中国上市公司高管变更与股价波动的实证研究.pdfVIP

要 本文主要研究了我国上市公司公布的高管变更事件对股价的影响。在借鉴国 内外相关研究的成果，经验的基础上，以高管变更原因及继任者来源作为分类标 准对高管变更事件进行细分检验。 首先，根据是否出于大股东意愿，将高管变更事件分为 大股东因素的事件 和非大股东因素事件。然后根据高管变更是否出于公司内部管理的需要，将非大 股东事件分为公司内部原因和公司外部原因两种类型。最后在上述两种分类的基 础上，根据离职高管是否出于自身意愿，将公司外部原因引起的变更事件分为高 管主动辞职事件和客观离职事件。通过以相对大盘区间跌涨幅作为观测值对上述 三个变量的均值检验，得出只有含有大股东意愿的高管变更事件对股价波动具有 显著性的积极效应。 根据继任者来源不同则将高管变更事件分为继任者内部晋升和外部聘任两种 类型，运用同样的检验方法，得出当公司绩效表现不佳时外聘高管对股价波动具 有显著性的积极效应，而其他情况不具有显著性的实证结果。 在上述定量分析的基础上，本文通过定性分析，并将该研究结果与国外相关 结论相比较，得出高管变更事件是否具有信息含量取决于变更背景、我国证券市 场存在羊群行为、高管主动辞职事件不具有信息含量、外聘高管比内部提升本公 司人员更容易对股价产生积极影响、与国外相比，我国投资者对低绩效公司高管 变更事件更为关注五个结论。 本文的研究价值在于为我国上市公司的经营管理及广大中小投资者进行决策 提供了参考依据，同时也对完善上市公司人事情况公告制度提出了建设性意见。 【关键词】：高管变更 股价波动 均值检验 羊群行为 1 Abstract The influence on the stock price caused by the top executives turnover in chinas listed company is researched in this paper. On the basis of related experience and results both from abroad and inside, subdividing the events of top executive turnover by the reasons for change and successor origin and then testing accordingly. First of all, according to whether or not in large shareholders intend, all the events can be divided into two parts, the events including large shareholders factors and the ones not including shareholders factors. Then plot the events without large shareholder factor into two parts depends on weather in the requirements of the companys management. The event caused by internal and the other caused by external reasons. At last ,on the basis of two classification in above, the events caused by external reasons are split into two groups: the ones with a voluntary decision made by the resigned manager, the other ones with a involuntary decision made by the resigned manager. Through the mean value test with observation of fluctuation compared to securities market, it verifie