高管团队稳定性与上市公司违规行为关系研究

以中国上市公司为研究对象，考察了高管团队稳定性对上市公司违规行为的影响机理。研究发现：（1）高管团队稳定性对公司违规行为有显著负向影响；（2）高管团队稳定性提高信息披露，进而影响公司违规行为；（3）媒体关注度对高管团队稳定性与公司违规行为关系具有正向调节作用；（4）当违规行为已成既定事实时，高管团队稳定性不利于违规稽查。相关结论对提升我国上市公司治理规范性、推动资本市场健康发展具有重要意义。

Research on the Relationship between the Stability of Top Management Team and the Listed Corporate Fraud

Taking Chinese listed companies as the research object, the paper examines the influence mechanism of the stability of top management team on the listed corporate fraud. The results show that: (1) The stability of top management team has a significant negative impact on corporate fraud; (2) The stability of the top management team improves information disclosure, thereby affecting corporate fraud; (3) Media attention has a positive moderating effect on the relationship between the stability of top management team and corporate fraud; (4) When corporate fraud has become an established fact, the stability of the top management team is not conducive to the inspection of corporate fraud. Relevant conclusions are of great significance to improve the governance standardization of listed companies in China and promote the healthy development of the capital market.