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论文编号：	6280
作者编号：	2120122563
上传时间：	2014/6/6 21:36:44
中文题目：	高管变更、产权性质对并购后绩效的影响
英文题目：	The influence of the turnover of executive and nature of property rights on the performance after merger and acquisition
指导老师：	陆宇建
中文关键字：	并购后绩效；高管变更；继任来源；产权性质
英文关键字：	performance after Mergers and Acquisitions; the turnover of executives; source of succession; the nature of property rights
中文摘要：	近些年来，上市公司的并购事件发生极为频繁，并且在并购发生时通常会伴随着被并购公司高级管理人员的变更。这种现象引起学术界的广泛讨论，尤其是高层管理人员的变更给并购后上市公司业绩带来的影响。此外，由于我国特殊的历史背景，很多国有上市公司的高管往往和政府有一定的政治关联，这使得现代企业中的公司治理机制的有效性较低。在这种大背景下，本文研究了高管变更和并购后企业业绩之间的关系,讨论了高管的继任来源对于并购后公司业绩的影响，并且研究了产权性质对于高管变更和公司业绩之间关系的影响。本文以2007年-2009年三年间发生并购事件的上市公司为研究对象，分析在并购事件发生当年高管变更对上市公司业绩的影响，为了探究高管变更对并购业绩影响的持续性，本文又分析了并购事件发生后3年的并购业绩变化。本文对于发生高管变更的样本公司进行进一步的细分，分析了不同继任来源的高管变更对于公司并购后业绩的影响。此外，为了研究不同产权性质的公司高层管理人员变更对于并购后公司业绩的影响问题，本文根据产权性质，将所研究的样本公司分为国有企业和非国有企业。本文的实证结果表明，在控制了公司规模、董事会人数、第一大股东持股比例、股权集中度指数等因素后，高管变更与并购后一年与并购当年业绩指标综合得分的差额显著正相关。并购后两年与并购当年业绩指标综合得分的差额与高管变更显著正相关，并购后三年与并购当年业绩指标综合得分的差额与高管变更之间均不存在显著的相关关系。这表明发生并购后变更被并购公司高管人员对于公司业绩的提升作用时效为两年。和外部继任者相比，内部继任者对于并购后公司业绩的提升作用会好一些。相对于国有上市公司来说，非国有上市公司并购后绩效与高管变更之间的关系会更强。
英文摘要：	In recent years, there have been a multitude of merger and acquisition events happened in the listed company. Under the Wave of Mergers and Acquisitions, a lot of senior managers of listed companies have been changed. This phenomenon is widely discussed among academics; the hottest topic is the turnover of top management to the impact of the performance of listed companies after the merger. In addition, due to the special historical background in China, a number of executives in state-owned listed companies have a strong connection with the government, which makes the effectiveness of corporate governance mechanism in modern enterprise, is not ideal. In this context, this thesis studies the nature of property rights, the turnover of the executive，source of succession and the relationship between the corporate performance after Mergers and Acquisitions. This thesis focuses on this problem. The study sample is companies whose senior manager’s change and Mergers and Acquisitions happened between 2007 and 2009.The purpose of this thesis is to analysis impact of the turnover of top management to the performance of listed companies after Mergers and Acquisitions. In order to explore sustainability of the impact executive changes on the performance of listed companies after Mergers and Acquisitions, this article also analyses the performance of listed companies in the three years after the merger. What’s more, this article subdivides the sample companies that executives have been changed and analyzes the effect of the origin of succession on the company performance after merger and acquisition. In addition, this thesis studies whether the different nature of property rights of company has effect on the coefficient of the turnover of top management to the listed companies’ performance after Mergers and Acquisitions. The sample companies have been divided into state-owned enterprises and non-state-owned enterprises. In this thesis, the control variables are the companies’ size, the number of the board of directors, the first big shareholder ownership, and CR10 index. The empirical results show that the correlation coefficient between the turnover of executive and the performance of listed companies in one year after the merger and acquisition is positive. The correlation coefficient between the turnover of executive and the performance of listed companies in two year after the merger and acquisition is positive. The correlation coefficient between the turnover of executive and the performance of listed companies in three year after the merger and acquisition is not significant. It suggests that the effect of the turnover of executives on the performance of a company after the merger and acquisitions will last for only two years. Compared with the external successor, it will be better for internal successors to improve the company's performance after the merger and acquisitions. Compared with the state-owned enterprises, the relationship between performance of listed companies after Mergers and Acquisitions and the turnover of executives is stronger in the non-state-owned enterprises.
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