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论文编号：	606
作者编号：	2120061984
上传时间：	2008/6/20 0:41:46
中文题目：	中国上市公司高层变动对公司业绩
英文题目：	A Empirical Study the Impact o
指导老师：	齐寅峰 教授
中文关键字：	高层管理者变更;股权融资;公司绩
英文关键字：	Top manager turnover;Equity fi
中文摘要：	上市公司的高层对于公司的经营决策起着至关重要的作用，高层的相对稳定有利于公司的长期发展。但在我国，从1999年至2006年的高层管理者变动数据来看，高层变更一直是很频繁的（每年平均变动30%左右）。如此频繁的变更背后的原因是什么，将对公司的股权融资行为产生什么影响，这是本文所研究的核心部分。 本研究从CCER和CSMAR数据库收集了1999年至2006年上市公司相关数据，对总计1202家发生过高层变更的上市公司进行研究。在研究过程中，本文结合了国内股权融资的现状，考虑了政策法规对于股权融资的强制性规定，将经营绩效作为中间变量，研究了高层变更对于经营绩效的影响，从而进一步分析高管层变更将如何影响到企业股权融资。 本研究发现：（1）我国高层管理者变更相对于其他国家来说，比如美国和日本，是频繁的。（2）上市公司绩效与高层管理者的非正常变更并不像国外研究结论那样出现负相关，只有当企业遭受损失的时候，高层才会被迫变更。（3）高频变更的上市公司在发生非正常变更之后业绩并没有显著提升，低频率变动的上市公司，其高管层在变更之后，长期来看能够提升业绩。（4）因此在我国，高管层变更频率低的上市公司要比高管层变更频率高的上市公司更容易获得股权融资。本文最后的描述性统计也证实了这一点。 国内对于高层管理者变更的研究集中于高层管理者变更的原因以及高层管理者变更之后对于绩效的影响。本文的主要创新点是将高层管理者变更作为影响融资的一个因素进行研究分析，并且结合了我国上市公司股权融资的特点，从新的角度对股权融资的现状进行了解释。
英文摘要：	The Top Manager Team is of vital importance to operating decisions. The stability of Top Management Team is favor of development of listed companies in the long run. However, evidence form China ranged from 1999 to 2006 shows that the turnover of top manager has been really frequent. What has caused such circumstance and how will it influence companies’equity financing. These two questions are core of this paper. We collected data of listed companies from CCER and CSMAR data bases from year 1999 to 2006, and analyzed companies who had changed their top managers, which summed up to 1202 companies. We also considered about the laws and the policies that related to equity financing in China and use operating performance as an intermediate variable to find out the relationship between top manager turnover and equity financing of companies listed in Shenzhen and Shanghai exchange. The findings of this research are as follows: (1) Top Manager Turnover is relatively higher in China, compared to other countries such as American and Japan. (2) On contrast to foreign research, top manager turnover is not negatively related to operating performance in China. Only if the company is undergoing a serious loss, can its top managers be changed. (3) There is no evidence shows that operating performance has been improved after forced turnover of top managers in companies whose turnover is frequent, while in companies with less turnover rate, the operating performance is significantly improved in the long run. (4) Therefore, in China, companies with less top manager turnover rate are more qualified and more likely to pursue equity financing. The primary creation of this paper is that we analyzed corporate financing in a new prospective, which is the turnover rate of top managers, and we also considered about the policies and laws that related to equity financing within China, which makes the paper more realistic.
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