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| 投资效率、企业产权与高管变更——基于中国上市公司的经验证据 | |
| 引用本文： | 王成方,罗明琦,张胜,张敏.投资效率、企业产权与高管变更——基于中国上市公司的经验证据[J].上海立信会计学院学报,2010,24(1):37-47. |
| 作者姓名： | 王成方 罗明琦 张胜 张敏 |
| 作者单位： | 1. 中国矿业大学管理学院,江苏徐州,221116 2. 中国人民大学商学院,北京,100872 3. 北京大学光华管理学院,北京,100871 |
| 基金项目： | 中国人民大学研究生科研基金项目(10XNG032) |
| 摘 要： | 从投资效率和企业产权的角度考察了高管变更的影响问题及相应的经济后果。研究结果表明,总体来说,高管因为投资效率低下而被更换的证据较微弱;高管被更换后,投资效率并没有得到明显的改善。区分企业产权后,我们发现,相对于国有公司来说,民营公司的"高管变更-投资效率"敏感性更大,但高管变更之后投资效率并没有得到显著改善;然而,相对于地方政府控制的国有公司来说,中央政府控制的国有公司在高管变更之后投资效率得到了显著改善。 |
| 关 键 词： | 投资效率 高管变更 企业产权 公司治理 |
Investment Efficiency,Enterprise Property Right and Top Management Turnover:Empirical Evidence from China's Listed Companies |
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| WANG Cheng-fang,LUO Ming-qi,ZHANG Sheng,ZHANG Min.Investment Efficiency,Enterprise Property Right and Top Management Turnover:Empirical Evidence from China's Listed Companies[J].Journal of Shanghai Lixin University of Commerce,2010,24(1):37-47. | |
| Authors: | WANG Cheng-fang LUO Ming-qi ZHANG Sheng ZHANG Min |
| Institution: | 1.School of Management/a>;China University of Mining and Technology/a>;Xuzhou Jiangsu 221116/a>;China/a>;2.School of Business/a>;Renmin University of China/a>;Beijing 100872/a>;3.Guanghua School of Management/a>;Peking University/a>;Beijing 100871/a>;China |
| Abstract: | This paper examines the causes and consequences of top management turnover from the perspective of investment efficiency and enterprise property right.The result shows the evidence that top managers are replaced because of the low investment efficiency is weak,and investment efficiency hasn't improved significantly after top management turnover.We find that relative to the state-owned enterprises, private enterprises have a greater sensitivity oftop management turnover-investment efficiency,but the investme... |
| Keywords: | investment efficiency top management turnover enterprise property right corporate governance |
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