总经理变更对短期经营绩效敏感性研究基于中国上市公司多元化战略模式下的实证检验.docVIP

总经理变更对短期经营绩效敏感性研究——基于中国上市公司多元化战略模式下的实证检验 总经理变更对短期经营绩效敏感性研究* ——基于中国上市公司多元化战略模式下的实证检验 薛有志 周杰 顿曰霞 (南开大学商学院 天津 300071) 摘要：基于公司治理机制内生于公司战略的观点，本文分别从战略实施所引发的公司治理机制的干预性调整与自发性调整两个方面探讨了多元化战略实施对总经理变更机制的影响。通过比较专业化与多元化公司总经理变更机制的差异，我们发现多元化公司总经理变更的可能性与财务绩效显著负相关，说明我国上市公司实施多元化战略后能够对公司治理机制进行有效的干预性调整。此外，通过进一步比较不同多元战略实施模式对总经理变更机制的影响，我们还发现控股型多元化模式不仅可以保持总经理变更机制的有效性，同时避免了总经理变更对绩效的过度敏感。 关键词：多元化战略 总经理变更 短期经营绩效 A Study of the Sensitivity of CEO Turnover to Short-term Business Performance —Evidence from Diversified Corporations Listed in China Xue Youzhi Zhou Jie Dun Yuexia (Business School of Nankai University Tian Jin 300071) Abstract Based on the 5view that corporate governance mechanisms are endogenous of corporate strategies, this paper studies the effects of the implementation of diversified strategies on CEO turnover mechanisms from the perspectives of spontaneous adjustment and interfering adjustment of corporate governance mechanisms caused by the strategic implementation1. Through a comparison of the difference in CEO turnover between specialized and diversified corporations, we find that the possibility of CEO turnover in diversified corporations has a significantly negative correlation to financial performance, suggesting that after the implementation of diversified strategies, Chinese listed corporations are capable of making an effectively interfering adjustment to their corporate governance mechanisms. Besides, through a further comparison of the effects of the implementation models of diversified strategies, we also find that the shareholding diversified model can maintain the effectiveness of CEO turnover mechanisms as well as avoid the inproportionate sensitivity of CEO turnover to performance. Key words: Diversified strategies, CEO turnover, short-term business performance 作者简介：薛有志（19965-），吉林省集安人，南开大学商学院副院长、教授、博士生导师，研究方向：公司治理、战略管理 周杰（1980-），天津人，南开大学商学院博士研究生，研究方向：公司治理、战略管理 联系方式：天津市南开大学商学院300071，zhoujie_1980@1263(周杰) 0 引言 总经理变更是上市公司重要的内部治理机制之一，它既是表征“约束经理人力度