衰退企业CEO变革的理论假说与实证检验  

Assumption of CEO Change in Declining Firms and Its Empirical Tests

作　　者：冉敏[1] 都兰军[2] 

机构地区：[1]浙江大学管理学院 [2]西南财经大学马克思主义学院

出　　处：《管理学报》2009年第2期222-227,共6页Chinese Journal of Management

基　　金：国家自然科学基金资助项目(70672044)

摘　　要：在企业扭转理论中,许多学者主张CEO变革是企业成功扭转的前提。这一主张基于3个基本的理论假设:①CEO变革可以提高企业运营绩效;②CEO变革可以促进企业战略的变革;③CEO变革可以维持企业合法性,即维持企业相关利益者对企业的继续支持。采用我国上市公司的相关数据,对这3个理论假说进行了实证检验。研究结果表明,CEO变革的绩效假说并没有得到支持;CEO变革的合法性假说得到了部分支持;CEO变革的战略变革假说得到了显著支持。因此,在衰退困境中,企业变革CEO的目的主要是希望能够更客观地认识企业衰退原因和现有战略的问题,从而制定出更为符合企业实际情境的扭转战略。由此推断,衰退企业变革CEO的本质是改变企业的战略认知框架。In turnaround literature, many scholars claim that CEO change is a premise for corporate successful turnaround. In a whole, there are three major opinions： CEO change can improve firm performance, strategy change and corporate value. Listed manufacture companies in China was investigated to test these three assumptions. But the results is not support the assumption that CEO change can improve the firm＇s performance, and the assumption that CEO change can maintain the firm＇s legitimacy is partly supported, and the assumption that CEO change can chan-ge the firm＇s strategy is supported. So, the study concludes that the reason of changing CEO in decline firm perhaps is to can more objectively understand the cause of the decline and current strategy, and in order to increase the flexibility of the firm＇s strategy. In a word, this article propose that change firm＇s strategy cognitive frame is the fundamental reason for CEO change in the declining firm.

关 键 词：CEO变革 企业绩效 战略变革 公司价值 

分 类 号：C93[经济管理—管理学]