控制权转移、资产重组与CEO更替对企业绩效的影响  

Study on the Impact of Corporate Control Transfer,Assets Restructure and CEO Turnover on Enterprises’ Performance

作　　者：高勇强[1] 熊伟[1] 杨斌[1] 

机构地区：[1]华中科技大学管理学院,湖北武汉430074

出　　处：《当代经济管理》2013年第2期24-31,共8页Contemporary Economic Management

摘　　要：运用变化模型,选用总资产收益率(ROA)作为企业绩效衡量指标,选取2000年至2008年间发生控制权转移的242家我国上市公司为样本,分析了控制权转移、资产重组以及首席执行官(CEO)更替对企业绩效的影响。研究发现,控制权转移后公司绩效不仅没有得到改善,而且还有恶化的倾向;资产重组对企业绩效有显著的改善作用;而CEO变更对企业绩效没有显著影响。这说明,单纯的控制权转移及随后的CEO更换并不能改善企业的绩效,而只有通过资产重组改变资产质量和发挥资产的协同效应,才能改善企业绩效。This paper, using switching model and return on assets （ROA） as the measurement of the enterprise＇s performance, analyzes the impact of corporate control transfer, assets restructure and chief executive officer （CEO） turnover on the operating performance of enterprises, taking 242 firms who had corporate control transfer during 2000-2008 as samples. The results indicate： firstly, transfer of corporate control has negative effect on the entetlarise＇s perforraance; secondly, assets restructure has positive effect on the enterprisers performance; thirdly, CEO turnover has no significant impact on the enterprise＇s performance. The findings suggest that the transfer of corporate control and the turnover of CEO can not improve the enterprise＇s performance without restructuring the assets. Only restructuring the assets can increase the quality of assets and create synergy effect so as to eventually improve the enterprise＇s performance by

关 键 词：控制权转移 资产重组 CEO变更 企业绩效 

分 类 号：F270[经济管理—企业管理]