance improvement are the items below the line and the items of non-recurring profit and loss,rather than the company’s major business.