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以我国2009—2013年发生高管变更的沪深A股上市公司为研究样本,运用Garner和Kale提出的团队平稳性指数,从股权结构、董事会特征、监事会特征3个方面,研究公司治理因素对高管变更后团队重组的影响。结果发现:国有企业相对于民营企业在发生高管变更后更易引起团队重组现象。股权集中度、独立董事比例、监事会规模与高管团队重组显著正相关,但董事会规模与高管团队重组没有显著关系。
Taking the Shanghai and Shenzhen A-share listed companies with executive changes from 2009 to 2013 in China as the research sample, this paper uses the team stability index proposed by Garner and Kale to study the corporate governance factors from three aspects: the ownership structure, the characteristics of the board of directors and the characteristics of the board of supervisors Impact of Team Restructuring After Executive Change. The result shows that state-owned enterprises are more likely to cause the reorganization of the team after the change of senior executives than the private-owned ones. The ownership concentration, the proportion of independent directors and the size of board of supervisors are significantly and positively related to the reorganization of senior management team, but the size of the board of directors has no significant relationship with the reorganization of senior management team.