债务结构、企业绩效与高管变更  

Debt structure, company performance and senior management turnover

作　　者：王成方[1] 

机构地区：[1]浙江财经大学会计学院

出　　处：《中国注册会计师》2014年第8期35-41,3,共7页The Chinese Certified Public Accountant

基　　金：国家自然科学基金资助项目(71202028);教育部人文社会科学基金资助项目(12YJC630116)的阶段性成果

摘　　要：债务结构对高管变更的影响是财务治理效率研究的重要课题。本文研究了债务结构对高管变更的影响,并且探讨了债务结构与高管变更之间的关系是否受到企业绩效的影响。研究发现,公司债务中有息债务的比例与高管变更负相关,且这种负相关关系在业绩较差公司中更加显著;公司有息债务中短期债务的比例与高管变更正相关,且这种正相关关系在业绩较差公司中更加显著。本文丰富了债务结构和高管变更方面的研究,对改善我国公司财务治理效率具有一定的启示意义。The influence of debt structure on senior management turnover is an important topic in the research of financial management efficiency. This article looks into the impact of debt structure on senior management turnover and discusses the issue whether the relationship between debt structure and senior management turnover is under some influence of company performance. The study reveals that the proportion of interest-bearing debts in company debts is negatively related to senior management turnover and this kind of relationship is more obvious in the companies having poor performance. Also, the proportion of short-term debts in interest-bearing debts is positively related to senior management turnover and this kind of relationship is more significant in the poorly-performing companies. This article has expanded the research of debt structure and senior management turnover, which has shed some light on the improvement of corporate financial management efficiency in our country.

关 键 词：债务结构 企业绩效 高管变更 财务治理效率 

分 类 号：F275[经济管理—企业管理] F832.51[经济管理—国民经济] F272.91