高管变更对上市公司股价变动的实证研究  

Research on Market Reactions to the Political Connections of Executives' Successors:Evidence from Chinese Security Market

作　　者：刘美芬[1,2] 谢永珍[1] LIU Meifen XIE Yongzhen(School of Management, Shandong University, Jinan , Shandong 250100, China School of Finance, Qilu University of Technology, Jinan , Shandong 250100, China)

机构地区：[1]山东大学管理学院,山东济南250100 [2]齐鲁工业大学金融学院,山东济南250100

出　　处：《财经理论与实践》2017年第4期45-50,共6页The Theory and Practice of Finance and Economics

基　　金：教育部人文社会科学研究规划项目(13YJA630109);国家自然科学基金资助项目(71272119);齐鲁工业大学人文社科校级规划项目"制度嵌入视角下高管社会关系影响民营企业绩效的作用机理研究"

摘　　要：基于效率资本市场假设,利用事件研究法,以2011—2015年我国深市主板上市公司的611个高管变更事件为样本进行系统观察,研究高管变更公告后继任高管的政治背景与市场反应之间的关系。研究发现,继任高管的政治背景会产生积极的市场反应。进一步研究发现,源于外部的高管继任者其政治背景会比内部提拔起来的高管引起更积极的市场反应;相同条件下,在高新技术企业内继任高管政治背景产生的市场反应比传统产业要弱一些。Based on the assumption of the efficiency of capital market,using a sample of 611 CEO turnover events in the listed Chinese firms between 2011and 2015, the paper analyzes the stock market reaction to the political connections of executives; successors. We document significantly positive cumulative abnormal returns when CEO succession is accompanied with increased political connections. The study has found that political background of executives; successors will produce a positive market reaction. We also show that the market reaction to political connections is significantly stronger for external successors, while it is significantly weaker for firms in hightech industries. Our findings suggest that Chinese investors do value political connections and investors; valuation of political connections is conditioned on successor origin,industry, and other factors.

关 键 词：高管更替 政治背景 市场反应 

分 类 号：F271[经济管理—企业管理]