高管变更与现金持有价值

本文基于现金持有市场价值模型，检验了中国上市公司高管变更的治理效应。结果表明，就整体而言，高管变更能够显著提高现金持有的市场价值，意味着高管变更具有治理效应，但这种价值提升效应依赖于公司的治理机制、所有权性质以及高管变更类型。具体表现为：(1)对于治理较差的公司，高管变更能够显著提高现金的市场价值，但在治理较好的公司中并不存在这种价值提升效应；(2)相对而言，国有上市公司中的高管变更能够在更大程度上提高现金的市场价值；(3)改良性变更对公司价值的提升作用大于摩擦性变更，而自然性变更则会降低公司价值。

Executives Turn over and the Value of Cash

Based on the Cash-holding market value model, this paper investigates the governance effect of the twrn over of senior executives in listed companies in China. The result indicates that the change of senior executives would increase the market value of cash-holding significantly on the whole, which means that the change of senior executives has governance effect.However, such value increasing effect relies on governance mechanism, nature of ownership and the type of senior executives change. It can be embod...