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公司治理机制的失衡以及监管不力造成了不透明的资本市场,致使上市公司高管利用手中职权及证券市场的种种不规范为所欲为,面目丑陋。而中小投资者对此却是毫无预兆,胆战心惊。随着监管力度的不断加大,一连串的“问题高管”不断被揪出水面,资本市场中的恶浪昭示于广大股民面前。高管风险,是指上市公司的高级管理人员异常变动而使二级市场股票价格出现异常走势的情况。这是一种尚未被市场充分重视的非系统性风险,它来无踪迹,去如抽丝,
The unbalanced corporate governance mechanism and weak supervision have caused an opaque capital market. As a result, senior executives of listed companies have taken advantage of various irregularities in their positions of authority and the securities market. They face ugly faces. The small and medium investors have no sign of this and are frightened. With the continuous increase in supervision, a series of “problem executives” have been continuously pushed out of the water, and the evil waves in the capital market have been shown to the majority of investors. The risk of senior management refers to the situation where the abnormal changes in the senior management of the listed company cause the stock price in the secondary market to have an abnormal trend. This is a non-systematic risk that has not yet been fully valued by the market.