外部监督对高管变更的影响  

The Influence of the External Supervision on Top Management Turnover

作　　者：王雨潇[1] 王奕璇[1] 叶勇 

机构地区：[1]西南交通大学经济管理学院,成都610031

出　　处：《软科学》2015年第2期82-85,共4页Soft Science

基　　金：国家自然科学基金项目(70602035);教育部人文社会科学基金项目(11YJA790189;12YJC790070);四川省青年科技基金项目(2012JQ0022);西南交通大学大学生科研训练计划(SRTP)项目(130605)

摘　　要：以我国2010~2012年上市公司为研究对象,分析了外部监督对高管变更的影响。结果发现,媒体负面报道作为一种外部监督机制显著促进了高管变更,媒体负面报道次数越多,高管越容易发生变更;不论是在国有上市公司还是非国有上市公司,媒体负面报道均可以显著影响高管变更,但对非国有上市公司高管变更的影响较大。媒体已经成为了公司外部治理的一个重要组成部分。Based on the data of Chinese listed companies from 2010 to 2012, this paper analyzes the influence of the external supervision on top management turnover, and the findings indicate that as a kind of external supervision mechanism, nega- tive media coverage has significantly promoted top management turnover, and the more negative media coverage about a company, the more top management turnover of a company. Study shows that to both state-owned listed companies and non- state-owned listed companies, negative media coverage can have a striking effect on top management turnover, and this effect is more significant in non-state-owned listed companies. The results show that media coverage has become an impor- tant part of the outside corporate governance.

关 键 词：外部监督 媒体负面报道 高管变更 股权结构 

分 类 号：F276.6[经济管理—企业管理] F272.92[经济管理—国民经济]