创业板企业高管离职与公司绩效的实证研究-企业管理专业论文.docxVIP

摘 要 本文旨在通过对创业板企业高管离职与公司绩效的研究，探索高管变更影响因素的 几个关键性因素。 论文首先对国内外学者关于高管离职与公司绩效的相关文献进行了探讨，将国内外 学者探索过程中发现的问题予以归纳总结，并为本文所研究的创业板企业高管进行概念 的划定，分为董事类高管和财务类高管。 其次，对创业板中 2010—2012 年的 432 个离职高管样本进行了资料的搜集和整理， 通过巨潮资讯网和江南证券网对高管离职所在企业的财务等信息进行搜集，并根据所得 到的资料，进行了分类处理。将创业板高管离职因素分为个人和企业两个方面，针对个 人包括：离职原因、年龄，针对企业包括：行业竞争力、财务状况、股票价格等。通过 对样本的描述性统计分析，建立假设。 再次，通过对各自变量和控制变量的确定，建立多元回归模型，通过对自变量影响 的综合分析，推断本文所建立的假设是否成立，根据各变量对高管的影响程度进行分析， 研究中发现：在进行回归分析的时候，要对选择的样本进行数据处理即对所选样本重新 筛选，主要原因是有些样本缺乏研究性，或者是不包含变量中所要求的原则；同时在研 究中发现，各因素对创业板高管变更的显著水平不同，其中净利润、市场竞争度与高管 变更成负相关性，企业股票市盈率、股票周期波动率与高管变更成正相关性。 最后，针对本文研究出来的结果，结合我国创业板的具体情况，提出政策性建议， 主要是关于完善创业板高管离职与手中股权的相关法律的建议；以及针对创业板企业自 身管理机制的改变和公司治理结构的完善提出的建议。 关键词：高管变更；企业绩效，回归分析；创业板企业 Abstract This article aims to research several key factors about executives turnover through the study of the top management and enterprise performance in Growth enterprise market. Firstly, This paper reviewed the domestic and foreign scholars on executives turnover and enterprise performance, then this paper summarize the problems which are fund by domestic and foreign scholars in the way of exploring. In order to study the executives easily, defined the executives in two parts: executives and financial executives. Secondly, collecting and collating the 432 turnover executives samples about data on the GEM during 2010 to 2012, the main way is through the hug infiux of information network and Jiang nan securities executives, select the enterprises financial information which the executives leaved, and according to the obtained data, this paper use the classification processing. The GEM executives turnover factors can be divided into two aspects: personal and enterprise, the reason of personal includes: age, enterprise includes: the competition of industry, financial, stock price and so on. At last, analysis the samples and fund the hypothesis. At the same time, the study found that the factors of the GEM executive changes significantly in different levels, including net income, the degree of compe