首任高管去职、继任者选择和会计信息质量变化  

The First Executives' Leaving,the Choice of the Successor and the Changes in Accounting Quality

作　　者：张川[1] 杨玉龙[2] 高苗苗[2] 

机构地区：[1]上海海事大学经济管理学院,上海201306 [2]上海财经大学会计学院,上海200433

出　　处：《财经研究》2013年第1期134-144,共11页Journal of Finance and Economics

基　　金：国家自然科学基金重点项目"以价值为基础;以战略为导向的中国企业管理会计研究"(71032005);国家自然科学基金面上项目"差序格局视角下的企业业绩量度"(71272218);国家自然科学基金面上项目"跨组织管理控制系统的导因;机制及业绩后果研究"(71272013);教育部人文社会科学重点研究基地重大项目(10JJD630005)

摘　　要：上市公司首任高管以其特有才华和社会资本赋予了企业强大的缔约能力,对企业的运营和价值影响深远。首任高管的去职意味着企业缔约能力衰退,这对企业影响巨大。文章以1999-2011年中国A股上市公司高管离职事件为样本,探讨了首任高管去职对企业价值的影响,以及随后企业采取的应对措施。研究结果表明,首任高管去职导致企业价值下降;由于首任高管在企业内部关系型契约中的地位难以为外部人承接,继任者更可能来自企业内部;从长期看,首任高管去职使企业与外部利益相关者的缔约能力下降,企业不得不依赖正式的公开信息披露制度,提高会计信息质量。Listed companies＇ first executives contribute to corporate contracting capacity through their talents, technology and social capital, and have profound influences on corporate operation and value. The leaving of the first executives means a decline in corporate contracting capacity, resul- ting in a tremendous impact on the enterprises. Based on the data of Chinese A-share listed companies from 1999 to 2011 concerning the leaving of the first executives, this paper studies the effect of the leaving of the first executives on corporate value and corresponding countermeasures. It finds that the leaving of the first executives leads to the reduction in corporate value. Owing to the hardly replaceable role of the first executives in internal relational contracts of enterprises, the successor of the leaving first executive is more likely to be internal. In the long term, the leaving of the first executives gives rise to the reduction in corporate capacity of contracting with external stakeholders, so the enterprises have to depend on formal information disclosure system, thereby bringing about the rise in accounting quality.

关 键 词：上市公司首任高管去职 关系型契约 会计信息质量 

分 类 号：F230[经济管理—会计学] F275[经济管理—国民经济]