创业板制造业企业财务绩效与高管团队离职的关系基于治理机制调节作用的实证研究.docxVIP

创业板制造业企业财务绩效与高管团队 离职的关系一一基于治理机制调节作用 的实证研究 陈飞羽舒清王佳赵青云 摘要： 高管团队是组织制定战略方案、建立企业文化和实现企业经营目标的关键成员， 有能力和责任改变企业的经营绩效。对2011年前完成上市的252家创业板制造 业企业高管团队进行研究，结果表明：企业绩效与离职率显著负相关;高管团队 持股比例、高管薪酬、CEO和董事长两职兼任与离职率不相关，董事会结构中外 部董事比例与高管团队离职显著正相关;高管持股对企业绩效与高管团队离职关 系的调节效应不显著，高管薪酬减弱了调节企业绩效与离职关系，总经理和董 事长两职兼任负向调节绩效与团队离职关系;董事会结构外部董事占比对绩效一 离职关系调节效应显著。因此，企业绩效的好坏会显著影响高管团队离职行为， 而在董事长和总经理两职兼任条件下，绩效与离职的敏感性会明显减弱;与此相 反，当董事会结构中外部独立董事比例较高时，也即董事会执行力和独立性较 高的情况下，绩效与高管团队离职关系更加显著。 关键词： 企业绩效;高管团队离职;调节效应;治理机制; 作者简介：陈飞羽，硕士研究生，研究方向为社会创业。E-ma订：cccf@sin且.com 收稿日期:2016-09-02 The Relationship between Financial Performances of Growth Enterprises of Manufacturing and Top Manager Team Turnover An Empirical Study based onthe Roles of Governance Mechanism CHEN Fei-yu SHU Qing WANG Jia ZHAO Qing-yun School of Business and Administration, Anhui University of Finance and Economics; Abstract： Top manager teams play a key part in determining strategic plans, cultivating corporate culture and reaching enterprise objectives, and are, therefore, capable of changing enterprises， running performances. This paper studies the top manager teams of 252 growth enterprises of manufacturing which were listed before 2011. The resuIts show that there is a significant negative correlation bet ween enterprise performances and top man agers^ turn over rate; executives shareholding rate and salaries, and duality of chairma n and CEO are un related with top man agersJ tur no ver rate, while the percentage of independent directors in board directors is related to the turnover rate; however, the executives shareholding does not moderate the performance-turnover significantly, and top managers salaries lessen the link between enterprise performance and top managers， turnover, duality of chairman and CEO negatively regulates the relationship between enterprise performanee and top managersJ turnover rate; the percentage of independent directors in board directors considerably affect performance-turnover relationship. Therefore, enterprise performance