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选择总资产主营业务利润率、总资产营业利润率、总资产净利润率作为评价公司业绩的指标,以CEO非常规变更、CEO外部继任、CEO是否受控股股东控制、CEO变更公告的时间以及继任CEO的年龄刻画CEO的继任特征,采用OLS与Logist回归方法,实证检验了3个指标在CEO变更期间的变化与CEO继任特征的相关性。研究表明,CEO变更期间的业绩变化与外部继任显著正相关,变更当年的业绩变化与CEO下半年变更显著负相关,公司业绩变化与控股股东对CEO控制倾向正相关,CEO的非常规变更并未带来上市公司业绩的显著提高。
Select the total assets of the main business profit margins, total assets operating margin, gross margin of assets as a measure of corporate performance indicators, unconventional CEO change, CEO succession, the CEO is controlled by the controlling shareholder, CEO change announcement time and The successor CEO’s age characterizes the CEO’s succession characteristics, using OLS and Logist regression methods, the empirical test of the three indicators in the change of CEO changes and CEO succession characteristics. The research shows that the performance change during CEO change is significantly and positively correlated with the external succession. The change in the year of change is significantly and negatively correlated with the change of CEO in the second half of the year. The performance change of the company is positively related to the controlling shareholder’s controlling tendency. The unconventional CEO change Bring a significant improvement in the performance of listed companies.