上市公司控股股东和高管变更是否改善了企业绩效?  

Have the Changes of Holding Stockholders and Top Managements in Listed Companies Improved its Performance?

作　　者：朱琪[1] 

机构地区：[1]华南师范大学经济管理学院,广东广州510006

出　　处：《管理工程学报》2010年第1期10-16,共7页Journal of Industrial Engineering and Engineering Management

基　　金：国家社会科学基金资助项目(07CJY022);广东省软科学基金资助项目(2007B070900099);广州市社科规划资助项目(07B4);广东省人文社科基地重大项目(06ZDXM790008)

摘　　要：上市公司控股股东和高管变更是否改善了企业绩效?本研究利用面板数据对我国资本市场上市公司控股股东和高管变更的绩效影响进行了分析。研究显示:(1)高管更换与公司绩效紧密相关;控股股东的更换与高管人员的更换密切相关;(2)控股股东的更换与更换前低劣的经营业绩相关;(3)更换了高管人员的公司,高管显著提高了经营绩效,在高管变更中企业绩效改善主要来源于市场绩效的提高。但是,更换控股股东和高管人员并未显著地迅速提高企业真正的营利能力,高管人员的更换既与控股股东变更相关,还与企业的经营业绩相关。Do the changes of holding stockholders and Top Managements in listed companies improve its performance？ Using the data of listed companies from 2001 - 2006, we investigated the influence of the changes of holding stockholders and Top Managements toward the performance of listed companies in capital market. We found that： （1） The relation between changes of Top Managements and company performance are close; the relation between changes of holding stockholders and Top Managements are also close. （2） The changes of holding stockholders are related to the poor operational performance before changes. （3） Top Managements in the companies that have changed Top Managements improve the operational performance significantly. In the changes of top managements, the improvement of company performance results from the improvement of market performance.

关 键 词：公司并购 控股股东变更 高管变更 绩效 

分 类 号：C934[经济管理—管理学]