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本文利用文献研究法从投资者角度剖析了CEO延期继任对股东财富的影响。文章认为,投资者通常在法定继承人继任计划刚开始发起时表现出积极反应,并获得正的财富。在继任计划的最后阶段,当法定继承人离开公司时表现出消极反应,而当法定继承人接替CEO完成继任时则表现出积极反应;公司绩效对法定继承人继任和离去的股东财富产生重要影响,当继任前公司绩效良好时,法定继承人接任后,股东容易获得正的财富,而当绩效较差时,法定继承人离去后,股东容易获得正的财富。本文的研究不仅对投资者投资具有参考意义,同时对于完善公司治理也具有较强的理论指导作用。
This article uses the literature research method from the perspective of investors to analyze the impact of CEO succession on the shareholder wealth. The article argues that investors often show positive reactions and positive wealth when the succession plan for a legal successor starts. In the final stages of the succession plan, the legal successor showed a negative reaction when leaving the company, and showed a positive response when the legal successor replaced the CEO and succeeded. The performance of the company had a significant impact on the succession of the legal successor and the shareholder wealth leaving. When the successor company performed well, the legal successor took over, the shareholders easily get positive wealth, and when the performance is poor, the legal successor left, the shareholders easily get positive wealth. The research in this paper not only has reference significance for investors’ investment, but also has a strong theoretical guidance for improving corporate governance.